B, —6
INDEX. PABB Accumulated Surplus .. .. .. .. .. .. .. .. 3 Acquisition of Native Lands .. .. .. .. .. ~ .. ~ IS Advances to Discharged Soldiers .. .. ~ .. .. .. ~ 11 Aggregation of Land .. .. .. .. .. .. ~ .. ~ 11 Annuitants, Cost-of-living Bonus to .. .. .. ~ .. .. .. 10 Board of Trade .. .. .. .. .. ~ .. .. .. 10 Capital for Rural Development .. ~ .. .. .. .. .. .. 22 Conclusion .. .. .. .. .. .. .. ~ ~ .. 24 Consolidated Fund :— Expenditure .. .. .. .. ~ .. .. .. .. 2 Revenue .. .. .. .. ~ .. .. .. .. .. 1 Cost-of-living Bonus to Annuitants ~ .. .. .. ~ ~ .. 10 Customs : —- Beer Duty .. .. .. .. .. .. .. .. ~ 6 Revenue, 1924-25 .. .. .. .. .. ~ .. .. 6 Death Duties .. ~ ~ .. .. .. ~ ~ 7 Death-duty Stock Redemptions .. .. .. .. .. .. .. .. 20 Defence Department:— Naval Defence .. ~ .. ~ .. .. ~ .. 11 Department of Health .. ~ .. .. ~ ~ ~ .. 9 Discharged Soldiers Settlement .. .. .. .. .. .. .. .. 11 Education .. .. .. .. .. .. ~ .. ~ .. 9 Electric Supply Account .. .. ~ ~ .. ~ .. 5 Estimates for 1925-26 .. .. . . .. .. .. .. .. 23 Estimates and Proposals, 1925-26, Summary of ~ .. ~ ~ ~ ~ 28 Exchange Rates .. .. .. ... .. ~ .. .. .. 22 Exhibitions :—• New Zealand and South Seas .. .. .. .. .. .. 10 Wembley .. .. .. .. .. .. .. .. ~ .. 10 Expenditure : — Principal Increases in .. .. .. .. .. .. ... 2 Estimated for 1925- 26 .. .. .. .. .. .. ~ .. 23 Exports and Imports .. ~ .. .. .. .. ~ ~ 6 Free of Income-tax Securities .. .. .. .. .. ~ ~ .. 21 Funded Debt .. .. .. .. .. .. ~ .. 18 Gold Standard, Resumption of .. .. .. .. ~ ~ . . 21 Health Department .. .. .. .. .. .. ~ .. 9 Housing .. ~ ~ .. ~ ~ .. ~ .. ~ 15 Immigration ~ ~ ~ ~ ~ ~ ~ .. .. 5 Imports and Exports .. .. .. .. ~ .. ~ ~ 6 Imports : British and Foreign .. .. .. .. .. ~ ~ 6 Income-tax Receipts ~ .. ~ ~ .. .. .. .. .. 7 Kauri-gum Industry .. .. ~ .. .. .. .. .. .. 13 Land Aggregation .. .. ~ ~ ~ ~ ~ .. 11 Land-drainage .. .. .. .. .. .. ~ ~ 13 Land-settlement .. .. .. .. .. .. .. ~ .. 11 Land-tax Receipts .. .. .. .. .. .. .. .. .. 1 Life-insurance Policies: Proposed Exemption from Death Duties .. , . .. .. 8
I—B. 6.
8.—6,
Loans— page 1925 Loan .. .. .. .. .. .. .. .. .. 21 Falling due .. .. .. .. .. .. .. .. .. 19 Raised during 1924-25 .. .. .. .. .. .. .. 17 Raised in London .. .. .. . .. .. .. .. 21 Redemptions and Renewals .. .. .. .. .. .. .. 18 Local Bodies' Loan Authorities .. .. .. .. .. .. 22 Main Highways Account .. .. .. .. .. .. .. 5 Mortgages, Soldiers', Reduction of .. .. .. .. .. .. 13 Mortgage-tax, Repeal of .. .. .. .. .. .. .. .. 22 Mortgages, Table .. .. .. .. .. .. .. .. 15 Naval Defence .. .. .. .. .. .. .. .. 11 National Provident Fund .. .. .. .. .. .. .. 10 Native Lands, Acquisition of .. . . .. .. .. .. 13 Old-age Pensions .. .. .. .. .. .. .. .. 9 Pacific Cable, Duplication of .. .. .. .. .. .. .. 9 Pensions .. .. .. .. .. .. .. .. .. 9 Post and Telegraph Department .. .. .. .. .. .. 8 Postage Rates .. .. .. .. .. .. .. .. 8 Preamble .. .. .. .. .. .. .. .. .. 1 Proposals and Estimates, Summary of .. .. .. .. .. .. .. 28 Public Debt .. .. .. .. .. .. .. .. .. .. 17 Distribution and Annual Charges .. .. .. .. .. .. 18 Funded Debt .. .. .. .. .. .. .. .. .. 18 Loans falling due .. .. .. .. .. .. .. .. 19 Repayment .. .. .. .. .. .. .. .. .. 19 Subdivision of Debt .. .. .. .. .. .. .. .. 17 Public Service Superannuation Fund .. .. .. .. .. .. .. 10 Public Works Fund — General Purposes Account .. .. .. .. .. .. 4 Aid to, from Revenue .. .. .. .. .. .. .. 4 Purchase of New Zealand Stock .. .. .. .. .. .. .. 20 Railways .. .. .. .. .. .. .. .. .. 8 Railways Superannuation Fund .. .. .. .. .. .. .. 10 Reductions in Taxation .. .. .. .. .. .. .. .. 22 Reparations .. .. .. .. .. .. .. .. .. 16 Repayment of the Public Debt .. .. .. .. .. .. 19 Repeal of Mortgage Duty .. .. .. .. .. .. .. .. 22 Result of Year's Operations .. .. .. .. .. .. .. 2 Resumption of Gold Standard .. .. .. .. .. .. .. ..21 Revaluation Board .. .. .. .. .. .. .. .. 12 Revenue : — Accumulated Surplus .. .. .. .. .. .. .. 3 Consolidated Fund.. .. .. .. .. .. .. .. 1 Customs and Excise .. .. .. .. .. .. .. 6 Total estimated, 1925-26 .. .. .. .. .. .. .. .. 23 Results estimated, 1925-26 .. .. .. ~ .. .. .. 24 Results, 1924-25, Summary of .. .. .. .. .. .. .. .. 25 Rural Development, Capital for.. .. .. .. . .. .. ..22 Salaries and Wages, Increased Cost .. .. .. .. .. .. 2 Savings-bank, Post Office .. .. .. .. .. .. .. 8 Soldier Farms, Revaluation of .. .. .. .. .. .. .. 12 Stamp and Death Duties .. .. .. .. .. .. .. 7 State Advances Office .. .. .. .. .. .. .. .. .. 14 State Forest Service .. .. .. .. .. .. .. .. 14 Summary of Results and Proposals .. .. .. .. ~ .. .. 25 Superannuation Funds : — Public Service .. .. .. .. .. .. .. .. 10 Railways .. .. .. . . • .. .. .. .. .. 10 Teachers' ~ .. ~ ■ ■ , ■ ~ ~ .. ~ ~ 10
II
8.—6,
PAGE Table Mortgages, Use of .. .. .. .. .. .. .. 15 Taxation .. .. .. .. .. .. .. .. .. .. 22 Teachers' Superannuation Fund. . .. .. .. .. .. .. 10 Town-planning, Competitive Schemes .. .. .. .. .. .. 11 Transfers to Public Works Fund .. .. .. .. .. .. 4 Treasury Bills.. .. ~ .. .. .. .. .. .. 3 Unauthorized Expenditure .. .. .. .. .. .. . .. 22 Waste Lands, Reclamation of .. .. .. .. .. .. .. 13 War Expenses Account .. .. .. .. .. .. .. 16 War Funds .. .. .. .. .. .. .. .. .. 16 War Pensions .. .. .. .. .. .. .. .. .. 9 Western Samoa .. .. .. .. .. .. .. . 16 Wheat, Purchase of .. .. .. .. . . . . 10 Widows' Pensions .. .. .. .. .. .. .. .. 9
III
8.—6
1925. NEW ZEALAND.
FINANCIAL STATEMENT. (In Committee of Supply, 24th July, 1925.) BY THE HON. W. NOSWORTHY, MINISTER OF FINANCE.
Mr. Young,— In submitting this satisfactory Statement of the finances of the Dominion for the past year, it is my sincere regret that my predecessor is not here to deliver it, as it is mainly due to his sound administration that the present excellent position has been attained. The late right honourable gentleman had, in the post-war years, the onerous task of bringing about a considerable reduction in expenditure. Despite adverse pressure and risk of unpopularity he consistently held to a policy that has so improved this Dominion financially as compared with any other country in the world affected by the Great War. This result was achieved, moreover, while substantial remissions in taxation and charges were granted of the annual value of £3,750,000. In preparing this Statement I have endeavoured to reduce the volume of the Budget and confine it to finance as affecting the general accounts. The departmental reports presented to members, and in the last two years commercial balance-sheets of Departments and undertakings, render it unnecessary to duplicate in the Budget matters that are amply covered in other papers. The course adopted should ensure a clearer and more compact presentment of our finances. As this Statement is circulated to honourable members with the estimates, accounts, and tables, I consider that in future it should be laid on the table without a formal reading. CONSOLIDATED FUND. Revenue. The total revenue received was £28,643,000. After deducting £883,000, the estimated value of concessions granted during 1924, the estimate was £27,974,620. The amount actually received was thus £668,380 in excess of the estimate, and when compared with £27,960,370, the revenue for 1923-24, shows an increase of £682,630. The Customs revenue accounted for an increase of £331,174 over the previous year, the result of heavier imports. There is a comparative increase of £542,228 in interest on public moneys, but this is due to the payment of interest by the Discharged Soldiers Settlement Account for 1924-25, whereas in 1923-24 the amount was utilized for discharged-soldier housing. The outstanding interest for 1923-24 is meantime treated as a liability of the account. The other principal increases over the previous year are —Railways, £150,637 ; Post and Telegraph, £25,642 ; departmental and other receipts, £119,103 ; and miscellaneous, £110,172.
Preamble.
Revenue.
2—B. 6.
8.—6
There was a decrease of £395,480 in income-tax and £91,211 in land-tax compared with the previous year ; biit, as the remissions granted in the 1924 session were estimated at £718,000, the loss is much less than anticipated, the recoveries of outstanding tax being a substantial set-off. Other decreases were —stamp and death duties, £103,449; registration and other fees, £25,975 ; and territorial revenue, £10,629. The amounts of revenue received under the various headings are set out in full in Table No. 3 attached to this Statement. Expenditure. The year's expenditure was £27,399,200, being £867,271 less than the amount appropriated, but £1,251,195 over the actual expenditure of 1923-24. It was expected that owing to the regrading of the Public Service, railway employees, and teachers during 1924, the departmental charges would be higher, and of the increase of £1,063,000 under this heading £672,000 is attributable to these causes, while old-age pensions and widows' pensions increased by £69,000, and hospital subsidies by £149,000. The methods of check on expenditure which have been applied since 1921 are still operating, and the saving of £867,271 on the appropriations serves to indicate the continued exercise of economy by Departments. The principal increases in expenditure compared with 1923-24 were- — Under Special Acts (mainly on account of hospital £ subsidies under the new legislation of 1923) .. 206,309 Railways .. .. .. .. .. 483,442 Post and Telegraph .. .. .. .. 295,484 Edixcation .. .. .. .. .. 172,763 Health .. .. .. .. .. .. 36,966 Department of Agriculture .. .. . . 55,568 Industries and Commerce (due to Exhibition grants and expenses) .. .. . . .. .. 52,343 Customs (principally due to transfer of tire-tax to Main Highways Account) .. .. .. .. 50,619 There were decreases in— Internal Affairs .. .. .. .. .. 44,541 Maintenance of roads .. .. .. .. 26,821 Services not provided for .. .. .. 166,857 Table No. 6 attached to this Statement sets out the expenditure under the permanent charges and annual appropriations. Result of the Year's Operations. The outcome of the year's finance again discloses a substantial surplus of revenue over expenditure, viz.:— £ £ Balance brought forward, Ist April, 1924 .. .. .. 4,954,714 Revenue .. .. .. .. .. 28,643,000 Net expenditure .. .. .. .. 27,399,200 Add surplus of revenue over expenditure .. .. 1,243, 800 Add net miscellaneous receipts credited to Ordinary Revenue Account .. .. .. .. 4,422 6,202,936 Less transfers during the year — To Public Works Fund .. .. .. 1,000,000 To Loans Redemption Account .. .. 1,052,130 2,052,130 Balance at 31st March, 1925 .. .. £4,150,806
Expsnditure.
Results, year's operations.
2
8.—6.
The balance was held as follows ,£ Cash .. .. .. .. 1,113,219 Imprests outstanding .. .. 304,651 Investments .. .. .. 2,732,936 £4,150,806 In accordance with section 22 of the Appropriation Act, 1923, an alteration has been made in the form of the public accounts as published. Formerly the credits in aid and in reduction were deducted from the expenditure, and the net figures published. For 1924-25, however, the gross figures are shown on the expenditure side and the credits in aid and in reduction are shown separately on the receipts side. This means that the expenditure figures published in 11. -1 [Part I] are not comparable until the credits have been deducted from the figures for 1924-25, and attention to this is directed in each page of the published accounts. A comparative table of the net expenditure for the two years is attached to this statement. (See Table No. 6.) Full particulars of the disposal of accumulated revenue will be found in Table No. 9 attached to this Statement. In terms of section 12 of the Bank of New Zealand Act 1920, the Government exercised its option to take up on Ist April last a further 375,000 £l preference B shares, which will go to augment these investments. It is estimated that these accumulated revenue surpluses, as at 31st March, 1925, are worth £1,175,000 per annum to the Consolidated Fund, made up as follows:— £ Interest on investments .. .. .. .. 780,000 Saving on using money for capital purposes, Public Works, Loans Redemption, &c. .. .. 395,000 Total .. .. .. £1,175,000 The results of the year's operations amply confirm the buoyancy of the revenue expected by the late Minister of Finance. It is, however, to some extent due to causes which may, if unchecked, react to the detriment of our present prosperity, by leading to over-importing and a disturbance in our trade balance which the recent fall in wool-prices will appreciably affect. We have in the last few years transferred large sums to the Public Works Fund and to other debtsaving purposes out of accumulated revenue, which is consequently much reduced. The use of revenue for capital purposes will for this reason be much restricted in future. Capital for further development will require to be met in larger proportions out of loan, and borrowing should be closely confined to interestearning or directly productive purposes in order to avoid unduly increased debt charges to the taxpayer. Treasury Bills. Treasury bills in anticipation of revenue amounting to £600,000 were sold in London at 3j per cent, discount at the end of April, 1924. Further Treasury bills amounting to £500,000, issued in anticipation of revenue, were sold as follows : £250,000 in New Zealand, October, 1924, at 5j per cent., and £250,000 in London, January, 1925, at 3f per cent, discount. The whole of these £1,100,000 revenue bills, however, were redeemed with cash, there being no bills of this description outstanding at the close of the year. The £500,000 bills issued during 1923-24 in anticipation of loan, and referred to in the last Budget, were paid off on the 30th June upon receipt of the loanmoneys. Redemption bills amounting to £2,300,000 were outstanding as at the 31st March last, for which a corresponding amount of debt was redeemed on the issue of the bills.
Treasury bills.
3
8.—6.
PUBLIC WORKS FUND. General Purposes Account. The expenditure on public works stowed a considerable increase over that for the year 1923-24, and amounted to £4,357,440 net, including £226,000 transferred to Main Highways Account, Construction Fund. The principal headings of expenditure were railway-construction, telegraph-extension, additions to open lines, and roads, &c., in that order. My colleague the Hon. the Minister of Public Works will at a later date submit his proposals for the continued progress of developmental operations, and you will be asked to authorize the raising of the necessary funds for this purpose. Statement showing the Position of the Public Works Fund, General Purposes Account, as at 31st March, 1925. £ Balance brought forward on Ist April, 1924 .. .. .. 888,023 Receipts— £ Recoveries on account of expenditure of previous years and special receipts . . . . .. 42,452 Transfer from Consolidated Fund, Ordinary Revenue Account, in terms of section 17, Appropriation Act, 1924 .. .. .. .. .. 1,000,000 Loan-money— Aid to public Works and Land Settlement Act, 1921 .. .. .. .. .. 1,310 Aid to Public Works and Land Settlement Act, 1922 .. .. .. .. .. 324,852 Finance Act, 1923, section 2.. .. .. 3,222,612 — 4,591,226 £5,479,249 Expenditure— £ Under appropriations .. .. 4,780,349 Less credits in reduction of expenditure 648,909 4,131,440 Transfer to Main Highways Account, Construction Fund, in terms of section 15 (2) of Finance Act, 1923 226,000 Other expenditure .. .. .. .. 439 Charges and expenses of raising loans .. .. 232,098 Stamp duty on transfer of New Zealand Consolidated Stock .. .. .. .. .. 9,833 Treasury bills redeemed .. .. .. .. 500,000 5,099,810 Balance as at 31st March, 1925 .. £379,439 The balance on 31st March, 1925, is made up as follows — £ Cash in Public Account .. .. .. .. 163,989 Imprests in the hands of officers of Government .. 215,450 £379,439 JAID TO THE PUBLIC WORKS FUND. In each of the last two years £1,000,000 has been provided out of surplus revenue for transfer to the Public Works Fund, the effect being an annual saving of approximately £98,000 in debt charges that would otherwise have had to be provided by taxation. As I have pointed out, there now remains a diminished surplus revenue available for capital purposes, but I propose to ask for authority to transfer up to £1,000,000 this year ; the actual amount to be determined as requirements demand and conditions permit.
Public Works FundGeneral Purposes Aecount.
Aid to the Public Works Fund.
4
5
8.—6
Electric Supply Account.
Main Highways Account.
Immigration.
Electric Supply Account. Expenditure in connection with development of hydro-electric schemes totalled £847,478, or an increase of £34,503 on [the expenditure of the previous year, which amounted to £812,975. Full particulars with regard to works which are already revenue-producing and those under construction will be submitted later by my colleague, the Hon. the Minister of Public Works. Development works were continued in connection with the^Mangahao_sclierne and the extensions at Horahora and Lake Coleridge, and these schemes are now supplying large areas with power for various purposes. A commencement has also been made with the harnessing of power at Arapuni, on the Waikato River, a contract having been entered into with Messrs. Armstrong, Whitworth, and Co. for the necessary works at that place. The first transmission-line to Auckland is approaching completion, with the object of supplying power from Horahora pending the completion of the Arapuni development, estimated to be finished in about three years. Current from Mangahao was made available to the Horowhenua Power Board on the 3rd November, 1924, and to the Manawatu-Oroua and Hutt Valley districts before the 31st March last. Main Highways Account. Revenue Fund. £ The balance in the account on the Ist April, 1924, amounted to .. 249,681 During the year additional sums were provided as follows : — £. Credits in reduction of expenditure incurred .. 3,507 Interest on investments .. .. .. .. 10,840 Transfer from Consolidated Fund (under special Acts) 35,000 Customs duty on tires .. .. .. .. 152,303* Annual license fees in connection with motor-vehicles 257,500 459,150 Total .. .. .. .. .. £708,831 * Includes £32,500 paid from Consolidated Fund. The expenditure was : — £ Maintenance of main highways .. .. .. ..119,958 Charges in connection with the registration of motor-vehicles and collection of annual license fees .. .. .. .. 7,500 Balance at credit of the account as at the 31st March, 1925 .. 581,373 Total .. .. .. .. .. £708,831 Construction Fund. The net expenditure out of the Construction Fund amounted to £225,454, the whole of which was provided by the Government in terms of section 15 (2) of the Finance Act, 1923. IMMIGRATION. The number of new arrivals under the immigration policy during the financial year ended 31st March, 1925, shows an increase of 30'7 per cent, over the figures for the previous year. During the year 208 public-school boys arrived in the Dominion under the nomination of the Taranaki Chamber of Commerce and the New Zealand Farmers' Union, and they have all been placed on farms in various parts of the Dominion. This class of juvenile migration, although only in its infancy, is proving a great success. The existing agreement between the Imperial and New Zealand Governments expired on the 31st March, 1925, and a new agreement was entered into on terms even more favourable to the migrants and the New Zealand Government than that which has just expired.
8.—6
CUSTOMS AND EXCISE. Including the tire-tax credited direct to Main Highways Account, the total Customs revenue for the past financial year (£7,689,192) showed the substantial surplus of £327,409 over the collections for the previous year. The following table sets out the principal sources of revenue : — 1924-25. 1923-24. Increase. £ £ £ Spirits .. .. .. .. 1,149,712 1,079,784 69,928 Tobacco, cigars, cigarettes .. 1,336,182 1,271,135 65,047 Apparel and textiles .. .. 1,664,170 1,798,287 *134,117 Motor-vehicles, tires, and parts .. 912,567 770,132 142,435 Other goods .. .. .. 2,174,887 2,025,247 149,640 Primage .. .. .. 451,674 417,198 34,476 Totals .. .. .. £7,689,192 £7,361,783 £327,409 * Decrease. These results are due to the general buoyancy of trade in the Dominion and to the satisfactory average prices our products have realized. The following table shows the values of imports and exports for each of the past six financial years Imports. Exports. £ £ £ 1919-20 .. 32,162,029 50,776,650 18,614,621 1920-21 .. 67,463,269 48,219,672 19,243,597* 1921-22 .. 35,986,060 43,794,883 7,808,823 1922-23 .. 37,112,779 45,548,700 8,435,921 1923-24 .. 44,401,756 51,652,606 7,250,850 1924-25 .. 49,821,095 54,771,158 4,950,063 * Excess imports. The principal items of export in 1924-25 were :— £ Dairy-produce (butter, £12,063,265 ; cheese, £6,161,580) 18,224,845 Wool . . . . . . . . . . . . 17,379,249 Meat .. .. .. .. .. .. 9,585,315 Skins and hides.. . .. .. .. .. 3,347,491 The excess of exports over imports is less than for any of the three preceding years, and this movement may be followed in some degree by a relative falling-off of imports. The Budget for last year forecasted changes in the conditions which entitle goods to preference under the Customs tariff. Negotiations are still proceeding, and it is expected that our future policy will be announced at an early date. The following figures show the values of imports from Empire and foreign sources respectively in 1914 and during the past four calendar years :—
Customs and Excise.
Beer duty collected during the past financial year, which was estimated at £630,000, amounted to £650,384, an increase of £18,290 over the preceding year.
6
1 1914. 1921. 1922. 1923. 1924. | £ £ £ £ £ United Kingdom .. 11,257,720 20,832,520 18,296,173 22,532,205 23,208,530 Other British countries .. 5,059,776 10,317,074 7,709,179 9,334,796 12,622,379 Total. British Empire 16,317,496 31,149,594 26,005,352 31,867,001 35,830.909 Foreign countries .. 5,538,600 11,792,849 9,007,209 11,511,492 12,696,694 Total for all countries 21,856,096 42,942,443 35,012,561 43,378,493 48,527,603
8.—6.
LAND AND INCOME TAX. The. net receipts for the past year amounted to £4,721,303 —land-tax, £1,335,251 ; income-tax, £3,386,052 —and compared with the collection for the previous year showed a decrease of £486,691. Land-tax. The land-tax receipts compared with those of 1923-24 show a decrease of £91,211. The comparison is as follows : — £ 1923-24 .. .. .. 1,426,462 1924-25 .. .. .. 1,335.251 Decrease .. .. £91,211 This decrease represents portion of the reduced revenue anticipated as a result of the reduction of 5 per cent, provided for by the Land and Income Tax (Annual) Act, 1924, and the increased mortgage exemption allowed by the Land and Income Tax Amendment Act, 1924. The balance of the remission was, however, offset by the increased value of land in districts revised under the provisions of the Valuation of Land Act and the collection of a considerable amount of arrears of tax. Income-tax. The income-tax receipts compared with those of 1923-24 show a decrease of £395,480. The comparison is as follows : — £ 1923-24 .. .. .. 3,781,532 1924-25 .. .. .. 3,386,052 Decrease .. .. £395,480 The decrease in the income-tax is due to the increase in the percentage reduction from 20 per cent, to 33| per cent, provided by the Land and Income Tax (Annual) Act, 1924, a compensating influence being an increase in the income of taxpayers generally. STAMP AND DEATH DUTIES. The net revenue collected under the Stamp Duties, Death Duties, and Amuse-ments-tax Acts was £3,240,332. The following table shows the comparison with the previous year : —
Land and income'v<
Stamp and death duties.
Comparative Statement of Revenue collected during the Years 1923-24 and 1924-25.
7
Item. 1923-24. j 1924-25. Increase. Decrease. £ £ £ £ Adhesive stamps .. .. .. .. 80,488 82,437 1,949 Duty on instruments .. .. .. 615,659 620,198 4,539 Death, estate, and succession duty .. .. 1.455,655 1,447,147 .. 8,508 Gift duty 61,660 73,602 11,942 Impressed stamps and duty on cheques .. 135,474 80,262 .. 55,212 Company licenses .. .. .. .. 58,862 63,134 4,272 Bank-note duty .. .. .. .. 197,792 197,627 .. 165 Duties payable by racing clubs .. .. 618,425 590,385 .. 28,040 Amusements-tax .. .. .. .. 115,039 78,877 .. 36,162 Rates, fines, and miscellaneous .. .. 4,727 6,663 1,936 24,638 128,087 24,638 Totals 3,343,781 3,240,332 .. 103,449 !
8.—6
The decrease in revenue derived from impressed stamps and duty on cheques is explained by the fact that the' banks, at the coming into operation of the provision of the Stamp! Duties Act enabling them to supply their customers with unstamped cheques, and to pay commuted duty thereon, held large stocks of stamped cheques. The banks now render quarterly payments in respect of duty payable on cheques supplied by them. The decrease in amusements-tax revenue is due to the raising of the limit of exempted admissions from Is. to 2s. This amendment of the law was in operation during the last six months of the year. The apparent falling-off in duties derived from race meetings is accounted for by the fact that the period during which stakes-duty was payable at the rate of 10 per cent, expired on the 31st March, 1924. The rate which was in operation during the past year is the now current rate of 5 per cent. In order to encourage thrift and provision for dependants it is proposed to exempt from death duties the moneys payable under life-insurance policies up to £1,000. RAILWAYS. The gross receipts from the Working Railways amounted to £7,112,524, an increase of £128,313 on the previous year's figures. The working-expenses amounted to £5,545,416. The net receipts werejtherefore £1,567,108, which amount represents a return of £3 lis. per cent, on the capital cost. These are departmental figures prepared on a commercial basis, and while they do not agree with the cash figures shown in the Consolidated Fund Ordinary Revenue Account they can be reconciled with them. The conditions early in the year were adverse to good results, and receipts were also affected later in the year by the infantile-paralysis epidemic. The Department's revenue has also been affected to some extent by motor competition. The inauguration of a Commercial Branch, and the appointment of Business Agents under the direction of a Commercial Manager, has had the effect of meeting this competition to a great extent. Extensive floods and slips during the year also caused a serious loss to the Department. The improvement in the financial position is the outcome of the economies effected during the year and the active promotion of business. The Board estimates the revenue for the ensuing year as £7,700,000, and the expenditure £6,200,000. POST AND TELEGRAPH DEPARTMENT. The Post and Telegraph receipts paid into the Consolidated Fund for the year amounted to £2,866,882. The principal items of revenue were : Postages, £988,387 ; telegrams, £404,707; toll messages, £344,393 ; and telephone-exchange receipts, £867,218. The above total includes £160,000 Savings-bank profits credited to Miscellaneous Revenue, Consolidated Fund. The expenditure out of the vote totalled £2,413,436. The cash receipts thus exceeded the cash expenditure by a sum of £453,446, which is available for interest on capital expenditure and depreciation. « Deposits in the Post Office Savings-bank amounted to £29,582,897, and withdrawals to £30,413,609, an excess of withdrawals over deposits of £830,712. The amount at the credit of 735,158 depositors at the 31st March, excluding interest for the year, was £45,267,708. Money-orders and postal notes to the total value of £5,639,258 were issued ; and the payments on the same account amounted to £5,264,500. War-loan certificates redeemed during the year amounted to £675,163, making total redemptions to date of £5,317,942. Postage-rates. The amount of income from postage is less than that which was obtained during the previous year. The reduction was expected, as during the whole of the year the reduced rates of postage were operating, as against only six months for the previous year. It is expected that the extra volume of business will result in the postal revenue soon reaching the amount obtained in previous years.
Railways.
Post and Telegraph,
8
8.—6.
Duplication of Pacific Cable. During 1923 the Pacific cable between Fiji and Auckland was duplicated ; a new cable connecting Southport, the Queensland terminus, with Sydney, was also laid. The total contract price for this work was £311,655. Tenders have been accepted by the Pacific Cable Board for the duplication of the two northern sections — viz., Fiji - Fanning Island and Fanning Island - Vancouver. The cost will approximate £2,300,000. The partner Governments are not to be called upon to meet any portion of the cost of duplicating the cable, the whole amount being paid from the reserve and renewal funds. EDUCATION. The expenditure from Government sources on education services during the past financial year was as follows : — From Consolidated Fund— £ Vote, Department of Education .. .. 2,752,271* Special Acts .. .. .. .. 128,844 Teachers' Superannuation Fund .. .. 68,000 From primary-education reserves revenue .. .. 109,926 From secondary-education reserves revenue .. 9,047 From national-endowment revenue .. .. 86,746 From education loans for buildings .. .. 462,212 From Public Buildings Fire Insurance Fund .. 32,829 £3,649,875 * Excluding £25,000 for superannuation, included in the item £68,000. Tf to this is added the amount derived by Secondary School Boards (£46,756) and University College Councils (£33,528) from reserves vested in them, the total expenditure from public sources is approximately £3,730,000, as compared with £3,349,900 in 1923-24. The Government has for some time been endeavouring to make up for the curtailed expenditure on buildings during and after the war period, and gradually the arrears are being overtaken, the expenditure on account of new buildings during the pasb financial year being £462,212; or since Ist April, 1919, a total of £2,340,542. DEPARTMENT OF HEALTH. The subsidies to Hospital Boards under the Hospitals and Charitable Institutions Act appropriated for 1924-25 totalled £570,000, the actual amount paid being £561,708. It is estimated that an appropriation of £570,000, the same as last year, will be required for the current year. The net expenditure of the Department from the Consolidated Fund other than subsidy was £36,966 more than that of the previous year. PENSIONS. The total net expenditure for the year ended 31st March, 1925, amounted to £2,403 614. War pensions accounted for £1,242,182 ; old-age pensions, £804,969 ; widows' pensions, £235,959 ; others, £120 504. These figures include the sum of £37,177 from national endowments on account of old-age pensions, and £2,529 from gold duty in respect of miners' pensions. The grand total of expenditure for war pensions to the 31st March, 1925, is £11,382,178. Under the amending legislation of last year old-age pensioners having no income or property were granted, in addition to the full pension of 15s. weekly, an allowance of 2s. 6d. a week, making the total payable 17s. 6d. weekly. Widows' pensions were also increased to £l weekly for a widow with one child, plus 10s. weekly for each additional child, with a maximum pension payable of £4 weekly. Further benefits in respect of both old-age and widows pensions were granted by increased exemptions in respect of income and property. The annual cost of these increases is £l 40,000. It is proposed this year to extend the allowance of 2s. 6d. per week as an addition to the old-age pension of 15s. per week to all pensioners irrespective of the income or property disqualification now restricting its payment, the annual cost of which is estimated at £100,000.
Pacific Cable.
Education.
Health.
Pensions.
3—B. 6.
9
8.—6
Pensions for the blind at the rate of 15s. weekly, plus subsidy of 25 per cent, for personal earnings, were established by last session's legislation, and up to the 31st March, 1925, 114 pensions under this head had been granted. These pensioners will also be entitled to the allowance of 2s. 6d. referred to in the preceding paragraph. The estimated charge for 1925-26 for these pensions is £10,000. NATIONAL PROVIDENT FUND. There were 24,231 contributors to the fund as at the 31st December. The contribution income increased to £150,972, whilst the accumulated fund totalled £1,165,284. During the year an amount of £18,661 was paid to annuitants and to widows and children, and £40,292 was paid through the fund for maternity allowances —£7,326 to contributors to the fund and £32,966 to members of approved friendly societies. The Government subsidies due to the fund in terms of sections 25 and 75 of the Act amount to £38,42]. SUPERANNUATION. The funds under the three schemes for public employees as at the end of their last respective financial years were as follows : Public Service, £2,197,400 ; Railways, £734,112 ; Teachers, £942,755. The gross amounts received from the State during the year amounted to £309,000, of which, however, £138,194 was recovered from revenue-earning Departments. The following table gives particulars of contributions paid by employees themselves into the several funds since their inauguration, and also the amount provided by the Government during the same period : — Employees' Government Contributions. Subsidies. £ £ Public Service .. .. .. 2,600,000 J, 118,500 Railways .. .. .. 1,800,000 780,000 Teachers .. .. .. 1,100,000 511,000 £5,500,000 £2,409,500 Cost-of-living Bonus to Annuitants. The total amount of bonus paid to annuitants whose allowance is less than £100 per annum, and for widows and dependants, was £42,782, and it is proposed to continue the bonus to the end of the current financial year. The allowance for widows and children will Le permanently provided for. A vote for the amount required is submitted in the estimates accompanying this Statement. BOARD OF TRADE. Wheat. The Government purchased, shipped, and distributed in 1924 four million bushels of wheat to supplement the supplies grown in the Dominion. This arrangement was essential to safeguard the food of the people, and was accomplished practically without any cost to the Government. Owing to world increases in the price of wheat and its by-products during the latter part of the year and the first quarter of the current year, there was a direct saving of £200,000 to consumers of flour and bread, as the prices of both these essential commodities were kept at a fixed level until the end of February, 1925. Exhibitions. The Wembley authorities having decided to continue the exhibition during 1925-26, an offer of up to £30,000 by way of subsidy was made to the New Zealand Government to assist in the expenses. This offer was accepted, and reorganization work was undertaken. It is expected that the subsidy will cover two-thirds of the total cost this year. The net expenditure of the year amounted to £55,132, and it is estimated that the total expenditure of the Government, including the extended period, will not exceed the £100,000 originally contemplated. Extensive work is in connection with the New Zealand and South Seas Exhibition to be heldfat Dunedin. The Government has, in order to assist the undertaking, granted subsidies amounting to £50,000, and also an advance of £30,000.
National Provident Fund.
Superannuation.
Cost-of-living bonus to annuitants.
Board of TradeWheat.
Exhibitions
10
8.—6.
NAVAL DEFENCE. The net expenditure out of vote " Naval Defence " for the financial year ending 31st March, 1925, amounted to £283,356, a decrease of £2,367 in comparison with the previous year. The estimates for the current year have been framed with a view to continuing, as far as possible, the policy embarked on by the Dominion. H.M.S. " Diomede " has been selected as the second cruiser for the New Zealand Division : it is expected that she will commission in October, and reach the Dominion by the end of 1925. The addition of this vessel is responsible for the greater portion of the increase in the estimates. LAND-SETTLEMENT. There were 1,009 holdings, comprising approximately a total area of 182,789 acres, opened for selection in 1924-25. 344,000 acres of Crown settlement, national-endowment lands, and reserves, subdivided into 750 sections, were selected on freehold and leasehold tenures, and 530 miscellaneous leases were also issued, comprising an area of 117,000 acres. The balance of the Teviot sections were balloted for and disposed of, there being a keen demand for this class of open sheep-country. At the present time an area of about 480,000 acres of Crown, settlement, and national-endowment lands is open for selection. An area of 2,914 acres was set apart for selection by discharged soldiers, whilst Proclamations were issued revoking the setting-apart of an area of 9,114 acres which had been proclaimed for soldier settlement. In connection with modern town-planning proposals, competitive schemes are being invited in connection with the planning of model suburbs at Orakei, Auckland, and the Hutt Valley, Wellington. Land Aggregation. Although there is no particular indication that land aggregation on a serious J scale is taking place in the Dominion, the Government is desirous of protecting as far as possible small settlers' holdings from absorption into large estates. With this in view it is proposed to apply a check by means of the duty on conveyances, the present rate of which is £l per cent. This rate would under the new scheme operate on transfer of rural land to a holder who will not have with his new purchase an excess of a fixed capital value in land. Any acquisition above that value, however, is to be subject to an increasing percentage rate to a maximum of 8 per cent. The proposed method should appeal to all who desire to see the settlement of the country maintained on a basis of opportunity for the small settler, and fuller details will be submitted to honourable members at a later date. Discharged Soldiers Settlement Account. From the inception of the scheme of the discharged soldiers settlement in 1915 e to the end of last financial year advances have been made to discharged soldiers s as follows : — Section 6, Discharged Soldiers Settlement Act, 1915 — Advances on Current Account (including £1,405,000 for £ the erection of buildings on farms) — 4,918 returned soldiers .. .. .. .. .. 4,663,600 Section 2, Discharged Soldiers Settlement Amendment Act, 1917 — Advances towards purchase of farms, marketgardens, orchards, and discharge of mortgages — 5,507 returned soldiers .. .. . . .. . . 8,938,800 Section 2, Discharged Soldiers Settlement Amendment Act, 1917 — Advances towards purchase and erection of dwellings and discharge of mortgages thereon in town and suburban areas — 11,901 returned soldiers .. .. .. .. .. 8,605,900 22,326 returned soldiers .. .. .. .. .. £22,208,300
r Naval defence. 1
Land-settlement.
Land aggregation.
Discharged soldiers settlement.
11
8.—6
During the period the mortgages have run, receipts from the sale of stock, wool, and other farm-produce, and repayment of loans under the instalment system, amounted to £3,889,800, the receipts being 17-5 per cent, of the total capital advanced. These receipts have been applied for the purpose of readvances on Current Account to purchase stock or improve properties, for additional loans on Current Account, and also to clear off commitments outstanding from previous years —viz., loans which had been authorized and not immediately taken up. The receipts for the year amount to £1,591,483, which constitutes a record. Of this sum £921,365 represents repayments in respect of principal, part of which is available for readvances on current account, while receipts in respect of interest and sundries total £670,118. Arrears outstanding on interest and principal amount to £530,755, while the sum of £224,195 was outstanding as postponed instalments. There has been a reduction in arrears as compared with the previous year, but there is an increase in postponed instalments outstanding. This is due to the concessions granted by way of postponements by the Dominion Revaluation Board. The arrears of rent amount to £216,300. Loans amounting to £344,800 were authorized during 1924-25, mainly for the purpose of further assisting in the replacement of culled stock, the purchase of further stock, and for additional improvements. Included in the above is an amount of £33,900 granted to thirty-one disabled and T.B. soldiers for the erection of dwellings. The total advances paid out during the year amounted to £717,340, representing readvances on current account, discharge of commitments of previous years, as well as loans authorized. The Department handles the bulk of the proceeds from farms, which proceeds are invested in the replacement of stock, the purchase of additional stock, and in effecting improvements to farms. These readvances must continue until properties are more fully developed. The total amount involved in the settlement of discharged soldiers is as follows : — Loans raised under the Discharged Soldiers Settlement Act, £ 1915 .. .. .. .. .. .. 6,590,336 Advances from accumulated surplus .. .. .. 13,500,000 Loans for purchase of estates under Discharged Soldiers Settlement Branch of the Land for Settlements Account 3,222,050 Lands purchased out of the Land for Settlements Account and set aside for discharged soldiers . . .. .. 2,514,000 Purchases out of the Native Land Settlement Account (approximate) .. . . .. .. . . 750,000 Capital, therefore, provided from all sources for discharged-soldier settlements totals approximately .. .. .. .. .. £26,576,386 Revaluation under Discharged Soldiers Settlement Acts. The Dominion Revaluation Board appointed under the Discharged Soldiers Settlement Amendment Act, 1923, has practically completed its duties in connection with the revaluation of soldier farms, there being only a few rehearing and negotiation cases on hand for final completion. The total number of applications received for revaluation was 5,347, and the Dominion Board has dealt with 99 per cent, of this number, the remainder representing the number of settlers who have dropped out since lodging applications. The approximate reductions authorized by the Board are as follows : — £ Reductions in capital value of leaseholds .. .. 1,608,800 Reductions in mortgages under section 2 of the Discharged Soldiers Settlement Amendment Act, 1917 .. .. .. .. 672,000 £2,280,800
Revaluation under Discharged Soldiers Settlement Acts.
12
B—6
Concessions by way of postponements have been made, the arrears being deferred for long periods. In necessitous cases and cases of hardship remissions of rent or interest have been authorized. As the outcome of the Board's negotiations, private mortgages and debts amounting to £126,380 have been reduced by £91,461, while private mortgages, totalling £37,381, have been acquired by the Crown at a discount of £.15,228, the settlers obtaining the benefit of such discount. The Board is now engaged on the investigation of Current Account advances, as authorized by the legislation of last session. Each settler's account will be reviewed and placed in a solvent position. When this work is finalized the soldier settlers throughout the Dominion should be in a position to successfully occupy their farms and meet their liabilities to the Crown. The number of Current Accounts to be reviewed by the Dominion Board is approximately ten thousand. LAND-DRAINAGE. Continued good progress has been made in the development of the various reclamation projects now under construction. On the Hauraki Plains the works are now largely confined to the reclamation of peat lands, and considerable work has been carried out in the drainage of these areas. Portions of the remaining areas will make good settlement land, but much of the land will be developed for flax-culture, there being an increasing demand for suitable holdings for this purpose. On the Rangitaiki Plains, comprising 90,000 acres, the approved development programme is nearing completion. Works on the Waihi Swamp, 11,000 acres, are well forward, and it is anticipated that the remaining lands will be available for settlement during the coming year. Those portions of the area that are particularly low-lying will be devoted to flax-cultivation. Satisfactory progress is likewise being maintained on the projects under construction at Hikurangi and Kaitaia. The output of exportable products from these areas, formerly waste swamp, is increasing, but it will be many years before the maximum point is reached. Extensive surveys and a thorough investigation of the waste lands in and around Hamilton have been completed. In this locality there is an area of 50,000 acres of semi-waste country offering fair prospects for future development and closer settlement. ACQUISITION OF NATIVE LANDS. Interests in Native land representing an area of 29,527 acres have been acquired by the Crown at a cost of £58,779, increasing the area purchased since 1910 to 1,357,810 acres, at a cost of £3,277,355. KAURI-GUM INDUSTRY. In its year's operations the Department sold gum to the value of £15,300 and made purchases amounting to £11,100. The purchases were made with a view to relieving the acute distress which prevailed amongst the diggers owing to private buyers not operating. Most of the purchases were made in the far North, but gum has been bought during the year from all the principal gum-digging centres. Towards the end of the year many diggers left the gumfields temporarily, and production during the winter will probably be well below the usual figure. The opinion is expressed that during the coming year Continental buyers will operate freely.
Land-drainage,
Native lands.
Kauri-gum industry.
13
8.—6
STATE FOREST SERVICE. This service has now completed five years as a separate State Department. Below is a table showing the net revenue of the account and the payments under the vote for that period : — Receipts. Payments. £ £ 1920-21 .. .. .. 19,697 79,551 1921-22 .. .. .. 30,836 107,582 1922-23 .. .. .. 66,745 85,410 1923-24 .. .. .. 98,277 96,044 1924-25 .. .. .. 165,196 114,298 A transfer was made in 1924-25 to the National Endowment Account of £12,611, being the amount due to that account to the 31st March, 1924, for revenue derived from national-endowment land comprised in State forests. A transfer of £100,000 was also made to the Land for Settlements Account under section 16, Finance Act, 1924, for the purchase from that account of part of the Selwyn Estate. STATE ADVANCES OFFICE. The capital of the State Advances Office at the 31st March, 1925, amounted to £26,776,899 ; an addition of £4,593,374 last year. This latter sum was to provide the extra funds for advances required for developmental purposes, the acquisition of houses, and particularly to assist those farmers whose mortgages had become due on the expiration of the moratorium. The advances actually paid over numbered 4,533, and amounted to £5,238,880, thus furnishing continued proof of the assistance rendered to settlers and workers throughout the Dominion in respect to their financial requirements. The new business for the year was as follows : — M i Amount. JN umber. Loans granted to settlers .. .. .. 3.321 4,289,875 Loans granted to workers .. .. 1,874 1,363,280 Loans granted to local authorities .. .. 127 227,330 Totals .. .. .. 5,322 £5,880,485 ForTthe purpose of building houses and acquiring homes a large sum has been advanced during the last six years. The following is a table of the loans authorized from the Ist April, 1919, to the 31st March, 1925 : — „ , Amount. r , . . JN umber. For housing purposes — £ To settlers .. .. .. .. 6,145 3,454,093 To workers .. .. .. ..10,911 6,486,224 To release mortgages on house properties — To settlers • .. .. .. .. 2,502 1,346,498 To erect workers' dwellings— To local authorities .. .. .. .. 634,145 Total .. .. .. .. £11,920,960 A considerable sum has been provided during the year for repayment of mortgages, and since the month of October, 1922, when it was decided to grant advances for this purpose, the loans granted number 6,106, and amount in all to £7,345,295.
State forests.
State advances.
14
8.—6
Amounts advanced by the Department during the following financial years : —
The business of this Office is extending rapidly, and its capital requirements are large. 1 am desirous of encouraging the settler to use the table form of mortgage operating in this Department, and would be glacl to see other lending institutions adopt the system. In order to facilitate general lending to settlers it is proposed to repeal the present mortgage duty of ss. per cent. Fresh capital for State Advances purposes should if possible be raised in New Zealand. This would probably mean slightly dearer money than the Government has hitherto been paying for[these loans. In order that the Department may adjust its lending rates to cover costs, empowering legislation will be submitted to honourable members in due course. HOUSING. The Government is continuing the policy of rendering all possible assistance to overcome the shortage of houses. It should not, however, be expected of the State alone to provide the means of meeting the difficulty, and the housing problem will not be solved until private capital is more extensively employed than has been the case in the immediate past. There is at present some sign of increased activity in the desired direction, and 1 trust that with the united efforts of all sections of the community the shortage will be-speedily overcome. The following table shows the extent of the assistance towards the erection and purchase of houses rendered by the State during the last six financial years: — Number of Amount. Houses. £ State Advances* .. .. .. 17,056 9,940,317 Discharged soldieis (urban areas) .. 11,456 8,845,311 „ (farm properties) .. 4,063 1,186,000 Railway Department (State employees) 543 465,655 Public Works Department (State employees .. .. .. 247 227,640 33,365 £20,164,923 * Excluding amounts advanced to release mortgages on house property. In addition during this period the State Advances Department granted loans for housing purposes to local authorities totalling £634,145, but the number of houses erected is not known.
Housing,
15
Tlst Mardf ® e^^er8. To Workers. ! To Local Authorities. Total Advances. £ £ £ £ 1914 .. .. 978,395 272,860 324,150 1,575,405 1915 .. .. 1,136,475 313,025 336.295 1,785,795 1916 .. .. 814,555 275,680 285,410 1,375,645 1917 .. .. 589,975 214,965 152,310 957.250 1918 .. .. 367,160 125,855 128,150 621,165 1919 .. .. 350,140 87.590 130,575 568,305 1920 .. .. 808,180 225.055 311,880 1,345,115 1921 .. .. 1,060,260 660,790 444.825 2,165,875 1922 .. .. 805,975 407,580 708,410 1,921,965 1923 .. .. 945,900 724,830 711,375 2,382,105 1924 .. .. 3,904,150 1,863,331 438,205 6,205,686 1925 .. .. 3,516,130 1,383,945 338,805 5,238,880 Totals .. 15,277,295 6,555,506 4,310,390 26,143,191
8.—6.
WESTERN SAMOA. Prices of tropical produce —the economic mainstay of the Mandated Territory —showed a steady improvement during the year, and are now at a profitable level. This is reflected in a marked degree in the financial position of the Administration. The Crown Estates have shown a substantial profit, thus enabling the ordinary subsidy from New Zealand to the Samoan Administration for medical and educational purposes for the coming year to be considerably reduced. A large area of the Crown Estates has been leased at a satisfactory figure. WAR EXPENSES ACCOUNT. This account will be closed by legislation to be submitted this session, and the cash balance remaining in the account, together with future receipts by way of repayments of repatriation loans, &c., will be applied towards reduction of war loans. Expenditure hitherto met out of the account, such as cost of medical treatment of discharged soldiers for war disabilities, construction and maintenance of war graves, &c.. will be provided for out of the Consolidated Fund. A summary of the receipts and payments of this account from its inception up to the end of the last financial year will be found in Table No. 20 attached to this Statement. WAR FUNDS. Funds held by eightv-four organizations as shown bv the latest returns were — £ 33 Incorporated societies .. .. .. 947,177 11 Red Cross organizations .. .. 184,791 3 Blind Soldiers' or Veterans' Homes Funds 39,603 16 Administering societies .. .. .. 5,472 5 Memorial Funds .. .. .. 5,293 2 Navy League Funds .. .. .. 5,756 10 Returned Soldiers' Clubs and Buildings Funds .. .. .. .. 47,896 4 Social Funds .. .. .. .. 2,172 84 £1,238,160 £ National War Funds Council .. .. 113,066 Funds with High Commissioner (to be transferred to the National War Funds Council) . . . . . . .. 8,615 Funds held by Treasury .. .. 31,738 REPARATIONS. The German obligations under the Treaty of Versailles still stand, but the reparation payments are noAV regulated by the experts' plan commonly know as the " Dawes Report." The annuities under this scheme are intended to cover all treaty obligations. After providing for the payment of certain prior claims, the British Empire will receive 22 per cent, of the annuities as reparation moneys. New Zealand will receive 1-75 per cent, of the British Empire's share, but, owing to the many uncertain factors involved, it is impossible to estimate with any accuracy what amounts will come to hand from time to time.
Western Samoa.
War Expenses Account.
War funds.
Reparations.
16
B.—6
Two instalments, however, amounting to £103,669 6s. srl. have recently been paid into the Public Account, and it is intended to apply these receipts to reduction of the war debt. PUBLIC DEBT. The gross public debt at the 31st March, 1925, was £227,814,647, as compared with £221,616,361 twelve months previously. The debt is allocated as follows : — £ Ordinary .. .. .. .. .. 119,936,859 War ' .. .. .. .. .. 76,631,722 State Advances .. .. .. .. 21,436,180 Discharged-soldiers settlement .. .. .. 9,809,886 £227,814,647 The increases are — £ Ordinary debt.. .. .. .. 2,646,320 State Advances .. .. .. .. 4,335,658 Discharged soldiers .. .. .. .. 18,770 £7,000,748 while war debt has been reduced by £802,462, leaving the net increase in the gross debt at £6,198,286. It will be seen that out of the increased debt of £6,198,286 the State advances to settlers and workers absorbed £4,335,658, or 70 per cent. The total borrowed for ordinary debt purposes was £4,725,243, but by redemptions out of Ordinary Revenue Account, £1,081,215, and from other accounts, £997,708, the increase in ordinary debt for the year was reduced to £2,646,320. Accrued sinking funds held amounted to £13,462,839, leaving the net debt at £214,351,808, as compared with £208,642,333 —the increase in the net debt thus being £5,709,475. The movement in the gross debt during the year is shown by the following : — £ Raised for redemptions during 1925-26 .. .. 64, 680 New loans raised during the year for— Public works .. .. .. .. 3,000,000 Waihou and Ohinemuri Rivers improvement .. 50,000 Discharged soldiers settlement .. .. 22,870 Education Loans Account .. .. .. 540,000 Hauraki Plains settlement .. .. .. 70,000 Native Land Settlement Account .. .. 289,324 Rangitaiki Land Drainage Account .. .. 37,100 State forests .. .. .. .. 100,000 Swamp-drainage .. .. .. .. 90,000 State Advances—Settlers Branch .. .. 2,925,000 State Advances —Workers Branch .. .. 1,500,000 Charges and expenses — Public works .. .. .. .. 547,451 Land for settlements .. .. .. 1,168 State Advances —Settlers .. .. 103,355 State Advances —Workers .. .. 107,304 £9,448,252
Public debt,
4—B. 6.
17
8.—6.
Loans paid off during the year: — By transfers of cash from— £ Ordinary Revenue Account .. .. 1,359,849 Discharged Soldiers Settlement Account .. 4,100 Land for Settlements Account .. .. 150,800 State Advances Office .. .. .. 300,008 War Expenses Account .. .. .. 7,296 Total payments by transfer of cash .. 1,822,053 By sinking funds released and proceeds H.M.S. "New Zealand" .. .. .. 859,544 By loans raised in 1923-24 for redemptions in 1924-25 .. .. .. .. 46,590 Redemption of Treasury Bills issued in anticipation of loan from Public Works Loan proceeds .. .. .. .. 500,000 Discount on securities redeemed below par .. 21,779 £3,249,966 Net increase as shown by above figures .. 6,198,286 Add gross debt at 31st March, 1924 .. .. 221,616,361 Gross debt at 31st March, 1925 .. £227,814,647 In addition to the above transactions, securities to the amount of £10,022,517 were renewed, £400,550 converted, and £2,929,042 debentures and inscribed stock and £8,400,000 Treasury bills were redeemed, infeach case by the issue of new securities of an equal face value. The gross debt at the 31st March, 1925, was held as under . . „ Amount. Gross Annual Charge. Where held. £ £ New Zealand .. .. 104,043,959 4,563,370 Australia .. .. .. 2,952,200 129,483 London .. .. .. 120,818,488 5,299,101 £227,814,647 9,991,954 Annual sinking funds .. .. .. .. 740,860 Repayment of funded debt .. .. .. 333,289 Total gross charge .. .. .. .. 11,066,103 Estimated recoveries from trading and other accounts 2,240,617 Net annual charge at 31st March, 1925 .. £8,825,486 The assets of the Dominion, as shown in table No. 17 attached to this Statement, have appreciated considerably, and largely reflect the increase in debt. Although in some quarters the increase in the debt is viewed with misgivings, I see no reason for doubt as to the ability of the country to carry the liability so long as the policy followed by the Government of devoting borrowed money to the creation of good assets of a reproductive and interest-bearing nature is continued, and provided our rate of development on these lines is not ahead of the power of the community to make profitable use of the capital so raised. FUNDED DEBT. Payments amounting to £1,851,930 were made in 1924-25 in respect of £27,532,164, loans advanced by the Imperial Government, which were funded in terms of the agreement dated 6th September, 1922.
Funded debt.
18
8.—6.
The half-yearly payments represent both principal and interest, and the following table shows how the debt has been reduced to £26,590,311 : —
New Zealand has the right, on giving three months' notice, to repay at par any part of the principal. This right was exercised during the past year, and on the Ist December, 1924, in addition to the usual payment, £200,000 was paid off the Naval Defence Loan, as indicated in last year's Financial Statement. LOANS FALLING DUE. Loans falling due during the next seven years ending with the year 1932, excluding Imperial debt repayments and Treasury bills, are, —
Loans falling due.
PUBLIC DEBT REPAYMENT. My predecessor prepared and embodied in a Bill an improved method of dealing with public-debt reduction. It is desirable that the change outlined in the Bill already circulated should be made, in order that the State may benefit by the savings that would accrue from the actual reductions of debt. The gross public debt at 31st March, 1925, amounted to £227,814,647, but about £21,400,000 was State Advances, and £5,700,000 for Electric Supply, State Coal. Westport Harbour, Nauru and Ocean Islands, &c., which accounts have special sinking-fund provisions. In addition, £26,600,000, balance of the debt due to the British Government, is funded, leaving the net present debt affected by the Bill approximately £174,000,000. The present provisions for reduction of the public debt are briefly as follows (1.) The Public Debt Extinction Act, 1910, whereby an amount is set aside annually to accumulate at compound interest, so that in seventy-five years from the inception of each loan the accumulated fund will equal such loan. This Act, however, does not relate to any debt for which special sinking funds have been instituted. (2.) The War Loans Sinking Fund under the Finance Act, 1918 (No. 2), whereby a sinking fund of 1 per cent, of the outstanding war debt is paid annually out of the Consolidated Fund to the Public Trustee. If invested at 4-J- per cent, this sinking fund would equal the balance of the war debt in about thirty-two years from the present date.
Public debt repayment.
19
I Instalment paid. i Interest. Principal. Balance of Debt r | r outstanding. £ £ £ 1st December, 1922 .. .. .. 684,794 141,171 27.390,993 1st June, 1923 .. .. 681,282 144,683 27,246,310 1st December, 1923 .. .. .. .. 677,684 148,281 27,098,029 1st June, 1924 .. .. .. .. 673,996 151,969 26,946,060 1st December, 1924 .. .. .. .. 670,216 355,749 26,590,311
Year ending 31st March. London. j Australia. j New Zealand. Total. £ £ £ £ 1926 .. .. .. 80,000 18,550 13,647,746 13,746,296 1927 .. .. .. 3,900 577,100 3,686,950 4,267,950 1928 .. .. .. .. 81,100 8,840,216 8.921,316 1929 .. .. .. 13,000 .. 12,583,135 12,596,135 1930 .. .. .. 29,754,679 .. 7,632,379 37.387,058 1931 .. .. .. .. 59.400 11,521,670 11,581,070 1932 .. .. .. 200 334,900 624,540 959,640 Totals .. .. 29,851,779 1,071,050 58,536,636 89,459,465
8.—6
(3.) The Naval Defence Act, 1909, whereby a sinking fund of 4 per cent, on the total cost of the battleship "New Zealand" (£1,795,166) was paid annually to the Public Trustee. In view of the funding operations with the Imperial Government no further amounts are payable to the Public Trustee. (4.) Other accounts (such as State Coal-mines, Westport Harbour Board, Electric Supply, and State Advances) have special sinking funds which are not affected by the Bill. The funding operations concluded with the British Government dealtJwith £26,000,000 of the war debt; a portion of the amount borrowed under the Naval Defence Act, 1909, amounting to £960,000 ; and other advances amounting to £230,000. These sums (balance outstanding is now £26,600,000) are repayable by half-yearly instalments, and are therefore separated from the New Zealand sinking funds, and will not be affected by the Bill. There are other sinking funds —viz., local bodies' loans, and old war and defence loans —which had accumulated with the Public Trustee up to 1910, when the Public Debt Extinction Act was passed. No further contributions to these sinking funds have been made, and the interest on them has since been paid to the Consolidated Fund by the Public Trustee. The Bill proposes to substitute for the long-term sinking-fund system a method whereby the Dominion debt-reduction resources may be available to purchase and cancel Government securities as the market-price is advantageous, or pay them off at maturity, and so ensure an actual reduction in the public debt annually. For this purpose there will be issued annually out of the Consolidated Fund a sum equal to \ per cent, of the debt affected by the Bill (at present shown as £174,000,000 above). To this will be added a sum equal to interest at ?>\ per cent, per annum on the debt paid off under this scheme. By this means the bulk of the savings in interest on debt paid off will be applied to further repayments of debt, and the present debt will be liquidated in about sixty years, while all future loans will be liquidated within a similar period from the date of their inception. A capital fund termed " The Public Debt Redemption Fund " will be created, consisting of (1) the present accumulation of sinking funds, amounting to about £11,226,000 (leaving aside the State Advances, Westport Harbour, atid other special sinking funds) ; (2) the amount advanced for discharged soldiers settlement, £13,500,000, less any amounts written off as a result of the revaluation of the properties of discharged soldiers. The capital of this fund will be held intact. The earnings therefrom will be credited to the Consolidated Fund and applied towards meeting the annual charge against the Consolidated Fund created by the Bill. The Bill will provide for an annual reduction in the amount of the public debt, the amount of reduction increasing from year to year. There will be an annual saving to the Consolidated Fund on the amount of debt redeemed, consisting of that portion of the interest and sinking fund in excess of 4 per cent, which would have been payable had the loans not been redeemed under the provisions of the Bill. PURCHASE OF NEW ZEALAND STOCK. Last year's Financial Statement referred to the purchase at a profitable discount of £250,000 New Zealand 4-per-cent. Stock maturing 1929. A further £100,000 was subsequently obtained on advantageous terms, and the whole cancelled on the 31st March. This reduction in the debt represents a saving in principal and interest of about £94,000. DEATH-DUTY STOCK REDEMPTIONS. Death-duty stock issued under the authority of the War Loans and Discharged Soldiers Settlement Acts amounted to £1,848,200, and to the 31st March last such stock to the amount of £561,090 had been presented in payment of duty. Further reductions in this form of security to the amount of £219,340 have also been effected by conversion into ordinary inscribed stock at the request of the holder, and by the replacement by ordinary inscribed stock in such cases where the whole of the death-duty stock has not been required in satisfaction of the duty payable.
Purchase of New Zealand stock.
Death-duty stock redemptions.
20
8.-(5
FREE-OF-INCOME-TAX SECURITIES. The reduction of the amount of free-of-income-tax securities outstanding is proceeding steadily. The conversion scheme inaugurated in September, 1922, by which the public were afforded an opportunity of converting free-of-tax securities into inscribed stock (not free of tax) has been availed of to the extent of £3,096,150. This sum, together with renewals and redemptions, has accounted for a reduction of £12,027,106 in the volume of free-of-income-tax securities, leaving the total outstanding at the 33st March, 1925, at £39,706,299. 1925 LOAN. In April last inquiries were instituted as to the raising of a loan on the London market for Public Works and State Advances purposes, the commitments of the latter office requiring early attention. The total amount was fixed at £7,000,000, the allocation of which is :— Public works (including railway construction and £ additions and telegraph extension) .. .. 3,500,000 Electric supply.. .. .. .. .. 500,000 Railway improvement authorization . . . . 500,000 Main highways .. .. .. . . 500,000 State Advances— Settlers .. .. . . 1,000,000 Workers .. .. .. .. .. 1,000,000 The market conditions generally were not as easy as twelve months previously, and it was decided to offer the issue at the same rate (4\ per cent.) as the last loan, but at £94 10s. —-that is a discount of jlOs. percent. compared i "the 1924 issue. These terms were accepted by the underwriters, and the loan was issued to the public on the 11th May. The result was that investors relieved the underwriters of approximately £1,000,000 only, leaving them with 85 per cent, of the total. The unsettlement of finance and trade on account of the important change in respect to the gold standard adopted by the Imperial Government on the 28th April had, temporarily at all events, restricted investment. Issues immediately following the New Zealand loan had similar experiences, such as the London County Council £6,000,000 at the same price, when the underwriters were left with 75 per cent. New South Wales issued a £6,500,000 loan at 5 per cent., price £98 10s., the interest yield offered to investors being more attractive, equal to £5 Is. 6d., compared with our offer of £4 15s. 3d. It is clear that the reluctance of investors to relieve the underwriters betokened no lowering of the Dominion's high credit, and it is of interest to note that the latest quotation for the loan is at a discount of ss. compared with a discount of £1 2s. 6d. after issue. I give a comparative table of subsequent issues compared with our loan.
Free-of-income-tax securities.
1925 loan.
LOANS RECENTLY RAISED ON LONDON MARKET.
Loans recently raised on London market.
I might add that the British Press again referred in complimentary terms to the full and satisfactory information regarding the Dominion's finances as set out in the loan prospectus. RESUMPTION OF GOLD STANDARD. As announced by the Imperial authorities, the embargo on the free movement of gold was removed as from the Ist May last, a change of great importance to
Resumption of gold standard.
21
Return to Investors. Pripp Tprm — PereentFloated by Amount. of Merest in Witl1 Re " b^TT^ 611 Loan ' Issue. Interest Years. Interest demption b y V n deronly. Twenty- wrlters - year Period. £ £ s. PerCent. £ s. d. £ s. d. Por Cent. New Zealand Govt. .. May 13 7,000,000 94 10 4J,- 20 4 15 3 4 18 9 85 London County Council .. May 15 6,000,000 94 10 4§ 20/60 4 15 3 4 18 9 75 N.S. Wales Govt. .. May 22 6,500,000 98 10 5 20/40 5 1 6 5 2 5 68
B.— 6
finance and trade, and particularly the foreign trade of the Empire. The change will, at all events for the present, be confined in New Zealand to|the import or export of gold by the banks in. terms of the legislation of 1915, which*authorizes the issue of permits by the Minister of Finance. The reversion to gold at once effected a readjustment of exchange rates to the great advantage of New Zealand producers. There was corresponding lowering of the premium enjoyed by importers during the last few years, but this may be regarded as a probable help to our secondary industries, which have been adversely affected by the favourable conditions accruing to imported goods in this respect. UNAUTHORIZED EXPENDITURE. The limit of expenditure that may be charged in any one year to " Unauthorized," apart from railways, is £350,000, an amount considered to be higher than is necessary to provide for unforeseen expenditure. Now that more normal conditions are obtaining, the amount available for unauthorized expenditure should not exceed £150,000, and it is proposed to amend the Public Revenues Act in this direction. LOCAL BODIES' LOAN AUTHORITIES. In order that more reliable information may be available regarding the borrowing of local bodies, proposals are under consideration with a view to the cancellation of unexpiredfauthorities in respect of works which have been completed. The borrowing of local bodies, as members are aware, has increased considerably in recent years, ?and the elimination of loan authorities which are no longer required will ensure a clearer view of the position. It will also, I hope, assist in directing attention to the desirability of restricting borrowing as far as possible to revenueearning purposes in the interests of ratepayers generally. TAXATION. The question of taxation and its equitable distribution has engaged the attention of the Government with a view to further relieving industry of the burdens imposed on it by the high taxation of war years. While allotting a portion of our surplus to concessions in pensions and in other directions, further adjustments in the rates are desirable if individual initiative and energy in developing our resources and output are to be encouraged. Moreover, the investment of capital outside the Dominion is induced by high taxation. Taxation, which might have the appearance of falling directly on the person or concern taxed, does not wholly do so, but is largely borne by the consumer, and as a consequence we have a high price-level and increased cost of living. Reductions in taxation also assist in diverting capital investments from tax-free securities into trade and developmental purposes. The Government has now under consideration the adoption of a new income-tax schedule following the lines discussed by the Taxation Commission. The proposed new schedule would reduce the maximum rate to 4s. 6d. from the present rate of 4s. lOfd. in the pound, and the minimum rate from Bd. to 7d. in the pound, while between these rates all incomes would receive concessions. The present schedule, which still stands in the Act at rates up to the maximum of 7s. 4d. in the pound and has been subject to percentage reductions from time to time, would be done away with by the adoption of straight-out rates. Full details will be submitted later to honourable members. CAPITAL FOR RURAL DEVELOPMENT. 1 have referred to the desirability of encouraging loans on mortgages, particularly to aid farmers. Investment on mortgage in recent years has suffered in comparison with investment in stocks, debentures, &c., but the indications are that the mortgage is again becoming more sought after, and, moreover, a trend in that direction is noted in Australia within the last few months. The income-tax reductions which the Government is now considering should facilitate investment on mortgage by reducing the rate of income-tax down to a parity with debenture-tax, and, as indicated, it is proposed to repeal the mortgage duty of ss. per cent.
Unauthorized expenditure.
Local bodies' loan authorities.
Taxation.
Capital for rural development.
22
8.—6
1925-26. J now submit an outline of the position as I estimate it for the current year. REVENUE. After going thoroughly into the year's prospects in trade and business I estimate the total revenue of the Ordinary Revenue Account at £29,600,000, details of which I give below. The Customs revenue should produce £7,800,000, assuming that the imports recorded for the first six months of the present calendar year are maintained, and provided no serious drop occurs in export prices. The estimates of revenue from direct taxation are based on the rates as reduced last year, and Ido not anticipate that they will be exceeded. The anticipated revenues of the principal business Departments, such as Railways and Post and Telegraph, are higher when compared with those received last year and indicate extending operations. Estimates of Revenue. £ Customs .. .. .. .. .. .. .. 7,800,000 Beer duty .. .. .. .. .. .. .. 630,000 Stamp and death duties .. .. .. ~ .. 3,340,800 Postal and Telegraph .. .. .. .. .. .. 3,046,000 Land-tax .. .. .. .. . . . . 1,250,000 Income-tax .. .. .. .. .. ; . 3,350,000 Railways .. .. .. .. .. .. .. 7,700,000 Registration and other fees .. .. .. .. .. 190,000 Marine .. .. .. .. .. .. .. 104,800 Interest on public moneys .. .. .. .. .. 1,190,000 Local Bodies' Loans Act, 1908, section 76 .. .. .. 22,000 Rents of buildings .. .. .. .. .. .. 24,000 Tourist and Health Resorts .. .. .. .. .. 53,000 Miscellaneous .. .. .. .. . . . . . . 56,000 Territorial .. .. .. .. .. .. .. 212,000 Departmental and other receipts.. .. .. .. .. 631,400 £29,600,000 EXPENDITURE. The estimated expenditure for the current year as submitted in the estimates presented with this Statement totals £29,024,616. This is £758,145 more than the amount appropriated last year, but of this, approximately, £580,000 is directly accounted for by anticipated and unavoidable new liabilities of a national character, such as £150,000, disabled soldiers treatment, war graves, &c., representing the remaining liabilities of the War Expenses Account now being closed ; £160,000, Naval Defence, second cruiser ; £180,000, interest; and £90,000, general election. The balance of the increase, £178,000, is not in excess of the amount due to normal annual expansion for education, scale increases in salaries, and other services; and the estimates must be regarded as still reflecting the Government's policy of economy and saving in public expenditure. Headings of the estimated expenditure Permanent charges,— £ £ Civil List .. .. .. .. 29,800 Interest, sinking funds, and debt-repayments 9,069,001 Pensions, — £ Old-age, widows', &c. .. 1,245,823 War .. .. . . 1,100,000 Special Acts .. .. 1,375,500 3,721,323 12,820,124 Annual appropriations .. .. .. 16,204,492 Total .. .. .. .. £29,024,616 *
1925-26.
Estimated revenue, 1925-26.
Estimated expenditure.
23
8.—6.
ESTIMATED RESULTS. The estimated result, therefore, is : — £ Revenue .. .. .. 29,600,000 Expenditure .. .. .. 29,024,616 The difference, £575,384, will be required to provide for supplementary estimates and for taxation reductions and concessions now under consideration. As already stated, it is proposed to transfer up to £1,000,000 from Ordinary Revenue Account to Public Works Fund. The position of the Ordinary Revenue Account at the close of the year I estimate will be : — £ £ Balance forward Ist April, 1925 .. .. 4,150,806 Add estimated revenue .. .. .. 29,600,000 33,750,806 Deduct, — Estimated expenditure .. .. .. 29,024,616 Supplementary estimates, taxation and other concessions (say) .. .. 575,000 Transfer to Public Works Fund (up to) .. 1,000,000 30,599,616 Estimated credit balance on 31st March, 1926.. .. £3,151,190 CONCLUSION. The Statement I have made presents to honourable members the satisfactory state of our finances, and particularly so will this be realized when compared with other countries economically affected by the post-war upheaval. It is true that we, in common with the rest of the world, are not back to a pre-war basis either in values or expenditure, but since 1920 the country has made a remarkable recovery in banking and trade. It is reasonable to claim for the Government some share in assisting to bring this about, by adherence to economy in administration while meeting requirements for the further development of our resources so as to increase output, improve markets, and thus stabilize the overseas trade balance. A table is attached to this Statement showing in statistical form the Dominion's progress for the last ten years. Our exports have increased but so have imports, and for last year the margin is less than for the two previous years. I trust this margin will not further diminish, as the evils of over-importing have been abundantly experienced with unpleasant results in recent years. Ido not want to see our trade balance drift back to the adverse conditions obtaining four years ago, when my predecessor had the difficult task of restoring a sound state of affairs. Since assuming this portfolio, I have had before me heavy demands for increased expenditure, but I propose to adhere to the policy of the late Minister of Finance in checking any tendency to overburden our resources. I will continue to encourage the closest economy and scrutinize carefully all applications for expenditure that do not, in my opinion, come within the Government's necessary requirements for the efficient performance of its services. Borrowed money adds to our charges, and this is apt to be overlooked in the requests for increased expenditure. The immediate results of capital expenditure are apparent in the development and improvements effected, but a spending-power is created that tends to engender public and private extravagance. We must not ignore the fact that the contingent liability placed on the Consolidated Fund may have to be carried at times when our resources are affected by adverse conditions. Just one other matter should be mentioned—that of our fixture requirements for capital expenditure. The prospects of borrowing in London on easy terms in the near future are not good, and it is advisable to look carefully ahead to ensure that the purposes for which we borrow money are directly interest-earning. The present conditions may be temporary, but the indications cannot be disregarded, and I wish to emphasize again the danger of outside borrowing on a large scale while there are signs that the excess of exports over imports is not sufficient to cover our charges for interest payable overseas.
Estimated results.
Conclusion.
24
8.—6
The Government's programme for the further development of our resources, extending and improving communications and facilitating our trade generally, now involves heavy commitments. With the application of energy and industry by all classes of the community, we should, with our productive soil and favoured climate, be able to justify our efforts to progress on sound lines that will make for the betterment of the people and the maintenance of the high credit of this Dominion.
SUMMARY OF RESULTS AND PROPOSALS. RESULTS, 1924-25. Consolidated Fund— Ordinary Revenue Account — £ Revenue .. .. .. .. .. .. 28,643,000 Expenditure .. .. .. . . . . 27,399,200 Excess of revenue over expenditure .. .. .. £1,243,800 £ Estimated revenue, 1924-25 .. .. 28,857,620 Less estimated value of concessions granted 883,000 £27,974,620 Actual revenue .. .. .. .. .. £28,643,000 £ Revenue greater than 1923-24 by .. .. .. .. 682,630 Expenditure exceeded previous year by .. .. .. 1,251,195 Salaries and wages increased by .. .. .. .. 672,000 Balance forward at 31st March, 1925 .. .. .. .. 4,150,806 Transferred from accumulated surpluses toPublic Works Fund .. .. .. .. .. 1,000,000 Loans Redemption Account.. .. .. .. .. 1,052,130 Relief from use of surplus revenue— £ Interest-earning investments produce .. .. 780,000 Saving on utilization of money for capital purposes .. 395,000 Total relief thus afforded .. .. .. £1,175,000 No Revenue Treasury bills outstanding. £ Public-works expenditure (including transfer to Main Highways) .. 4,357,440 Electric-supply expenditure .. .. .. .. .. 847,478 Main highways — £ Receipts (a) Revenue Account .. .. .. 459,150 (b) Construction Fund .. .. 226,000 685,150 Expenditure (a) out of revenue .. 127,458 (b) Construction Fund .. .. 225,454 352,912 New agreement in respect of migrants from United Kingdom. £ Customs and excise revemxe .. .. .. .. .. 7,689,192 Increase in Customs revenue over 1923-24 .. .. .. 327,409 £ Exports for financial year .. .. .. 54,771,158 Imports for financial year . . .. .. 49,821,095 Total trade .. .. .. £104,592,253 Excess of exports over imports . . .. .. .. .. £4,950,063
s—B. 6.
25
8.—6.
Inland revenue — £ Land-tax.. .. .. .. .. .. .. 1,335,251 Income-tax .. .. .. .. .. .. 3,386,052 Land and income tax less than previous year, due to reductions and concessions .. .. .. .. .. 486,691 Stamp and death duties .. .. .. .. 3,240,332 Working Railways— £ Receipts .. .. .. .. .. 7,112,524 Working-expenses .. .. .. 5,545,416 Excess of receipts .. .. .. .. £l, 567,108 Post and Telegraph— £ Receipts .. .. .. .. .. 2,866,882 Expenditure .. .. .. .. 2,413,436 Excess of receipts . . . . . . . . £453,446 Post Office Savings-bank— Number of depositors, 735,158. £ Amount at credit .. .. .. .. .. .. 45,267,708 War-loan certificates redeemed during year .. .. .. 675,163 Duplication of Pacific cable. Education expenditure . . .. .. .. .. .. 3,649,875 Expenditure on school buildings, 1924-25 .. .. .. 462,212 Expenditure on school buildings since Ist April, 1919 . . .. 2,340,542 Subsidies to Hospital Boards .. .. .. .. .. 561,708 Pensions — Total paid, 1924-25 .. .. .. .. .. 2,403,614 Paid for war pensions .. .. .. .. . . 1,242,182 Total expenditure on war pensions .. .. .. .. 11,382,178 Pensions for the blind established. National Provident Eund — Contributors, 24,231. £ Total fund .. .. . . .. .. .. 1,165,284 Maternity allowances paid .. .. .. .. .. 40,292 SuperannuationTotal Funds— Public Service .. .. .. .. .. .. 2,197,400 Railways .. .. .. .. .. .. 734,112 Teachers' .. .. .. .. .. .. 942,755 Since Inauguration of the Funds — Total contributions by employees of all services .. .. 5,500, 000 Total subsidies by State .. .. .. .. 2,409,500 Cost-of-living bonuses paid to annuitants .. . . .. .. 42,782 Purchase of wheat to supplement supplies grown in the Dominion. Financial assistance provided for New Zealand South Seas Exhibition. Land-settlement — 182,789 acies subdivided into 1,009 holdings opened for selection. 461,000 acres subdivided into 1,280 holdings taken up. 480,000 acres of Crown settlement and National-endowment lands now open for selection. Discharged soldiers settlement — £ Total advances in 1924-25 .. .. .. .. .. 717,340 Receipts .. .. .. .. .. .. .. 1,591,483 Total capital provided for soldiers settlement .. .. .. 26,576,386 Revaluation of farms by Dominion Revaluation Board — Reductions in capital value of leaseholds .. 1,608,800 Reductions in mortgages . . .. 672,000 Total reductions . . .. .. .. £2,280,800
26
8.—6.
Land-drainage—'Continued progress in development of waste lands. 29,527 acres of Native land purchased. Part of Selwyn Estate taken over by State Forests Service. State advances — Total number of loans granted, 1924-25 .. .. .. 5,322 £ Amount .. .. .. .. .. .. 5,880,485 Granted for repayment of mortgages since October, 1922 .. 7,345,295 Total advances by Department since 1914 .. .. .. 26,143,191 Housing — Assistance rendered by the Government during the last six financial years : — Number of Amount. Houses. £ State advances* .. .. .. .. 17,056 9,940,317 Discharged soldiers (urban areas) .. .. 11,456 8,345,311 Discharged soldiers (farm properties) .. .. 4,063 1,186,000 Railway Department (State employees) .. . . 543 465, 655 Public Works Department (State employees) .. 247 227,640 33,365 £20,164,923 Western Samoa—Crown estates show profits and satisfactory leases effected. £ German reparation payments received to 30th June, 1925 .. .. 103,669 Public debt —- Gross debt at 31st March, 1925 .. .. . . .. 227,814,647 Subdivided — £ Ordinary.. .. .. 119,936,859 War .. .. .. 76,631,722 State advances .. .. 21,436,180 Discharged soldiers settlement 9,809,886 227,814,647 Sinking funds accrued 13,462,839 Net debt .. .. £214,351,808 £ Loans paid off during the year .. .. ~ .. .. 3,249,966 Imperial funded debt — £ Principal repaid, 1924-25 .. .. .. 507,718 Interest, 1924-25 .. .. .. .. 1,344,212 Total payment, 1924-25 .. .. .. 1,851,930 Further purchase of New Zealand 4-per-cent. stock . . .. 100,000 Saving on principal and interest effected through cancellation before maturity of total stock purchased to date .. .. .. 94,000 Volume of free-of-income-tax securities reduced to .. .. .. 39,706,299 Exchange rates, London - New Zealand, now at par.
* Excluding amounts advanced to release mortgages on house property.
27
±3.—6.
ESTIMATES AND PROPOSALS, 1925-26. Consolidated Fund—Ordinary Revenue Account — £ Estimated revenue .. .. .. .. .. 29,600,000 Estimated expenditure .. .. .. .. .. 29,024,616 Available for supplementary estimates and taxation reductions and concessions, &c. .. .. .. .. .. .. £575,384 £ Estimated Customs revenue .. .. .. .. .. 7,800,000 Estimated stamp and death duties .. .. .. .. 3,340,800 Estimated land and income tax .. .. .. .. 4,600,000 Transfer from surplus revenue to Public Works Fund, up to .. 1, 000,000 London loan, 1925-26, for public works and State advances .. 7,000,000 Life-insurance policies up to £1,000 to be exempt from death duties. Reduced use of revenue for capital purposes. Provision for progress of developmental operations. Proposed changes in preferential Customs conditions. Provision for school buildings. Extension of allowance of 2s. 6d. per week as an addition to the oldage pension of 15s. per week and also to pensions for the blind. Continuation of cost-of-living bonus to annuitants. Additional Naval expenditure for second cruiser. Introduction of competitive schemes in connection with the planning of model suburbs. Proposed measures against land aggregation. Readvances for more fully developing of soldier farms. Review by Dominion Board of current account advances to discharged soldiers. Fostering of programme of reclamation of waste lands. Encouragement of system of table mortgages. Empowering legislation governing the lending rates of the State Advances Office. Legislation providing for the closing of War Expenses Account and transfer of remaining liabilities to Consolidated Fund. Reduction of limit of expenditure out of " Unauthorized." Cancellation of local bodies' unexpired loan authorities in respect of completed works. Further reductions in taxation. Proposed adoption of straight-out schedule and reduction of income-tax to a parity with debenture-tax. Repeal of mortgage duty. Improved measures for repaying public debt.
28
8.—6
TABLES TO ACCOMPANY THE FOREGOING STATEMENT. Page Table No. I—Abstract of Receipts and Expenditure of the Financial Year ended 31st March, 1925. See Parliamentary Paper 8.-l [Part I]. Table No. 2. —The Public Debt on 31st March, 1925. See Parliamentary Paper 8.-l [Part lII]. Table No. 3. —Revenue for the Year ended 31st March, 1925, compared with the Year ended 3i st March, 1924 .. .. .. .. .. .. .. .. ii Table No. 4. —Comparative Statement of the Estimated and Actual Revenue of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1925 .. .. .. .. .. .. .. .. .. .. ii Table No. 5. —Estimated Revenue for 1925-26, compared with the Actual Revenue for 1924-25 .. iii Table No. 6.—Statement of the Actual Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 192), compared with the Year ended 31st March, 1924 .. .. .. .. .. .. .. iii, iv Table No. 7.—Comparative Statement of the Appropriated and Actual Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1925 .. .. .. .. .. .. .. .. .. v Table No. 8. —Estimated Expenditure for 1925-26, compared with the Actual Expenditure for 1924-25 .. .. .. .. .. .. .. .. .. vi Table No. 9. —Statement showing how Accumulated Surpluses have been applied .. .. vii Tables Nos. 10 and 10a.—Statements of the Estimated Liabilities of the Consolidated Fund outstanding on 31st March, 1914 to 1925 inclusive .. .. .. .. viii, ix Table No 11. —Public Works Fund—Statement showing Net Expenditure under Appropriations for the Year ended 31st March 1925, compared with the Year ended 31st March, 1924 .. x Table No. 12. —Statement showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to 31st March, 1925 .. .. .. .. .. xi, xii Tables Nos. 13 and 13a.—Statements of the Estimated Liabilities of the Public Works Fund outstanding on 31st March, 1914 to 1925 inclusive .. .. .. xiii, xiv Table No. 14.—Statement of the Estimated Liabilities of the various Separate Accounts outstanding on 31st March, 1914 to 1925 inclusive .. .. .. xv Table No. 15.—Receipts and Payments of Accounts, 1924-25, with Balances at Ist April, 1924, and 31st March, 1925 .. .. .. .. .. .. .. .. xvi Table No. 16.—-Statement showing the available Financial Resources of the various Accounts on the 31st March, 1924, as compared with the 31st March, 1925 .. .. xvii Table No. 17. —Summary of the Public Debt and of the State Assets which may be set off against it, as at 31st March, 1925 .. .. .. .. .. xviii, xix Table No. 18. —Statement showing the Amount charged to "Unauthorized" in each Financial Year from Ist July, 1875, to 31st March, 1925 .. .. .. .. xx Table No. 19.—Education Expenditure—Total Expenditure on Education out of Public Funds since 1913-14 .. .. .. .. .. .. .. .. xxi Table No. 20. —Summary of Transactions of the War Expenses Account from its inception up to 31st March, 1925. .. .. .. .. .. .. .. .. xxii Table No. 21.—New Zealand.—Statistical Comparisons for a Decennial Period .. .. .. xxiii
i—B. (3.
B.—6.
Table No. 3. Revenue for the Year ended 31st March, 1925, compared with the Year ended 31st March, 1924.
Table No. 4. Comparative Statement of the Estimated and Actual Revenue of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year, ended 31st March, 1925.
II
| Year ended ! Year ended j 31st March, j 31st March, I Increase. Decrease. 1925. j 1924. £ £ £ £ Customs .. .. .. .. .. 7,569,389 7,238,215 331,174 Beer duty.. .. .. .. .. 650,381 632,094 18,290 Stamp and death, duties .. .. .. 3.210,332 3,313,781 .. 103,449 Postal and telegraph .. .. .. 2,706,882 2.681,240 25,642 Land-tax .. .. .. .. .. 1.335,251 1,426,462 .. 91,211 Income-tax .. .. .. .. 3,386,052 3,781,532 .. 395,480 Railways .. .. .. .. 7,105,106 6,954,469 | 150,637 Registration and other fees .. .. .. 189,346 215,321 1 .. 25,975 Marine .. .. .. .. .. 105,060 90,935 14,125 Interest on public moneys .. .. .. 1,188,120 645,892 542,228 Local Bodies'Loans Act, 1908, sec. 76 .. .. 22,201 22,952 .. 751 Rents of buildings .. .. .. .. 23,266 26,081 .. 2,815 Tourist and Health Resorts .. .. .. 48,669 47,100 1,569 Miscellaneous .. .. .. 231,534 121,362 110,172 Territorial 211,749 222,378 .. 10,629 Departmental and other receipts .. .. 629,659 510,556 119,103 1,312,940 630,310 630,310 Totals .. .. .. .. 28,643,000 27,960,370 682,630 .. '
Estimate for Actual for [ Difference. 1924-25*. 1924-25. More . | 1 I £ £ £ £ Customs .. .. .. .. .. 7,275,000 7,569,389 294,389 Beer duty.. .. .. .. .. 630,000; 650,384 20,384 Stamp and death duties .. .. .. 3,234,800 j 3,240,332 5,532 Postal and telegraph .. .. .. 2,791,000 2,706,882 .. 84,118 Land-tax .. .. .. .. .. 1,265,000 1,335,251 70,251 Income-tax .. .. .. .. 3,117,000 3,386,052 269,052 Railways .. .. .. .. .. 7,100,000 7,105,106 5,106 Registration and other fees .. .. .. 200,000 189,346 .. 10,654 Marine .. .. .. .. .. 90,920 105,060 14,140 Interest on public moneys .. .. 1,234,000 1,188,120 .. 45,880 Local Bodies' Loans Act, 1908, sec. 76 .. .. 23,000 22,201 .. 799 Rents of buildings .. .. .. .. 26,000 23,266 .. 2,734 Tourist and Health Resorts .. .. .. 45,000 48,669 3,669 Miscellaneous .. .. .. .. 215,000 231,534 16,534 Territorial 197,900 211,749 13,849 Departmental and other receipts .. .. 530,000 629,659 99,659 812,565 144,185 144,185 Totals .. .. .. .. 27,974,620 ' 28,643,000 668,380 1 * Amended to allow for reductions in taxation made during 1924 session of Parliament.
8.—6.
Table No. 5. Estimated Revenue of the Consolidated Fund (Ordinary Revenue Account) for 1925-26, compared with the Actual Revenue received for 1924-25.
Table No. 6. Statement of the actual Net Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1925, compared with the Financial Year ended 31st March, 1924.
III
Estimate Actual Differences. for for • — • 1925-26. 1924-25. Increase. Decrease. Obdinary Revenue Account. £, £ S. S, Customs .. .. .. .. .. .. 7,800,000 7,569,389 230,611 ! Beer Duty .. .. .. .. .. .. 630,000 650,384 .. 20,384 Stamp and Death Duties .. .. .. .. 3,340,800 3,240,332 100,468 Postal and Telegraph .. .. .. .. .. 3,046,000 2,706,882 339,118 Land-tax .. .. .. .. .. .. 1,250,000 1,335,251 .. 85,251 Inoome-tax .. .. .. .. .. .. 3,350,000 3,386,052 .. 36,052 j Railways .. .. .. .. .. .. 7,700,000 7,105,106 | 594,894 Registration and other Fees .. .. .. .. 190,000 189,346 I 654 | Marine .. .. .. .. .. .. 104,800 105,060 j ' 260 | Interest on Public Moneys .. .. .. .. 1,190,000 1,188,120 j 1,880 Local Bodies'Loans Act, 1908, Section 76 .. .. 22,000 22,201 I .. 201 Rents of Buildings .. .. .. .. .. 24,000 23,266 j 734 Tourist and Health Resorts .. .. .. .. 53,000 48,669 j 4,331 Miscellaneous .. .. .. .. .. 56,000 231,534 j .. 175,534 I Territorial .. .. .. .. .. .. 212,000 211,749 | 251 Departmental and other Receipts .. .. .. 631,400 629,659 J. 1,741 1,274,682 317,682 317,682 Total .. .. .. .. 29,600,000 28,643,000 957,000
Year ended Year elided j 31st March, 31st March, Increase. Decrease. 1925. 1924. Permanent Appropriations— £ £ £ £ Civil List .. .. .. .. 29,781 28,920 861 Interest.. .. .. .. .. 7,865,262 7,877,597 .. 12,335 Sinking Fund .. .. .. .. 690,076 711,709 .. 21,633 Reduction of Funded Debt .. .. 307,306 292,571 14,735 Under special Acts — Advances to other Governments .. .. Or. 59,598 2,000 .. 61,598 Education purposes .. .. .. 128,844 96,506 32,338 Endowments .. .. .. .. 5,261 4,832 429 Miscellaneous .. .. .. .. 228,303 155,886 72,417 Pensions— Old-age .. .. .. .. 767,792 732,054 35,738 Widows' .. .. .. .. 235,959 202,364 33,595 Military .. .. .. .. 26,836 30,326 .. 3,490 War .. .. .. .. .. 1,242,182 1,306,652 .. 64,470 Miners' 35,948 32,561 3,387 Various 27,742 27,672 70 Salaries and honoraria .. .. .. 97,911 99,119 .. 1,208 Subsidies paid to Hospital Boards .. 561,708* 412,945 148,763 Subsidies on rates paid to local authorities 203,185 199,820 3,365 Subsidies to Superannuation Funds .. 145,806 204,000 .. 58,194 Territorial revenue .. .. .. 13,207 16,040 .. 2,833 Transfer to Discharged Soldiers' Settlement 50,000 .. 50,000 Loans Act, 1920, Depreciation Fund Account Transfer to Main Highways Account, Re- 35,000 .. 35,000 venue Fund Transfer to Westport Harbour Account .. .. 17,000 .. 17,000 12,638,511 12,450,574 430,698 242,761 * Subsidy under Hospital and Charitable Institutions Acts for Jubilee Institute for the Blind is included under Education purposes.
8.—6
Table No. 6 —continued. Statement of the actual Net Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1925, compared with the Financial Year ended 31st March, 1924—continued.
IV
Year ended ; Year ended ■—■—• ! 31st March, 31st March, | Increase. Decrease. 1925. 1924. [ Annual Appropriations— i £ £ £ £ Legislative Departments .. .. .. 62,109 51,603 10,506 Treasury Department .. .. ..I 51,953 34,077 17,876 Land and Income Tax Department .. .. j 50,406 51,754 .. 1,348 Stamp Duties Department .. .. | 85,905 67,181 18,724 National Provident and Friendly Societies De- 22 ,'430 21.383 1,047 partment Working Railways .. .. .. j 5,636,583 5,153,141 483,442 Post and Telegraph working expenses .. 2,413.436 2,117,952 295,484 Public buildings .. .. .. .. 107,086 92,657 14,429 Government and other domains .. .. j 5,786 4,738 1,048 Maintenance and improvement of roads .. 36,337 63,158 .. 26,821 Maintenance of irrigation works .. .. 2,226 2,318 .. 92 Native Department .. .. ..1 27,996 25,846 2,150 Department of External Affairs .. .. 40,601 22,975 17,626 Cook Islands .. .. .. .. 21,386 17,446 3,940 Department of Industries and Commerce .. J 114,161 61,818 52,343 Department of Justice .. .. .. 44,874 43,802 1,072 Supreme and Magistrates'Courts .. .. 86,343 90,040 .. 3,697 Prisons Department .. .. .. j 76,366 78,430 . . 2,064 Crown Law Office .. .. .. j 5,535 4,021 1,514 Police Department .. .. .. 399,289 386,919 12,370 Pensions Department .. .. .. j 94,448 100,466 .. 6,018 Mines Department .. .. .. 38,028 37,661 367 Department of Internal Affairs .. .. 305,640 350,181 .. 44,541 Audit Department .. .. .. 23,368 18,930 4,438 Public Service Commissioner's Office .. j 6,058 5,877 181 Printing and Stationery Department .. 204,268 179,238 25,030 Mental Hospitals Department .. .. 244,331 253,862 .. 9,531 Department of Health .. .. .. 229,032 192,066 36,966 Naval defence .. .. .. .. 283,356 285,723 .. 2,367 Defence Department .. .. .. 370,906 348,632 22,274 Customs Department .. .. .. 156,188 105,569 50,619 Marine Department .. .. .. 119,463 117,649 1,814 Department of Labour .. .. .. 45,472 39,342 6,130 Department of Lands and Survey .. .. 168,442 154,923 13,519 Scenery preservation .. .. .. 2,981 .. 2,981 Valuation Department .. .. .. | 49,349 53,348 .. 3,999 Electoral Department .. .. .. 7,334 8,811 .. 1,477 Department of Agriculture .. .. 255,125 199,557 55,568 Department of Tourist and Health Resorts .. 66,294 60,445 5,849 Department of Education .. .. .. 2,777,271 2,604,508 172,763 Services not provided for .. .. .. 22,527 189,384 .. 166,857 j 14,760,689 13,697,431 1,332,070 268,812 i _____ J,762,768 511,573 511,573 Total expenditure .. .. .. 27,399,200 26,148,005 1,251 95
8.—6.
Table No. 7. NET EXPENDITURE. Comparative Statement of the Appropriated and Actual Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1925.
V
„ , . . i .. . Difference. Net Actual Net — Appropriations, Expenditure, " 1924-25. 1924-25. More Less Permanent Charges— £ j £ £ £ Civil List.. .. .. .. .. 29,600, 29,781 181 Interest .. .. .. .. .. 7,745,097 7,865,262 120,165 Sinking Fund .. .. .. .. 688,442 ! 690,076 1,634 Reduction of funded debt .. .. . . 307,296 307,306 10 Under special Acts.. .. .. .. 3,644,211 3,746,086 101,875 12,414,646 12,638,511 223,865 Annual Appropriations,— Legislative Departments .. .. .. 69,989 62,109 .. 7,880 Treasury Department .. .. .. 40,057 51,953 11,896 Land and Income Tax Department .. .. 56,535 50,406 .. 6,129 Stamp Duties Department .. .. .. 84,378 85,905 1,527 National Provident and Friendly Societies De- 23,222 22,430 .. 792 partment Working Railways.. .. .. .. 6,145,044 5,636,583 .. 508,461 Post and Telegraph working-expenses .. 2,430,993 2,413,436 .. 17,557 Public buildings .. .. .. .. 121,319 107,086 .. 14,233 Government and other domains .. .. 7,694 5,786 .. 1,908 Maintenance and improvement of roads .. 75,318 36,337 .. 38,981 Maintenance of Irrigation Works .. .. 5,800 2,226 .. 3,574 Native Department .. .. .. 30,720 27,996 .. 2,724 Department of External Affairs .. .. 40,383 40,601 218 Cook Islands .. .. .. .. 22,329 21,386 .. 943 Department of Industries and Commerce .. 143,951 114,161 .. 29,790 Department of Justice .'. .. .. 48,769 44,874 .. 3,895 Supreme and Magistrates'Courts .. .. 92,991 86,343 .. 6,648 Prisons Department .. .. .. 91,315 76,366 .. 14,949 Crown Law Office .. .. .. .. 5,966 5,535 .. 431 Police Department.. .. .. .. 419,000 399,289 .. 19,711 Pensions Department .. .. .. 102,625 94,448 .. 8,177 Mines Department.. .. .. .. 47,311 38,028 .. 9,283 Department of Internal Affairs .. .. 316,133 305,640 .. 10,493 Audit Department.. .. .. .. 29,675 23,368 .. 6,307 Public Service Commissioner's Office .. .. 8,367 6,058 .. 2,309 Printing and Stationery Department.. .. 205,665 204,268 .. 1,397 Mental Hospitals Department .. .. 304,881 244,331 .. 60,550 Department of Health .. .. .. 301,108 229,032 .. 72,076 Naval Defence .. .. .. .. 333,835 283,356 .. 50,479 Defence Department .. .. .. 420,172 370,906 .. 49,266 Customs Department .. .. .. 163,546 156,188 .. 7,358 Marine Department .. .. .. 127,606 119,463 .. 8,143 Department of Labour .. .. .. 46,701 45,472 .. 1,229 Department of Lands and Survey .. .. 186,073 168,442 .. 17,631 Scenery Preservation .. .. .. 11,470 2,981 .. 8,489 Valuation Department .. .. .. 57,726 49,349 .. 8,377 Electoral Department .. .. .. 5,260 7,334 2,074 Department of Agriculture .. .. .. 303,115 255,125 .. 47,990 Department of Tourist and Health Resorts .. I 68,536 66,294 .. 2,242 Department of Education .. .. .. 2,856,247 2,777,271 .. 78,976 Services not provided for .. .. .. .. 22,527 22,527 15,851,825 14,760,689 38,242 1,129,378 262,107 1,129,378 262,107 Totals .. .. .. .. 28,266,471 27,399,200 .. 867,271
8.—6
Table No. 8. Estimated Expenditure of the Ordinary Revenue Account for 1925-26, compared with Actual Expenditure for 1924-25.
VI
Estimate Actual Differences. for for 1925-26. 1924-25. Increa86 Decrease . Revenue Account. Permanent Charges,— £ £ £ £ Civil List .. .. .. .. .. .. 29,800 29,781 : 19 Interest .. .. .. .. .. .. 8,049,164 7,865,262 1 183,902 SinkingFund .. .. .. .. .. 686,992 690,076; .. 3,084 Reduction of Funded Debt .. .. .. .. 332,845 307,306 25,539 Under special Acts .. .. .. .. .. 3,721,323 3,746,086 .. 24,763 12,820,124 12,638,511 209,460 27,847 Annual Appropriations,— Legislative Departments .. .. .. .. 62,560 62,109 451 Treasury Department .. .. .. .. 35,456 51,953 I .. 16,497 Land and Income Tax Department .. .. .. 68,668 50,406 ; 18,262 Stamp Duties Department .. .. .. .. 93,767 85,905 j 7,862 National Provident and Friendly Societies Department .. 22,751 22,430 ! 321 Working Railways .. .. .. .. .. 6,200,391 5,636,583 I 563,808 Post and Telegraph Working-expenses.. .. .. 2,478,938 2,413,436 65,502 Public Buildings .. .. .. .. .. 114,013 107,086; 6,927 Government and other Domains .. .. .. 6,730 5,786 i 944 Maintenance and repairs to Roads .. .. .. 120,000 36,337 83,663 Maintenance of Irrigation Works .. .. .. 7,000 2,226 4,774 Native Department .. .. .. .. .. 33,089 27,996 5,093 Department of External Affairs .. .. . i 24,865 40,601 i .. 15,736 Cook Islands .. .. .. .. .. 32,504 21,386' 11,118 Department of Industries and Commerce .. .. 87,059 114,161 .. 27,102 Department of Justice .. .. .. .. } _„ 0 ( 44,874 ") Q Supreme and Magistrates'Courts .. .. .. ) ' | 86,343 ) ' J Prisons Department .. .. .. ..J 79,609 76,366 3,243 Crown Law Offioe .. .. .. .. .. } 5,619 5,535 84 Police Department .. .. .. .. .. 415,939 399,289 16,650 Pensions Departing; .. .. .. .. 193,540 94,448 99,092 Mines Department .. .. .. .. .. 45,562 38,028 7,534 Department of Internal Affairs .. .. .. 318,285 305,640 12,645 Audit Department .. .. .. .. .. 27,987 23,368 4,619 Public Service Commissioner's Office .. .. .. 7,631 6,058 j 1,573 Printing and Stationery Department .. .. .. 205,322 204,268 1,054 Mental Hospitals Department .. .. .. 280,851 244,331 j 36,520 Department of Health .. .. .. .. 248,035 229,032 ! 19,C03 Naval Defence .. .. .. .. .. 444,215 283,356 160,859 Defence Department.. .. .. .. .. 412,875 370,906 41,969 Customs Department .. .. .. .. 152,594 156,188 ; .. 3,594 Marine Department .. .. .. .. .. 124,276 119,463 4,813 Department of Labour .. .. .. .. 50,213 45,472 j 4,741 Department of Lands and Survey .. .. .. 174,018 168,442 : 5,576 Scenery Preservation.. .. .. .. .. 21,092 2,981 ■ 18,111 Valuation Department .. .. .. .. 51,083 49,349 j 1,734 Electoral Department .. .. .. .. 97,119 7,334 ' 89,785 Department of Agriculture .. .. .. .. 368,297 255,125 ! 113,172 Department of Tourist and Health Resorts .. .. 68,888 66,294 2,594 Department of Education .. .. .. .. 2,883,869 2,777,271 j 106,598 ServioeB not provided for .. .. .. .. .. 22,527 j .. 22,527 16,204,492 14,760,689 i 1,529,259 85,456 1,738.719 113,303 113,303 Total expenditure .. .. .. £29,024,616 £27,399,200 £1,625,416;
B. — 6
Table No. 9. Statement showing how Accumulated Surpluses have been applied. To Accumulated surpluses at £ j By Transfers to — £ £ 31st March, 1924 .. 26,799,257 ; Discharged Soldiers Settlement Surplus for financial year j Account— 1924-25 .. .. 1,243,800 1920-21 .. .. 13,330,000 Net miscellaneous receipts 1921-22 .. . . 170,000 credited to Ordinary 13,500,000 Revenue Account dur- Discharged Soldiers Settlement ing 1924-25 .. .. 4,422 Depreciation Fund Account — 1920-21 .. .. 50,000 1921-22 .. .. 50,000 1922-23 .. .. 50,000 1923-24 .. .. 50,000 200,000 Public Works Fund — 1920-21 .. .. 500,000 1923-24 .. .. 1,000,000 1924-25 .. .. 1,000,000 2,500,000 Reserve Fund Securities Account — For purchase of securities, 1920-21 .. .. 1,200,000 For redemption of loan, 1922-23 .. .. 800,000 2,000,000 Loans redemption— 1921-22 .. .. 560,011 1922-23 .. .. 2,337,360 1923-24 .. . 1,367,341 1924-25 .. .. 1,052,130 5,316,842 Education Loans Account, 1923-24 .. 100,000 Ordinary revenue — To balance revenue and expenditure. 1921-22 .. .. 279,831 Investments at 31st March, 1925 — £ State Advances securities 1,140,000 Bank of New Zealand shares 375,000 Sundry Treasurv securities 1,217,936 2,732,936 Balance (cash and imprests) at 31st March, 1925 .. .. .. 1,417,870 £28,047,479 j £28,047,479
VII
8.—6
Table No. 10. Statement of the Estimated Liabilities chargeable on the Consolidated Fund (Revenue Account) outstanding on the 31st March, each Year from 1914 to 1925.
VIII
] I ! " I j ' j j 1914. ! 1915. | 1916. 1917. 1918. , 1919. j 1920. 1921. 1922. 1923. 1924. 1925. Revenue Account. £ £ £ £ £ £ \ £ £ £ £ £ £ Permanent Appropriations, — Civil List .. .. .. .. •• •• 228 144 3,200 84 54 24 .. 148 232 186 185 j 161 Under Special Acts of the Legislature .. .. .. 14,937 8,615 15,508 1,013 2,351 2,746 4,739 7,168 37,669 27,710 13,667 15,411 Pensions .. .. .. .. .. 68 .. 73 .. 270 312 498 594 413 243 2,756 796 15,233 8,759 18,781 1,097 2,675 3,082 j 5,237 7,910 38,314 28,139 16,608 j 16,368 Annual Appropriations,— Legislative Departments .. .. .. .. 152 247 400 84 956 958 30 1,818 3,S56 *39 349 752 Departments of Minister of Finance* .. .. .. 593 397 393 1,589 7,708 33,828 j 10,992 51,929 3,981 3,914 3,744 7,502 Working Railways .. .. .. •• •• 136,909 157,575 113,679 129,112 136,976 170,311 262,551 408,363 182,645 195,627 263,254 332,985 Post and Telegraph Department .. .. .. 63,566 79,467 63,474 65,245 81,068 88,463 174,127 125,013 115,335 97,079 114,961 104,383 Public Buildings, Domains, Maintenance of Roads, and I f 1,719 9,195 6,281 4,964 I 14>463 nl31 20j400 16 078 11>364 14 644 14 364 15 899 Maintenance of Irrigation Works .. .. .. ( 6,099 6,156 3,4do 5,877 J Justice Departmentf .. .. .. .. .. 8,884 6,707 7,044 6,863 10,227 8,692 8,137 20,885 13,012 14,46d 11,498 10,462 Mines Department .. .. .. .. 8,659 6,847 .. .. •• •• 1,300 2,455 1,350 1,358 868 2,087 Internal Affairs Department! .. .. .. 19,065 14,656 10,792 19,572 20,796 33,587 16,115 32,600 59,835 27,211 29,525 26,186 Defence Department§ .. .. .. .. 7,056 25,369 20,409 7,792 17,292 20,288 ; 5,637 6,396 28,256 12,340 28,715 55,459 OustomsDepanment .. .. .. .. 4 44g 1 „ 34 j 24g 3 351 5 144 6119 2>284 4,082 4,487 3,937 4,027 4,857 Marine Department .. .. .. .. .. ) Labour Department .. .. .. .. .. 869 466 570 890 1,057 447 362 1,344 2,302 752 961 2,200 Lands Department .. .. .. .. 4,066 2,625 1,696 1,915 1,105 2,999 | 829 4,528 5,835 3,123 2,686 | 1,971 Agriculture Department!! .. .. .. .. 8,420 3,134 6,500 4,060 8,016 50,173 2,061 14,988 50,951 9,393 48,8-30 11,178 Education Department .. .. .. .. 2,403 13,862 41,060 20,332 14,196 18,585 4,122 11,616 25,963 22,520 22,200 10,414 Valuation and Electoral Departments*! .. .. .. .. .. .. .. 1,244 1,471 642 2,306 3,052 1,897 1,277 269,908 327,937 276,982 271,646 319,004 446,825 j 510,418 702,737 511,478 409,852 547,879 587,612 Services not provided for .. .. .. .... .. .. .. 87 .. .. 6 Refunds of Revenue .. .. .. .. .. .. .. •• •• •• i •• 3,873 .. 37 Totals .. .. .. .. ..! 285,141 336,696 295,763 272,743 321,766 449,907 j 515,655 710,653 j 549,792 441,864 564,487 1604,017 : - - ' : 1 ! -L ! 1 J ! I * Includes Treasury, Land and Income Tax, Stamp Duties, and National Provident Fund and Friendly Societies Departments. t Includes Native, External Affairs, Supreme and Magistrates' Courts, Prisons, and Police Departments, and Cook Islands. ■ Includes Audit, Printing and Stationery, Public Service Commissioner's Office, Mental Hospitals, Pensions, Scenery Preservation (1925), and Health Departments. § Includes Naval Defence. II Includes Industries and Commerce and Tourists Departments. IT Previous to 1918-19 Valuation Department was included in Lands Department and Electoral Department was included in Internal Affairs Department.
8.—6.
Table No. 10a. Statement of the Estimated Liabilities chabgeable on the Consolidated Fund (Revenue Account) outstanding on the 31st March, 1925. REVENUE ACCOUNT. Permanent Appropriations— £ Civil List ... ... ... ... ... ... ... ... 161 Under Special Acts of the Legislature ... ... ... ... ... 15,411 Pensions ... ... ... ... ... ... ... ... 796 Annual Appropriations— Legislative Departments ... ... ... ... ... ... ... 752 Treasury Department ... .. ... ... ... ... ... 943 Land and Income Tax Department ... ... ... ... ... 1,227 Stamp Duties Department ... ... ... ... ... ... 4,458 National Provident and Friendly Societies Department ... ... ... 874 Working Railways ... ... ... ... ... ... ... 332,985 Post and Telegraph Working-expenses ... ... ... ... ... 104,383 Public Buildings ... ... ... ... ... ... ... 13,818 Government and other Domains ... ... ... ... ... ... 124 Maintenance and Improvement of Roads ... ... ... ... ... 1,821 Maintenance of Irrigation Works ... ... ... ... ... ... 136 Native Department ... ... ... ... ... ... ... 304 Department of External Affairs ... ... ... ... ... ... 21 Cook Islands ... ... ... ... ... ... ... ... 771 Department of Industries and Commerce ... ... ... ... ... 1,147 Department of Justice ... ... ... ... ... ... 1,239 Supreme and Magistrates' Courts ... ... ... ... ... ... 955 Prisons Department ... .. ... ... ... ... ... 4,900 Police Department ... ... ... ... ... ... ... 2,272 Pensions ... ... ... ... ... ... ... ... 8 Mines Department ... ... ... ... ... ... ... 2,087 Department of Internal Affairs ... ... ... ... ... ... 3,987 Audit Department ... ... ... ... ... ... ... 380 Public Service Commissioner's Office ... ... ... ... ... 2,009 Printing and Stationery Department ... ... ... ... ... 7,448 Mental Hospitals Department ... ... ... ... ... ... 7,669 Department of Health ... ... ... ... ... ... ... 4,605 Naval Defence ... ... ... ... ... ... ... ... 45,852 Defence Department ... ... ... .. ... ... ... 9,607 Customs Department ... ... ... ... ... ... ... 1,272 Marine Department ... ... ... ... ... ... ... 3,585 Department of Labour ... ... ... ... ... ... ... 2,200 Department of Lands and Survey ... ... ... ... ... ... 1,971 Scenery Preservation ... ... ... ... ... ... 80 Valuation Department ... ... ... ... ... ... ... 1,245 Electoral Department ... ... ... ... ... ... ... 32 Department of Agriculture ... ... ... ... ... ... 8,230 Department of Tourist and Health Resorts ... ... ... ... ... 1,801 Department of Education ... ... ... ... ... ... 10,414 Refunds of Revenue ... ... ... ... ... ... ... 37 Total ... ... ... ... ... ... ... 604,017
ii—B. 6.
IX
8.—6.
Table No. 11. PUBLIC WORKS FUND. Statement showing the Net Expenditure under Appropriations for the Year ended 31st March, 1925, compared with the Year ended 31st March, 1924.
X
Vnte Year: ended Year ended Increase Dacresso Vote - 31st March, 1925. 31st March, 1924. Increase. .Decrease. £ £ £ £ Public Works, Departmental .. .. 127,493 110,35ft 17.131 Railway-construction .. .. ■ .. 1,135,807 1,132,765 3,042 .. Additions to Open Lines .. .. 742,922 643,648 99,274 Public Buildings— [General .. .. .. .. 30,791 8,152 22,639 I Courthouses .. .. .. 5,363 2,448 2,915 : .. "Prison Buildings and Works .. .. 25,279 26,484 .. 1,205 Police-stations .. .. .. 18,553 12,838 5,715 Postal and Telegraph.. .. .. 65,917 108,395 .. 42,478 Agricultural .. .. .. 3,242 282 2,960 Mental Hospital Buildings .. .. 68,438 26,541 , 41,897 'Health and Hospital Institutions .. 28,235 7,591 20,644 Tmiber-supply and Sawmills, &c. .. Gr. 20,537 3,613 .. 24,150 Acquisition and Operation of Quarries .. 1,815 I ,'815 " Lighthouses .... .. .. .. 2,852 4,471 .. 1,619 Harbour-works .. .. .. 423 6,334 .. 5,911 Development of Tourist Resorts .. .. 12,343 27,264 , .. 14',921 Department of Immigration .. .. 136,353 92,600 43,753 Roads, jfcc. .. .. .. .. 603,968 746,870 .. 142,902 Roads, on Goldfields .. .. .. 2,755 2,867 .. 112 Development of Mining .. .. .. 442 .. 442 Telegraph Extension .. .. .. 957,294 717,410 . 239,884 .. Motor"Transport Services .. .. 5,000 962 4,0,38 .. Cdniirigeht Defence .. .. .. 27,133 4,931 22,202 Lands; Miscellaneous .. .. .. 34,172 18,182 15,990 Irrigation, Water-supply, and Drainage .. 127,995 95,467 32,528 .. PfonJ,.Material, and Stores .. Gr. 12,229 Gr. -52,772 40,543 Services not provided for .. .. 63 . .. 1,016 .i 953 616,973 234,693 234,693 Totals .. .. .. 4,131,440 3,7.49,160 .382,280 ' — J ... j ... ' ** ——-— — — '
B.—-6.
Table No. 12. STATEMENT showing the Total Ways and Means of the Public Works Fund, General Purposes Account, and the Total Net Expenditure to the 31st March, 1925.
XI
WAYS AND MEANS. | Lqans :— £ s. d. £ s. d. Immigration and Public Works Loan, 1870 .. .. . .. 4,000,000 0 0 Immigration and Public Works Loan, 1878 .. .. .. 2,000,000 0 0 ;i •'* Immigration and Publio Works Loan, 1874 .. .. .. 4,000,000 0 0 General Purposes Loan Act, 1873 .. .. ... .. 750,000 0: 0 • H /I " New Zealand Loan Aotj 1876 .» .. .. .. •• 750,000 0 0 New Zealand Loan Act, 1877 ... .. .. .. .. 2,200,000 0 0 j ■ New Zealand Loan Aot, 1879 .. .. .. .. .. 5,000,000 0 0 New Zealand Loan Aot, 1882 .. .. .. .. .. 3,000,000 0 0 -z.i New Zealand Colonial Inscribed Stook Loan Act, 1882 .. .. 250,000 0 0 North Island Main Trunk Railway Loan Act, 1882 .. .1,000,000 0 0 . sli . New Zealand Loan Act, 1884 .. . .. .. .. ... .1,500,000 0 O : U New Zealand Loan Act, 1886 .. .. .. .. ... 1,325,000 0 0 Distriot Railways Purchasing Acts, 1885 and 1886 .. .. 479,487 7 11 New Zealand Loan Aot, 1888 .. .. .. .. .. 1,000,000 0 0 Native Land Purchase Aot, 1892 .. ... 149,700 0 0 Lands Improvement and Native Lands Acquisition Aot, 1894 .. 500,000 0 0 Aid to Publio Works and Land Settlement Act, 1896 .. .. 1,000,000 0 0 Aid to Publio Works and Land Settlement Amendment Act, 1897 .. 250,000 0 0 . Aid to Public Works and Land Settlement Amendment Act, 1898 .. 500,000 0 0 Aid to Public Works and Land Settlement Act, 1899 .. .. 1,000,000 0 0 Aid to Publio Works and Land Settlement Act, 1900 .. .. 1,011,600 0 0 Aid to Publio Works and Land Settlement Act, 1901 .. .. 1,250,000 0 0 > ; Aid to Public WorkB and Land Settlement Act, 1902 .. .. 1,750,000 0 0 Aid to Public Works and Land Settlement Aot, 1903 .. . . 997,690 0 0 Aid to Publio Works and Land Settlement Act, 1904 .. .. 750,000 0 0 Aid to Public Works and Land Settlement Act, 1905 .. .. 1,000,000 0 0 S Aid to Publio Works and Land Settlement Aot, 1906 .. .. . 989,700 0 .0 Aid to Publio Works and Land Settlement Act, 1907 .. .. .1,000,000 0 0 Aid to Public Works and Land Settlement Act, 1908 .. .. 1,250,000 0 0 Aid to Public Works and Land Settlement Act, 1909 .. .. 1,000,000 0 0 Aid to Public Works and Land Settlement Act, 1910 .. .. 1,750,000 0 0 Aid:to Public Works and Land Settlement Aot, 1911 .. .. 1,500,000 0 0 Aid to Publio Works and Land Settlement Aot, 1912 .. .. 1,748,900 0 0 Aid to Publio Works and Land Settlement Aot, 1913 .. .. 1,750,000 0 0 Aid to Publio Works and Land Settlement Aot, 1914 .. .. 3,000,000 0 0 Aid to Publio Works and Land Settlement Aot, 1921 .. .. 5,061,102 4 7 Aid to Public Works and Land Settlement Act, 1922 .. .. 3,324,888 19 5 Finance Act, 1909 .. .. .. .. .. .. 1,250,000 0 0 Finance Act, 1915, and New Zealand Loans Aot, 1915 .. .. 2,000,000 0 0 Finance Aot, 1916 .. .. .. .. .. .. 1,000,000 0 0 Finance Act, 1917 .. .. .. .. .. .. 850,000 0 0 Finance Act, 1918 (No. 2) .. .. .. .. .. 2,500,000 0 0 Finance Aot, 1919, Section 5 .. .. .. .. .. 750,000 0 0 Finance Act, 1920, Section 15 .. .. .. .. .. 2,500,000 0 0 Finance Act, 1921, Section 10 .. .. .. .. .. 2,673,111 10 11 Finance Act, 1923, Section 2 .. .. .. .. .. 3,222,611 9 6 Post and Telegraph Act, 1908 .. .. .. .. .. 200,000 0 0 Midland Railway Petitions Settlement Acts, 1902 and 1903 .. 150,000 0 0 Paeroa-Waihi Railway Act, 1903 .. .. .. .. 75,000 0 0 Waikaka Branch Railway Aot, 1905 .. .. .. .. 50,000 0 0 Wellington and Manawatu Railway Purchase Act, 1908 .. .. 1,000,000 0 0 Appropriation Aot, 1912 .. .. .. .. .. 15,000 0 0 Irrigation and Water-supply Act, 1913 .. .. .. .. 100,000 0 0 — 78,123,791 12 4 • Receipts in Aid:— Amount transferred from Consolidated Fund .. .. .. 13,805,000 0 0 Contributions of Canterbury Provinoe for Railways .. .. 56,000 0 0 Proceeds of Railway Material handed over to Cook County Council 4,963 7 4 Stamp Duties to 31st December, 1876 .. .. •• 264,657 16 4 Transfer from Confiscated Lands Liabilities Aooount .. .. j 19,963 1 3 Reoeipts under Section 16 of the Reserves and other Lands Disposal and Publio Bodies Empowering Aot, 1912 .. .. . • 21,890 4 5 Special Reoeipts under Seotion 9 of the Railways Construction Aot, 1878 60,616 3 0 Speoial Reoeipts under the Ellesmere Lake Lands Acts, 1888 and 1893 : 60,775 12 5 Speoial Reoeipts under the Railways Authorization and Management Aot, 1891 .. .. .. .. •• •• 2,257 1 9 Special Receipts under the North Island Main Trunk Railway Loan Application Act, 1886 .. .. .. .. •• 114,550 19 6 Sinking Funds released .. .. .. .. .. 506,819 19 3 14,917,494 5 3 £93,041,285 17 7
8.—6
Table No. 12 —continued. STATEMENT showing the Total Ways and Means of the Public Works Fund, General Purposes Account, and the Total Net Expenditure to the 31st March, 1925—continued.
XII
NET EXPENDITURE. Expenditure on— £ s. d. £ s. d. Immigration .. .. .. .. .. .. .. 2,825,412 17 10 Public Works, Departmental .. .. .. .. .. 2,166,555 18 10 Railways, including Surveys of New Lines and payment to Midland Railway Bondholders.. .. .. .. .. .. 46,609,379 14 1 Roads .. .. .. .. .. .. .. .. 15,120,263 9 0 Land-purchases .. .. .. .. .. .. 2,061,738 9 4 Development of Mining .. .. .. .. .. .. 882,975 0 11 Telegraph Extension .. .. .. .. .. .. 7,176,705 5 1 Public Buildings .. .. .. .. .. .. 9,324,207 6 0 Lighthouses, Harbour Works and Defences .. 1,198,164 16 6 Contingent Defence .. .. .. .. .. .. 1,118,494 18 6 | Rates on Native Lands .. .. .. .. .. .. 68,671 16 10 Thermal Springs .. .. .. .. .. .. 14,599 13 2 Development of Tourist Resorts .. .. .. .. .. 349,141 19 6 Lands Improvement .. .. .. .. .. .. 229,677 8 11 Plant, Material, and Stores .. .. .. .. .. 350,911 13 2 Charges and Expenses of raising Loans .. .. .. .. 2,043,772 16 0 Coal-mines .. .. .. .. .. .. .. 10,835 8 0 | Interest and Sinking Fund .. .. .. .. .. 218,500 0 0 Irrigation and Water-supply .. .. .. .. 621,212 10 11 Timber Supply, Sawmills, &c. .. .. .. .. .. 14,169 0 9 Acquisition and operation of quarries .. .. .. 1,815 2 6 Motor Transport Service .. .. .. .. .. 28,641 4 11 Transfer to Main Highways Aocount, Construction Fund .. .. 226,000 0 0 92,661,846 10 9 | Balance on 31st March, 1925,— Cash in the Public Aocount .. .. .. .. .. 163,989 11 5 Imprests outstanding .. .. .. .. .. .. 215,449 15 5 379,439 6 10 £93,041,285 17 7
8.~ 6
Table No. 13. Statement of the Estimated Liabilities chargeable on the Public Works Fund outstanding on the 31st March each Year from 1914 to 1925.
XIII
I [ I I I 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. i 1924. 1925. Annual Appropriations — £ £ £ £ £ £ £ £ £ £ £ £ Public Works, Departmental .. .. .. .. 106! 1,930 710 1,316 691 973 869 .. 562 513 503 1,033 Railways .. .. .. .. .. .. 287,777 I 417,718 293 ; 522 233,271 150,492 229,397 240,240 818,593 456,402 261,910 i 269,090 455,534 Irrigation and Water-supply .. .. .. .. .. .. .. 1,424 681 1,360 4,322 3,257 4,591 3,512 ! 11,257 6,257 Publio Buildings .. .. .. .. .. 235,149 175,041 188,640 150,935 117,774 71,646 64,969 112,904 56,944 93,346 1 18,752 19,571 Timber-supply, &c. .. .. .. .. .. | .. .. .. : .. .. .. .. 1,734 141 865 557 Acquisition and Operation of Quarries .. .. .. .. .. .. .. .. .. .. .. .. .. .. 3,228 Lighthouses, Harbour-works, and Harbour-defences .. j 945 133 53 140 56 .. 49 550 3,918 91 74 Development of Tourist Resorts .. .. .. ..I 4,889 1,642 1,217 190 70 4,250 187 2,182 78 493 776 1,137 Roads .. .. .. .. .. .. 226,115 250,195 174,220 116,564 129,710 156,409 304,313 393,226 211,209 257,731 142,565 48,734 Development of Mining .. .. .. .. .. 1,192 500 .. .. .. .. .. 682 Telegraph Extension .. .. .. .. .. 235,666 247,114 11,468 .. 10,888 15,907 266,273 463,843 385,109 360,027 488,989 539,812 Contingent Defence .. .. .. .. .. 55 289 .. 113 510 321 Lands, Miscellaneous .. .. .. .. .. 204 399 35 .. .. .. .. . 1,926 1,202 1,166 1,819 Plant, Material, and Stores .. .. .. .. .. .. 7,801 2,980 13,962 38,621 72,898 138,698 24,498 16,136 5,638 2,947 Electric Supply* .. .. .. .. .. .. .. .. .. .. 372 Totals .. .. .. .. .. 992,098 1,094,961 677,666 506,933 424,834 519,256 954,071 1,933,434 1,143,603 998,929 939,692 1,080,703 » Now a separate account
8.—6.
Table No. 13a. Statement of the Estimated Liabilities chargeable on the Public Works Fond OUTSTANDING ON THE 31ST MARCH, 1925. 1925. Annual Appropriations— £ Public Works, Departmental .. .. .. .. .. .. 1,033 Hail way-construction.. ~ .. .. .. .. ~ .. 67,291 Additions to Open Lines . . .. .. .. .. .. .. 388,243 Public Buildings, General .. •• .. .. .. .. . 1,864 Courthouses.. .. .. .. .. .. .. .. 6 Prison Buildings and Works . . .. .. .. .. .. .. 1,955 Police-stations .. .. •• .. .. .. .. 1,922 Postal and Telegraph .. .. .. .. .. .. .. 5,890 Agricultural.. .. .. .. .. .. .. .. .. 1,323 Mental Hospital Buildings .. .. . . .. ... . 5,817 Hospitals and Charitable Institutions .. .. .. .. .. .. 794 Timber-supply, Sawmills, &c. .. .. .. .. .. .. .. 557 Acquisition and Operation of Quarries .. .. .. .. .. .. 3,228 Lighthouses.. .. .. .... .. .. .. .. .. 74 Development of Tourist Resorts . . . . .. •• •• •• 1,137 Roads, &c. .. .. .. . . .. .. .. .. .. 48,109 Roads on Goldfields .. .. .. .. .. .. .. .. 625 Telegraph Extension .. .. .. .. .. .. .. .. 539,812 Lands, Miscellaneous .. .. .. .. .. .. .. .. 1,819 Irrigation and Water-supply .. .. .. .. .. .. .. 6,257 Plant, Material and Stores .. .. .. .. .. .. .. 2,947 Total .. .. . . .. .. .. .. £1,080.703
XIV
B;—6;
Table No. 14. Statement of the Estimated Liabilities chargeable on the undermentioned Separate Accounts outstanding on the 31st March, each Year from 1914 to 1925.
XV
. , , , . | | i | I" , — j 1914. 1 1915. ! 1916. 1917. | 1918. 1919. | 1920. i 1921. 1 1922. ! 1923. | 1924. 1925. : . ! ! ! . : £ £ £ £ £ £ £ £ \ £ £ £ £ \ Aid to Water-power Works Aooount .. .. .. 34,964 12,919 22,861 28,778 .. .. .. .. I Cheviot Estate Aooount .. .. .. .. .. .. .. .. .. .. .. .. .. . .. 393 Discharged Soldiers Settlement Account .. .. ..I .. .. .. 3,169 .. .. .. Eduoation Loans Account .. .. .. .. 1 .. ' .. .. .. .. .. .. 9,510 1,692 144 9,274 2,774 Deposits Account (Education Reserves Amendment Act, 1914) .. .. .. .. .. ... I .. .. I .. .. .. j 583 .. 222 Eleotric Supply Account .. .. .. .. .. .. .. .. | 18,603 16,673 102,991 355,636 j 299,214 344,075 37,734 75,743 Government Aocident Insurance Account .. .. .. I 314 279 316 141 | 219 192 273 210 j 397 322 289 14 Government Life Insurance Account .. .. ... 448 645 366 348 | 253 460 678 j 600 j 3,741 2,011 1,214 2,849 Hauraki Plains Settlement Aocount .. .. .. j 46 165 101 144 ! 130 371 118 j 4,211 7,544 4,079 2,741 2,099 Housing Account .. .. .. .. ■.. .. .. .. .. .. .. 1,631 8,477 j .. Irrigation and Water-supply Account .. .. .. j 200 6,740 3,705 .. .. .. .. .. Kauri-gum Industry Account .. .. .. .. j .. 188 1,354 738 2,525 1,808 3,761 [..!.. .. 45 65 ] Land for Settlements Account .. .. .. .. j 3,386 3,452 2,452 .. 311 165 516 j 526 j 982 5 49 1,096 i Land for Settlements Account (Discharged Soldiers Settlement Account) .. .. .. .. .. .. .. .. .. .. .. 175 1,565 1,282 826 136 456 Land for Settlements Account (Opening up Crown Lands for Settlement Account) , .. .. .. ..j 13,566 14,362 5,843 9,874 .. 14,594 193 4,253 6,584 83 47 20 j Main Highways Account — i Revenue Fund .. .. .. .. .. i .. .. .. .. .. .. .. .. .. .. 3 15,047 | Construction Fund .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 17,328 National Endowment Account .. .. .. .. 468 4,862 3,177 1,680 .. .. .. .. .. 187 .. 1,113 Native Land Settlement Account .. .. .. 2,568 1,294 1,106 433 17 12,151 673 1,426 2,717 1,880 1,611 1,008 Native Trustee's Account .. .. .. .. .. .. .. .. .. .. .. I .. I .. 268 61 20 Nauru and Ocean Islands Account .. .. .. .. .. .. .. .. .. .. | .. ] 22,870 515 1 .. Public Service Superannuation Fund Account .. .. .. .. .. .. I .. .. .. j .. | 296 364 389 345 Railways Improvements Account .. .. .. .. 63,669 .. .. .. .. .. Railways Improvement Authorization Act 1914 Acoount .. .. .. 215,792 97,296 34,692 15,734 20,096 7,388 11,768 16,603 22,529 45,992 Rangitaiki Land Drainage Account .. .. .. j 344 118 116 29 414 189 459 j 1,081 2,768 956 594 2,621 j Scenery Preservation Account* i .. .. .. .. .. 131 .. .. .. .. .. 29 484 28 .. j State Advances Acoount .. .. .. .. .. 899 331 361 362 572 291 708 615 : 623 2,636 4,502 2,648 State Coal-mines Account - .. .. .. .. 2,045 .. 10,000 .. 10,000 11,000 17,800 22,000 ' 22,200 14,540 10,631 6,302 State Fire Insurance Account .. .. .. ..I 1,507 820 1,072 1,069 I 19 85 314 19 j 78 .. 15 503 State Forests Account .. .. .. .. .. 184 287 153 .. 125 ' 60 .. i 5,067 1 4,486 4,032 3,240 3,152 Swamp Land Drainage Account .. .. .. .. j .. .. .. 61 267 310 163 684 3,453 3,409 3,233 864 Telegraph Extension Account .. .. .. .. .. .. .. 16,138 Waihou and Ohinemuri Rivers Improvement Account .. 8,216 4,558 283 6,298 8,066 4,853 500 1,877 5,298 11,004 1,522 2,496 Waimarino Bush-fire Relief Account .. .. .. .. .. .. .. | • ... 2,696 .. .. .. .. .. War Expenses Account .. .. .. .. .. . . 596,710 916,436 3,415,111 5,415,000 3,948,625 2,216,349 603,000 724,278 579,976 182,409 Wellington-Hutt Railway and Road Improvement Account .. 3,679 200 .. .. j Westport Harbour Account .. .. .. .. .. .. .. .. .. .. .. .. 498 526 464 * Now a, vote under Consolidated Fund.
B.— 6;
Table No. 15. Receipts and Payments of Accounts, 1924-25, with Balances at 1st April, 1924, and 31st March, 1925.
XVI
Balance, 31st March, Balance, Credits . 1925. Account. 1st April, Receipts. in . 1924. Reduction. Payments. In Cash, investments. Consolidated Fund —• £ £ £ £ £ £ Ordinary Revenue .. .. .. 4,954,714 30,950,645 4,900,610 31,754,553 1,417,870 2,732,936 State Coal Mines .. .. .. 36.739 265,561 2,163 280,226 12,074 10,000 State Coal-mines Sinking Fund .. 35,407 6,262 .. .. 189 41,480 Scenery Preservation.. .. .. 3,144 .. .. 3,144* Nauru and Ocean Islands .. .. 40,754 38,129 .. 37,166 1,717 40,000 Nauru and Ocean Islands Sinking Fund 7,227 6,312 .. .. 289 13,250 Accounts of Local Bodies .. .. 14 472 26,327 .. 30,237 10,562 Deposits .. .. .. .. 600,662 3,671,071 .. 3,854,576 16,957 400,200 Public Works Fund — General Purposes .. .. .. 888,023 4,591,225 648,909 5,099,809 379,439 Waihou and Ohinemuri Rivers Improve- 1,661 57,039 14,046 58,427 273 ment Electric Supply .. .. .. 1,106,174 185,015 31,711 1,061,941 76,448 152,800 Electric Supply Sinking Fund .. .. .. 12,109 .. .. 109 12,000 Advances to other Governments .. 65,216 272,791 .. 337,570 437 Bank of New Zealand Acts Account .. 875,000 .. .. .. .. 875,000 Cheviot Estate .. .. .. 208,418 25,725 .. 10,193 9,310 214,640 Conversion .. .. .. .. 6,074 .. .. .. 6,074 Discharged Soldiers Settlement .. .. 237,974 1,614,470 41,472 1,674,433 18,751 159,260 Discharged Soldiers Settlement Loans Act 212.644 59,091 .. 1,485 270,250 1920 Depreciation Fund Education Loans .. .. .. 48,433 540,234 14,616 462,212 4,355 122,100 General Purposes Relief .. .. 27,597 8,226 .. 17,654 3,169 15,000 Hauraki Plains Settlement .. .. 1,695 83.398 2,327 79,186 5,907 Howard Estate .. .. . . . . 232 .. 232 Hunter Soldiers' Assistance Trust .. 2,086 490 .. 28 2,548 Kauri-gum Industry .. .. .. 6,968 15,592 27 20,125 2,435 Land Assurance .. .. .. 80,034 6,854 .. 189 6,699 80,000 Land for Settlements .. .. .. 146,799 659,755 45,555 745,651 3,403 57,500 Land for Settlements (Discharged Soldiers 33,199 80,487 24,371 106,054 7,632 Settlement) Land for Settlements (Opening up Crown 2,174 34,448 25 32,439 4,183 lands) Loans to Employers for Workers' Dwellings 91 .. .. 91 Loans Redemption .. .. .. 46,590 24,655,905 .. 24,635,533 16,962 50,000 Main Highways Revenue Fund .. .. 249,681 455,643 3,507 123,951 54,373 527,000 Main Highways Construction Fund .. .. 226,000 4,823 225,454 546 Mining Advances .. .. .. 11,855 6,318 2 6,316 11,857 National Endowment .. .. .. 124,663 132,113 .. 130,121 45,555 81,100 National Endowment Trust .. .. 10,007 6,630 .. .. 937 15,700 Native Land Settlement .. .. 29,150 413,373 770 284,511 68,012 90,000 Railways Improvement Authorization .. 831,476 .. 1,207 253,875 "37,801 539,800 Rangitaiki Land Drainage .. .. 1,148 97,124 1,569 49,259 42,013 7,000 Reserve Fund .. .. .. 2,000,000 .. .. .. .. 2,000,000 State Advances Loan Account .. .. .. 4,631,820 .. 4,287,034 15,286 329,500 State Forests .. .. .. .. 155,614 293,795 6,166 280,009 4,400 165,000 Swamp Land Drainage .. .. .. 5,860 90,209 746 63,203 7,866 25,000 War Expenses.. .. .. .. 145,881 1,441 112,537 138,842 1,785 6,695 Westport Harbour . .. .. 19,408 49,566 55 13,659 19,315 36,000 New Zealand Consols .. .. .. 475,992 .. .. .. 7 475,985 Silver and Bronze Coin .. . . Or. 382 396 .. 14 Totals .. .. .. 13,750,322 74,271,821 5,857,214 76,157,917 2,319,030 9,545,196 * Transfer of balance of account to Ordinary Revenue Account. Note. —The State Advances Account, which is administered directly by the Advances Board, is not included in the above statement. In addition there are the funds of the Government Insurance Department, the State Fire Insurance Department, Native Trust Department, and the Public Trust Office, which are administered by the Departments concerned.
8.—6
Table No. 16. Statement showing the available Financial Resources of the various Public Accounts on the 31st March, 1924, as compared with the 31st March, 1925.
iii—B. 6.
XVII
[Note. —The term " liabilities " in these tables includes expenditure on public works for which contracts had been signed or material ordered on the 31st March, 1924.1 1924. 1925. Account. Balance Liabilities Balance Liabilities | JXStoto 31st March, 31st March, onK'ngLoan 31st March, 31st March, | J 1 "?,? 1924, 1924. 0n 1925. | 1925. j on ' I ' I I Consolidated Fund — £ £ £ £ £ £ Ordinary Revenue .. •• 4,954,714 564,487 .. 4,150,806 604,017 State Coal-mines .. .. •• 36,739 10,631 55,000 22,074 6,302 55,000 State Coal-mines Sinking Fund .. 35,407 .. .. 41,669 Nauru and Oeean Islands .. .. 40,754 .. .. 41,717 Nauru and Ocean Islands Sinking Fund 7,227 .. .. 13,539 Public Works Fund — General Purposes .. •• 888,023 939,692 5,000,920 379,439 1,080,703 4,000,920 Waihou and Ohinemuri Rivers Tm- 1,661 1,522 64,000 273 2,496 164,000 provement Electric Supply .. •• •• 1,106,174 37,734 6,506,990 229,248 75,743 6,506,990 Electric Supply Sinking Fund .. .. .. .. 12,109 Advances to Allied Governments .. 65,216 .. i .. 437 Bank of New Zealand Acts .. • • 875,000 .. j .. 875,000 Cheviot Estate 208,418 .. .. 223,950 Conversion. . •. • • • • ® >074 .. ; .. 6,074 Discharged Soldiers Settlement .. 237,974 .. j 885,620 178,011 .. 862,750 Discharged Soldiers Settlement Loans Act 212,644 .. j .. 271,735 1920 Depreciation Fund Education Loans 48,433 9,274 2,126,770 126,455 2,774 1,586,770 General Purposes Relief .. .. 27,597 .. .. 18,169 Hauraki Plains Settlement .. .. 1,695 2,741 40,000 5,907 2,099 70,000 Hunter's Soldiers Assistance Trust .. 2,086 .. .. 2,548 Kauri-gum Industry .. •• 6,968 45 .. 2,435 65 Land Assurance Fund .. . • 80,034 .. .. 86,699 Land for Settlement .. .. 146,799 49 500,000 60,903 1,096 500,000 Land for Settlements — Discharged Soldiers Settlement .. 33,199 136 1,500,000 7,632 456 1,500,000 Opening-up Crown Lands for Settlement 2,174 47 250,000 4,183 20 250,000 Loans to Employers for Workers' Dwel- 91 .. 250,000 .. .. 250,000 lings Main Highways— Revenue Fund 249,681 3 .. 581,373 15,047 Construction Fund .. .. •• 3,000,000 546 17,328 3,000,000 Mining Advances .. .. .. 11,855 .. 50,000 11,857 .. 50,000 National Endowment .. .. 124,663 .. .. 126,655 1,113 National Endowment Trust .. .. 10,007 .. .. 16,637 Native Land Settlement .. .. 29,150 1,611 500,000 158,012 1,008 500,000 Railways Improvement Authorization 831,476 22,529 1,458,310 577,601 45,992 1,458,310 Act, 1914 Rangitaiki Land Drainage .. 1,148 594 27,100 49,013 2,621 15,000 Reserve Fund .. .. .. 2,000,000 .. .. 2,000,000 State Forests .. .. .. 155,614 3,240 3,225 169,400 3,152 3,225 Swamp Land Drainage .. .. 5,860 3,233 150,000 32,866 864 150,000 War Expenses .. .. .. 145,881 182,409 4,467,360 8,480 .. 4,467,360 Westport Harbour .. .. .. 19,408 526 .. 55,315 464 New Zealand Consols .. .. 475,992 .. .. 475,992 State Advances .. .. .. 83,562 4,502 7,714,250 659,853 2,648 9,714,250 Additional Unexhausted Authorities for raising Loans. Hutt Railway and Road Improvement .. .. 3,320 .. .. 3,320 Acts, 1903, 1905, 1907, 1910 Government Railways Amendment Act, .. .. 55,470 .. .. 55,470 1910 Finance Act, 1917, sec. 77 (Discharged .. .. 1,000,000 .. .. 1,000,000 Soldiers Settlement) Finance Act, 1921-22, sec. 26 (Samoan .. .. 5,000 .. .. 5,000 Loan) Naval Defence Act, 1909 (inoperative).. .. .. 299,400 .. .. 299,400 Land Laws Amendment Act, 1913 (waste .. .. 1,000,000 .. .. 1,000,000 lands) Government Accident Insurance Act, 1908 .. .. 23,000 .. .. 23,000 State Fire Insurance Act, 1908 .. .. .. 98,000 .. .. 98,000 Totals .. .. 13,169,398 1,785,005 37,033,735 11,684,612 1,866,008 37,588,765
B—6.
Table No. 17. Summary of Public Debt and of the State Assets which may be set off against it, as at 31st March, 1925, together with Supporting Schedule showing Details of Assets. Debt. £ Ordinary debt .. .. .. .. .. .. .. .. 119,936,859 War debt .. .. .. .. .. .. .. .. .. 76,631,722 State Advances debt .. .. .. .. .. .. .. .. 21,436,180 Discharged soldiers debt .. .. .. .. .. .. 9,809,886 Surplus assets over debt .. .. .. .. .. .. 6,030,035 £233,844,682 A ssets. £ Cash and investments (Reserve Funds, Bank of New Zealand shares, &c.) .. .. 10,709,184 Sinking funds accrued .. .. .. .. .. .. .. ..13,462,839 Loans and advances outstanding (Discharged Soldiers, State Advances, &c.) .. . . 41,391,909 Revenue Earning and Trading Accounts (Railways, Telegraphs, &c.) .. .. .. 64,092,136 Lands and forests (Crown lands, State forests, &c.).. .. .. .. .. 72,385,238 Indirectly productive expenditure — £ Roads and public buildings, &c. .. .. .. .. .. 28,977,963 Immigration .. .. .. .. .. .. .. 2,825,413 —— 31,803,376 £233,844,682 Details of Assets included above. (Note : Stores or supplies in hand not included in assets.) Cash and Investments : — *Cash in the Public Account and in the hands of officers of the £ £ £ Government .. .. .. .. .. 2,290,917 fLess liabilities outstanding, 31st March, 1925 .. .. 1,838,168 — 452,749 investment of cash balances .. .. .. .. .. 5,352,281 Reserve fund (securities at cost) .. .. .. .. .. 1,928,162 Post Office Savings-bank Reserve Fund .. .. .. .. 1,000,000 Bank of New Zealand shares (nominal value) .. .. .. 1,500,000 New Zealand Consols —Investments and cash .. .. .. 475,992 -—— 10,709,184 Sunking funds accrued— Public Debt Extinction Act, 1910 .. .. .. .. 3,311,144 War Loans (Finance Act, 1918 (No. 2), Section 6) .. .. .. 4,898,934 Local Bodies' Loans Act, 1908 .. .. .. .. .. 799,601 Naval Defence Act, 1909 .. .. .. .. .. 876,380 War and defence loans .. .. .. .. .. .. 192,691 New Zealand Loans Act, 1863 .. .. .. .. .. 2,207 State Advances debt .. .. .. .. .. 1,931,183 State Coal-mines Act, 1908 .. .. .. .. .. 41,669 Westport Harbour loans .. .. .. .. .. 181,230 State Advances Act, 1913, section 26— Land for settlements .. .. .. .. .. 1,179,732 Native-land settlement .. .. .. .. .. 11,977 Local authorities .. .. .. .. .. .. 6,497 Guaranteed mining advances .. .. .. .. 877 Samoan loan .. .. .. .. .. .. .. 3 ,070 Nauru and Ocean Islands Sinking Fund Account .. .. .. 13,539 Electric Supply Sinking Fund Account .. .. .. .. 12,108 13,462,839 Loans and advances outstanding— Mining purposes .. .. .. .. .. .. 33,635 Local bodies (annuity value of interest receivable) .. .. .. 1,128,552 Samoan (loan, less sinking fund) .. .. .. .. .. 91,930 Repatriation advances outstanding, 31st March, 1925 .. .. 492,135 Discharged soldiers'mortgages and property held .. .. .. 18,423,511 State Advances —Mortgages and property held, less sinking funds included elsewhere .. .. .. .. .. .. 21,168,080 General purposes relief —Advances outstanding .. .. .. 54,066 41,391,909
* Does not include trust, deposit, or sinking funds, or oertain other accounts included elsewhere, f After deducting £25,191, credits due from other Governments.
XVIII
B.— 6
Details of Assets included above —continued. Revenue Earning and Trading Accounts— £ £ Railways (capital cost, including unopened lines and value of assets taken over from provinces) .. .. .. .. .. 50,833,500 Telegraphs (value of assets) .. .. .. .. .. 6,379,760 Pacific cable (estimated value of Dominion's interest) .. .. 100,000 Electric-power supply and development (capital cost) .. .. 3,771,334 Westport Harbour-works (value of assets) .. .. .. 585,195 Lighthouses and harbour-works (capital expenditure) .. .. 1,198,165 Tourist and health resorts (capital expenditure) .. .. 349,142 State coal-mines (value of assets) .. .. .. .. 235,000 Kauri-gum (trading capital) .. .. .. .. .. 75,000 Nauru and Ocean Islands (purchase price of rights) .. .. 565,040 64,092,136 Lands and forests — Crown lands (estimated value, including settlement lands, Native lands, and education reserves) .. .. .. .. 31,726,650 Land-drainage schemes (capital invested) .. .. .. .. 1,574,500 Irrigation and water-supply (capital expenditure) .. .. .. 621,213 Waihou and Ohinemuri Rivers improvement (capital expenditure) .. 434,582 Lands improvements (capital expenditure) .. .. .. 229,677 Samoan Crown Estates (valuation of assets; .. .. .. 851,616 Howard Estate .. .. .. .. .. .. 75,000 State forests (estimated value of forests, reserves, plantations, and nurseries) .. .. .. .. .. .. 36,872,000 72,385,238 Indirectly productive expenditure— Public buildings (including school buildings) .. .. .. 11,222,058 Roads (including roads on Crown lands and main highways;.. . . 16,856,946 Timber-supply, sawmills, &c. (capital invested) .. .. .. 14,169 Quarries (acquisition and working) .. . . . . . . 1,815 Development of mining (capital expenditure) .. .. .. 882,975 Immigration (capital expenditure; -, .. .. .. 2,825,413 31,803,376 £233,844,682
XIX
8.—6
Table No. 18 Statement showing the Amount charged to "Unauthorized" in each Financial Year from 1st July, 1875, to 31st March, 1925.
XX
1 Consolidated Fund.—Revenue Account. Ft* a urn AT Vmim ! OTHEB l'UBLIC WoitKS j Tnr ,.. Yuak. . Accounts. | Fund. Toxal. Ser vi°de 8 d D f 0 or Pr0 "| Excess of Votes - j Tota1 ' £ s. d. £ 3. d. £ s. d. £ s. d. : £ s. d. ■ £ s. d. 1875-76 .. .. 13,167 4 8 19,195 17 1 32,363 1 9 3,155 9 2 1 63,875 11 8 j 99,394 2 7 1876-77 .. .. 18,397 17 1 13,398 7 0 31,796 4 1 3,490 6 1 2,197 4 5 ! 37,483 14 7 1877-78 .. .. 19,079 12 6 58,709 17 2 77,789 9 8 653 6 5 j 22,009 14 0 ! 100,452 10 1 1878-79 .. .. 11,413 16 1 47,466 4 5 58,880 0 6 3,938 14 8 ! 32,179 1 1 i 94,997 16 3 1879-80 .. .. 5,818 9 9 18,466 2 1 24,284 11 10 1,005 3 10 ! 17,096 9 9 42,386 5 5 1880-81 .. .. 6,151 13 9 37,825 6 6 43,977 0 3 13,443 11 3 34,133 17 3 91,554 8 9 1881-82 .. .. 3,899 16 3 38,474 18 9 42,374 15 0 13,590 6 10 2,217 9 8 58,182 11 6 1882-83 .. .. 4,473 15 8 64,631 0 2 ' 69,104 15 10 12,343 2 2 8,137 17 11 89,585 15 11 1883-84 .. .. 7,293 9 9 45,284 2 6 52,577 12 3 9,003 18 7 31,741 17 10 93,323 8 8 1884-85 .. .. 5,98117 8 39,039 17 11 45,02115 7 7,163 15 3! 872 0 11153,057 11 9 1885-86 .. .. 9,337 11 2 47,106 10 3 56,444 1 5 13,965 10 1 6,465 17 5 76,875 8 11 1886-87 .. .. 14,337 19 7 38,117 13 5 52,455 13 0 6,212 16 7 28,633 10 8 87,302 0 3 1887-88 .. .. 7,303 17 10 42,104 15 10 49,408 13 8 27,821 16 11 30,407 2 3 107,637 12 10 1888-89 .. .. 3,521 18 2 35,157 16 5 38,679 14 7 13,506 2 8 18,633 2 10 70,819 0 1 1889-90 .. .. 4,412 5 3 43,257 1 0 47,669 6 3 23,631 7 1 1 12,287 18 10 83,588 12 2 1890-91 .. .. 10,610 1 0 76,778 5 11 87,388 6 11 5,459 18 11 1 7,097 19 9 99,946 5 7 1891-92 .. .. 2,288 3 2 21,026 16 4 23,314 19 6 9,183 10 6 7,594 1 2 40,092 11 2 1892-93 .. .. 1,741 7 10 28,283 15 11 30,025 3 9 4,754 17 10 11,149 14 2 45,929 15 9 1893-94 .. .. 2,350 7 0 7,376 7 4! 9,726 14 4 522 12 2 1,335 12 11 11,584 19 5 1894-95 .. .. 8,985 3 7 9,148 0 5 1 18,133 4 0 1,890 7 5 330 8 1 20,353 19 6 1895-96 .. .. 22,422 16 10 16,229 5 9 38,652 2 7 16,995 9 9 33,245 2 4 88,892 14 8 1896-97 .. .. 3,188 17 7 24,195 2 9 27,384 0 4 24,726 3 6 7,051 0 8 59,161 4 6 1897-98 .. .. 2,258 19 7 39,314 13 4 41,573 12 11 4,743 17 10 53,648 14 0 99,966 4 9 1898-99 .. .. 3,305 15 11 36,468 0 10 39,773 16 9 2,304 8 10 8,222 10 6 50,300 16 1 1899-1900.. .. 11,187 13 8 60,652 13 7 71,840 7 3 .. 7,990 18 7 79,831 5 10 1900-1901.. .. 26,367 18 6 62,788 3 2 89,156 1 8 662 7 7 17,518 3 7 107,336 12 10 1901-1902.. .. 3,836 7 0 68,866 10 9 72,702 17 9 253 8 10 6,955 4 10 79,91111 5 1902-1903.. .. 9,027 5 4 101,076 10 4 110,103 15 8 200 0 0 12,837 3 6 123,140 19 2 1903-1904.. .. 3,344 11 0 47,775 11 4 51,120 2 4 2,248 6 6 9,584 9 11 62,952 18 9 1904-1905.. .. 6,215 4 8 22,109 12 2 28,324 16 10 13,547 11 7 31,862 8 3 73,734 16 8 1905-1906.. .. 8,576 16 7 52,385 3 7 60,962 0 2 23,956 9 10 19,965 16 2 104,884 6 2 1906-1907.. .. 4,989 9 1 28,559 6 2 33,548 15 3 12,867 10 8 55,556 14 10 101,973 0 9 1907-1908.. .. 4,133 3 3 37,713 8 11 41,846 12 2 429 9 0 80,170 3 3 122,446 4 5 1908-1909.. .. 14,127 8 1 50,890 5 1 65,017 13 2 15,257 11 1 16,64115 7 96,916 19 10 1909-1910.. .. 15,324 5 7 23,100 14 0 38,424 19 7 3,500 7 0 11,638 18 8 53,564 5 3 1910-1911.. .. 10,427 9 4 27,200 14 6 37,628 3 10 1,009 9 7 12,833 7 5 51,471 0 10 1911-1912.. .. 20,332 3 1 62,950 14 7 83,282 17 8 860 5 4 4,982 8 7 89,125 11 7 1912-1913.. .. 2,506 15 0 115,428 2 5 117,934 17 5 63 15 0 73,404 8 3 191,403 0 8 1913-1914.. .. 4,730 15 8 80,228 10 11 84,959 6 7 137 5 8 16,671 3 3 101,767 15 6 1914-1915.. .. 109,512 12 4 68,004 2 1 177,516 14 5 853 3 5 8,189 3 10 186,559 1 8 1915-1916.. .. 30,865 10 2 47,222 13 9 78,088 3 11 14,742 5 9 2,363 3 9 95,193 13 5 1916-1917.. .. 41,600 17 4 106,454 9 0 148,055 6 4 34,852 5 5 6,636 4 1 189,543 15 10 1917-1918.. .. 17,909 4 7 48,886 8 7 66,795 13 2 26,010 17 11 7,693 0 5 100,499 11 6 1918-1919.. .. 13,519 17 3 66,70119 8 80,22116 11 .. .. 80,22116 11 1919-1920.. .. 77,149 13 2 362,295 0 5 439,444 13 7 1,239 5 4 11,072 14 6 451,756 13 5 1920-1921.. .. 108,498 19 2 392,596 5 9 501,095 4 11 1,750 12 6 168,745 11 6 671,591 8 11 1921-1922.. .. 2,455 13 7 105,962 14 10 108,418 8 5 2,982 1 6 292,233 1 4 403,633 11 3 1922-1923.. .. 65,687 7 9 76,710 6 9 142,397 14 6 754 10 10 41 4 2 143,193 9 6 1923-1924.. .. 189,384 15 11 1,983 3 1 191,367 19 0 33,123 3 1 41,944 10 2 266,435 12 3 1924-1925.. .. 22,526 15 9 63,690 15 3 86,217 11 0 27,390 19 0 101,970 16 2 215,579 6 2
8.—6,
Table No. 19. EDUCATION EXPENDITURE. Total Expenditure on Education out of Public Funds, including University, Primary, Secondary, and Higher Education, Technical and Special Schools, 1913-14 to 1924-25.
In addition, secondary schools and University colleges derive direct income (amounting for 1924-25 to £80,284) from reserves vested in them. The following amounts were also paid out of the Government Fire Insurance Fund for rebuilding school buildings destroyed by fire : — £ 1916-17 .. .. .. .. ..2,127 1917-18 .. .. .. .. ..2,658 1919-20 .. .. .. .. .. 15,682 1920-21 .. .. .. .. ..16,162 1921-22 .. .. .. .. ..27,103 1922-23 .. .. .. .. .. 8,542 1923-24 .. .. .. .. .. 12,490 1924-25 .. .. .. .. .. 32,829
XXI
Loan-money: Erection Consolidated Fund. of School Buildings and Residences. Per Head of Year. | Administra- Subsidies Total. Mean . • i 1 " Revenue T '? , Public Education PopulaSpecial Endow- Vote, from teachers w fa t IO n. Acts. ment 0 super- ■« , » . [Revenue. Salaries and Ke8erves ' annuation ifund - Acco.nt. other Charges. Fund. £ £ £ £ £ £ £ £ £ s. d-1913-14 .. 27.742 50,681 1,131,756 71,808 17.000 121.954 1,420.941 1 5 3 1914-15 .. 26.128 55,139 1,207,983 70,802 17,000 122.940 .. 1,499,992 1 6 2 1915-16 .. 46,874 64.858 1,329.166 84,390 17,000 97.972 .. 1.640,260 1 8 6 1916-17 .. 58,408 60.180 1,406.264 90,535 17,000 70.367 1,702,754 1 9 8 1917-18 .. 59,362 70.345 1,511,256 90,518 17,000 63,082 .. 1,811,563 1 11 5 1918-19 .. 57,716 76,177 1,602,995 92,095 43,000 115,656 .. 1,987,639 114 1 1919-20 .. 79,747 78,988 2,031,825 99,352 43,000 195,500 .. 2,528,412 2 1 10 1920-21 .. 101,972 70,313 2,460,116 100,758 43,000 244.722 2)4,571 3,235,452 2 11 8 1921-22 .. 96.217 71,737 2.580.562 105,448 43,00(3 2,469 563,411 3,462.844 2 13 10 1922-23 .. 90.393 66,610 2,514,991 112,378* 68,000 361,976 3.214.348 2 9 0 1923-24 .. 96,506 77,788 2,604,508 116,808*68,000 1 .. 295,681 3,259,291 2 8 11 1924-25 .. 128.844 86,746 2,752,27If 118,973* 68,000 .. 462,212 3,617,046 2 13 2 * Net revenue after deducting expenses and cost of collection. f Excluding £25,000 for teachers' superannuation, included under that heading.
8.—6
Table No. 20. WAR EXPENSES ACCOUNT. Summary of Transactions from Inception of Account up to 31st March, 1925. Receipts. £ Total loans raised .. .. .. .. .. .. .. 82,256,665* Less redemptions .. .. .. .. .. .. 5,624,943 £ Net war debt as at 31st March, 1925 .. . . .. .. . . 76,631,722 Premiums on loan issues .. .. .. .. .. .. .. 156 Voluntary contributions .. .. .. .. .. .. .. 175,174 Recovered from German Government (share of cost of Army of Occupation) .. 507,000 Provided by Consolidated Fund for redemption purposes .. .. .. 1,703,887 Sinking fund freed for redemption purposes .. .. .. .. .. 714,627 Discount on redemptions below par .. .. .. .. .. .. 27,693 Held on account of remittances to and from soldiers and Pay Warrants Account .. 39 Total .. .. .. .. .. .. .. £79,760,298 Expenditure. War purposes — £ Camps and equipment .. .. .. .. .. .. 7,004,800 Transport of troops .. .. .. .. .. .. 8,690,473 Maintenance in the field .. .. .. .. 14,369,720 Pay and allowances .. .. .. .. .. .. 31,027,790 Medical and hospital expenses (including Hospital ships) .. .. 4,160,173 Other .. .. .. .. .. .. .. 6,309,881 71,562,837 Gratuity .. .. .. .. .. .. .. .. 5,652,995 Difference in pay and gratuity of New-Zealanders who served with Imperial Forces 355,829 Repatriation .. .. .. .. .. .. .. 2,387,178 Less advances repaid, &c. .. .. .. .. .. 1,265,804 . • — 1,121,374 Relief purposes .. .. .. .. .. .. .. .. 268,439 Charges and expenses of raising loans.. .. .. .. .. .. 723,881 Held for future redemptions.. .. .. .. .. .. . . 66,463 Balance War Expenses Account .. .. .. .. .. .. 8,480 Total .. .. .. .. .. .. .. £79,760,298
* Includes £10,992 raised to cover oost of subsequent redemptions.
XXII
8.—6.
Table No. 21. New Zealand. —Statistical Comparisons for a Decennial Period.
By Authority : W. A. G. Skinner, Government Printer, Wellington.—l92s.
XXIII
Statistics for Increase. Item. | Dates or Periods. | Unit. First Date or Second Date or To- lim<lri „ a i P „ j Period. j Period. | umencaI ' Percent. j " " " Population (including Maoris) At 31st March, 1915 and No. 1,150,386 1,379,487 229,101 20 1925 Total trade .. .. Years ended 31st March, £ 47,827,052 104,592,253 56,765,201 119 1915 and 1925 Imports .. .. .. Years ended 31st March, £ 20,350,229 49,821,095 29,470,866 145 1915 and 1925 Exports .. .. .. Years ended 31st March, £ 27,476,823 54,771,158 27,294,335 99 1915 and 1925 Exports of wool .. .. Calendar years 1914 and lb. 220,472,898 206,189,911 —14,282,987* —6* 1924 ' £ 9,318,114 15,267,544 5,949,430 64 Exports of frozen meat .. Calendar years 1914 and ewt. 3,229,973 3,213,574 —16,399* —1* 1924 £ 5,863,062 9,489,877 3,626,815 62 Exports of butter .. .. Calendar years 1914 and cwt. 434,067 1,269,455 835,388 192 1924 £ 2,338,576 11,641,668 9,303,092 398 Exports of cheese .. .. Calendar years 1914 and cwt. 863,776 1,594,486 730,710 85 1924 £ 2,564,125 7,023,297 4,459,172 174 Exports of apples .. .. Calendar years 1914 and lb. 2,524,999 9,741,472 7,216,473 286 1924 £ 22,118 122,169 100,051 452 Cattle .. .. .. 1916 and 1924 .. .. No. 2,417,491 3,563,497 1,146,006 47 Dairy cows .. .. 1916 and 1924 .. .. No. 750,323 1,312,589 562,266 75 Sheep .. .. .. 1915 and 1925 .. .. No. 24,901,421 24,002,742 —898,679* —4* Pigs .. .. .. 1916 and 1924 .. .. No. 297,501 414,271 116,770 39 Hives of bees .. .. 1911 and 1921 .. .. No. 71,605 85,861 14,256 20 Output of honey .. .. 1911 and 1921 .. .. lb. 1,457,429 2,807,346 1,349,917 93 Exports of honey .. .. Calendar years 1914 and lb. 296,153 1,186,269 892,116 301 1924 " £ 5,168 29,721 24,553 475 Factory production— | f Establishments .... | No. 3,713 4,408 695 19 Employees .... j No. 50,497 67,742 17,245 34 Wages paid .. .. Years ended 31st March,-{ £ 6,654,504 12,136,394 5,481,890 82 Value of products .. 1916 and 1924 [ £ 45,454,184 76,996,397 31,542,213 69 Values of land, buildings, I | £ 21,951,576 45,498,054 23,546,478 107 machinery and plant J Length of telegraph and tele- At 31st March, 1915 and miles 16,463 22,436 5,973 36 phone lines 1925 Length of telegraph and tele- At 31st March, 1915 and miles 160,257 387,868 227,611 142 phone wire 1925 Telephone subscribers .. At 31st March, 1915 and No. 41,294 94,371 53,077 129 1925 State railways .. ..At 31st March, 1915 and miles 2,945 3,085 140 5 1925 Government expenditure on Years ended 31st March, £ 484,365 832,178 347,813 72 roads and bridges 1915 and 1925 Government water-races for At 31st March, 1915 and miles 91 380 289 318 irrigation purposes 1925 Area of swamp drained by At 31st March, 1915 and acres 61,159 180,479 119,320 195 Government 1925 • Decrease.
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https://paperspast.natlib.govt.nz/parliamentary/AJHR1925-I.2.1.3.7
Bibliographic details
FINANCIAL STATEMENT. (In Committee of Supply, 24th July, 1925.) BY THE HON. W. NOSWORTHY, MINISTER OF FINANCE., Appendix to the Journals of the House of Representatives, 1925 Session I, B-06
Word Count
20,910FINANCIAL STATEMENT. (In Committee of Supply, 24th July, 1925.) BY THE HON. W. NOSWORTHY, MINISTER OF FINANCE. Appendix to the Journals of the House of Representatives, 1925 Session I, B-06
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