FINANCIAL STATEMENT. (In Committee of Supply, 2nd August, 1927.) BY THE HON. W. DOWNIE STEWART, MINISTER OF FINANCE.

Appendix to the Journals of the House of Representatives, 1927 Session I, B-06

8.—6.

INDEX. PAGE Allocation of Consolidated Stock .. .. .. .. .. .. 8 Bank of New Zealand Shares .. .. .. .. .. .. .. 4 Capital Expenditure .. .. .. .. .. .. .. .. 6 Conclusion .. .. .. .. .. .. • • • • • • .. 14 Customs — Beer Duty .. .. .. .. • • • • • • • • 1 Revenue, 1926-27 .. .. .. .. .. .. .. .. 1 Estimated, 1927-28 .. .. .. .. .. .. .. 14 Death Duty Stock .. .. .. .. .. .. .. .. 9 Debt — Domicile of .. .. .. .. .. .. •. .. .. 9 Free of Income-tax Securities .. .. .. .. .. .. 9 Funded .. .. .. .. • ■ •. • • • • • • 7 Funds for Debt-reduction .. .. .. .. .. .. .. 7 Reduction of War Debt .. .. .. .. • • • • • • 8 Summary of Operations for Year .. .. .. .. .. .. 8 Discharged Soldiers Settlement .. .. .. .. .. .. .. .. 11 Economy in Public Expenditure .. .. .. .. .. .. 5 Effect of Recent Legislation on Accounts .. .. .. .. .. .. 1 Estimates — Expenditure, 1927-28 .. .. .. .. .. .. .. 14 Results, 1927-28 .. .. .. .. .. .. .. .. .. 14 Revenue, 1927-28 .. .. .. .. .. .. .. .. 14 Expenditure — 1926-27 .. .. .. .. .. •• •• •• ..2 British Authority on Reduction .. .. .. .. .. .. 6 Capital .. .. .. . ■ • • • • • • • • • • 6 Education .. .. .. • • • • • • • • • • 5 Estimated, 1927-28 .. .. .. .. .. .. .. 14 Main Services .. .. .. .. •. • • • • • • 5 Principal Increases in .. .. . • . • • • • • • • 2 Financial Position, Summary of .. .. .. .. .. . • .. .. 13 Free of Income-tax Securities .. .. .. .. .. • ■ • • 9 German Reparation-moneys .. .. .. .. •. • • • • 4 Government Life Insurance Department .. .. .. .. • • • • 11 Health .. .. .. •. .. • • • • • • • • .. 5 Housing .. .. .. .. • • • • • • • • • • .. 10 Interest — Allocation of .. .. . • • • • • • • • • • • ..2 Public Debt Redemption Fund .. .. .. •. • • •. 2 Railway Capital Liability .. .. .. .. • • • • • • 1 Intermediate Credit .. .. .... .. .. .. .. 10' Investment of Surplus Cash Balances .. .. .. •. .. .. 6 Legislation, Effect of, on Accounts .. .. .. .. .. .. 1 Loans — Falling due .. .. • • • • • • • • • • • • .. 9 Local Issue .. .. .. • ■ • • • • • • • • 7 London Issue, 1927 .. .. .. .. .. .. .. 10 New Loans raised .. .. .. • • • • • • • • • • .. 7 Paidofi 7 State Advances .. .. .. .. .. • • • • • • .. 7 Local Government Loans Board.. .. .. .. .. • • • • ..11

I—B. 6.

8.—6

PAGE Long-term Mortgage Shares, Bank of New Zealand .. .. .. .. 4 Mortgages : Intermediate Credit .. .. .. .. .. .. .. 10 Native Trust Office .. .. .. .. .. .. .. .. .. 12 Post and Telegraph Department .. .. .. .. .. .. .. .. 12 Public Debt — Annual Charges .. .. .. ..... .. .. .. 9 Classification of .. .. .. .. .. .. .. 8 Debt, 31st March, 1927 .. .. .. .. .. .. .. ..7 Domicile of .. .. .. .. .. .. . • •. 9 Loans falling due .. .. .. .. .. .. .. .. .. 9 Renewals and Conversions .. .. .. .. .. .. .. .. 9 Sinking Funds .. .. .. .. .. .. .. .. 9 Public Debt Redemption Fund —Capital Account .. .. .. .. .. .. 9 Public Trust Office .. .. .. .. .. .. .. .. .. 11 Public Works Fund, Aid to, from Revenue .. .. .. .. .. .. 5 Public Works Loan, 1927 .. .. .. .. .. .. - ..10 Railways Department .. .. .. .. .. .. .. .. .. 12 Redemptions—Death-duty Stock .. .. .. .. .. .. 9 Reparation-moneys .. .. .. .. .. .. .. -. .. 4 Revaluations under Discharged Soldiers Settlement Acts .. .. .. .. 11 Revenue — 1926 -27 .. .. .. .. .. .. .. .. .. .. 1 Customs and Excise .. .. .. .. .. .. .. 1 Estimated Total, 1927-28 .. .. .. .. .. .. .. 11 Estimated under various Heads .. .. .. .. .. .. ..14 Principal Increases .. .. .. ,• • • • • • • • • • 1 Royal Commission on Rural Credits .. .. .. .. .. .. 10 Rural Advances Act .. .. .. .. .. .. . , .. .. 10 Rural Finance Intermediate Credit , .. .. .. .. .. .. 10 Sinking Funds .. .. .. .. .. .. ■ .. .. 9 State Advances Office — Housing .. .. .. .. .. ... .. .. .. ..10 Loans granted .. .. .. .. .. .. .. .. 10 Loans raised for .. .. .. ... .. .. .. .. ■. 7 Rural Advances .. .. .. .. .. .. .. .. 10 State Coal-mines .. .. .. .. .. .. .. .. 12 State Commercial Enterprises .. .. .. .. .. .. .. ..11 State Fire Insurance Office .. .. .. - .. .. .. .. 11 Summary of Year's Operations .. .. .. .. .. .. 3 Summary of Financial Position .. .. .. .. .. • • ... . 14 Summary—General .. .. .. .. .. .. .. .. 15 Surplus .. .. .. .. .. •• •• •• 3 Surplus and Taxation .. .. .. .. .. .. . • .. 4 Taxation: Review of Recommendations of Commissions .. .. .. .. .... 12 Taxation Receipts .. .. .. .. .. .. .. .. 1 Taxation and War Charges .. .. .. .. .. .. .. .. 5 Temporary Investment of Surplus Cash Balances .. .. .. .. .. 6 Transfers for Public Works and Debt Reduction .. .. .. .. . .. 5 Transfer to Working Railways Account .. .. .. .. -. .. ..2 Treasury Bills .. .. .. .. .. . . .. .. ~ 6 Unemployment .. .. .. .. .. ... .. .. ..12 War Charges .. .. .. .. . . .. .. .. .. .. 5 War Debt, Reduction of .. .. .. ~ .. .. .. .. 8

II

B — 6

1927. NEW ZEALAND.

FINANCIAL STATEMENT. (In Committee of Supply, 2nd August, 1927.) BY THE HON. W. DOWNIE STEWART, MINISTER OF FINANCE.

Me. Hockly,— I will commence my review of the public finances of the last financial year by explaining to honourable members the transactions in the Ordinary Revenue Account of the Consolidated Fund, which constitutes our public revenue and expenditure account. Complete details of the transactions are fully set out in parliamentary papers 8.-l, Parts I and II ; but many find the accounts too complex, and others arrive at conclusions that are more or less erroneous. It should be stated here that the accounts must be set out as required by law, and, though it sounds paradoxical, the difficulty of comparing the accounts of recent years is the result of various enactments passed for the purpose of increasing parliamentary control and of introducing commercial methods into business Departments. REVENUE. The revenue for the year amounted to £24,943,107, representing an increase of £217,345 over the amount received during the previous financial year. Of the total revenue received last year £16,904,687 was derived from taxation, and the remaining balance of £8,038,420 from interest receipts, sundry revenues and recoveries from different State activities. Of the proceeds of taxation 48 per cent, came from direct taxation (land and income tax and stamp duties) and the remaining 52 per cent, from Customs and beer duties. The receipts from direct taxation show relatively little variation, there being an increase of £19,148 in stamp and death duties, £53,700 in income-tax, and a decrease of £37,592 in land-tax. Under indirect taxation we find a decrease in both headings —viz., Customs £131,302, beer duty £7,745. Among other items the following increases may be noted : Postal and telegraph receipts, £148,823 ; interest on railways capital liability, £130,122 ; and departmental receipts, £57,491. Including an amount of £142,475 of tire-tax credited direct to Main Highways Account, the total Customs receipts amounted to £8,395,050. This amount was derived from duty on the following classes of imports : — V Spirits .. .. .. .. .. 1,1.90,991 Tobacco, cigars, cigarettes .. .. . . 1,393,909 Apparel and textiles .. .. .. .. 1,707,385 Motor-vehicles, tires, and parts .. .. .. 1,079,076 Other goods .. .. .. .. .. 2,570,924 Primagef .. .. .. .. .. 452,765 Total.. ... .. :. .. £8,395,050

Revenue.

Taxation receipts.

Customs.

2—B. 6.

8.—6

The receipts of the Ordinary Revenue Account were £676,907 in excess of the estimate. About £600,000 of this excess was due to Customs, in which it was estimated there would be a substantial falling-off amounting to 8-8 per cent. The imports declined by 9-1 per cent., but Customs receipts showed a decrease of only 1-6 per cent. As to the cause of this unexpected revenue, it seems reasonably certain that it was largely due to the industrial disturbance in England forcing importers to buy more foreign goods, which are subject to higher rates of duty. An expected fall of approximately £306,000 in the proceeds of direct taxation did not occur ; but this was largely offset by the amount received for interest on Public Debt Redemption Fund being approximately £238,000 below expectations, due to the non - recovery of the whole of the interest from the Discharged Soldiers Settlement Account. EXPENDITURE. Turning now to the other side of the account, it is perhaps advisable, in the first place, to draw attention to the fact that, following the practice of the last few years, the expenditure shown in the published accounts is gross, the credits to the various items being brought into the statement on the receipts side. These credits in aid or in reduction, which represent sundry direct recoveries of expenditure, are not included in the revenue, and must accordingly be deducted from the expenditure. In this way we arrive at the total net expenditure chargeable to the year's revenue. The net expenditure last year amounted to £24,355,965, an increase of £785,882 compared with that of the previous year. Permanent Appropriations. Of this increase £678,017 is under permanent appropriations, as fixed mainly by Acts of Parliament. The following are the principal increases over the expenditure for the previous year : — Interest .. .. .. .. .. 320,995 Debt-reduction . . . . . . . . . . 82,772 Subsidies to Railways for losses on branch lines, &c. 84,238 Pensions (other than war). . . . . . . . 94,033 Maintenance of war graves and memorials overseas .. 36, 655 Fruit-export guarantee . . . . . . . . 82,619 I would like to explain that of the gross amount paid for interest, £10,594,655, the amount of £3,545,644 was on account of the war debt. This leaves £7,049,011 as gross interest on the ordinary debt, against which direct recoveries from interestearning accounts amounted to £2,143,861. In addition to this there should also be set off certain amounts included in the revenue, totalling approximately £2,634,000 — viz., interest received from the railways shown as a special item (less the amount of subsidy paid on branch lines, &c.); interest chargeable against the Post Office, which is included in the excess of postal and telegraph receipts over workingexpenses ; and interest earned on the investment of public moneys. Thus the interest burden borne by the taxpayer on account of the ordinary debt amounts to £2,271,150, proving that this debt is productive to the extent of approximately 70 per cent. Under the Funded Debt Agreement and the Repayment of the Public Debt Act, 1925, part of the interest saved on loans redeemed is applied to further reductions of debt. This latter, together with the increase in the debt, covered by the Act referred to, accounts for the increase in the expenditure under this heading. As regards the additional payment to the Railways for losses on branch lines and isolated sections built to promote settlement and assist the development of the country, this is owing to the previous year's expenditure covering only a period of eleven months, in addition to which the Dunedin Exhibition led to increased traffic in that year on branch lines.

Expenditure.

Permanent appropriations.

Interest.

Debt repayment.

Railway subsidy.

2

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The additional expenditure on pensions is mostly on account of old-age and widows' pensions, which must be expected to increase. The increase shown for maintenance of war graves and memorials overseas is largely nominal, as in the previous year £32,775 was provided out of vote " Internal Affairs " under annual appropriations for this purpose. Annual Appropriations. The net expenditure under annual appropriations amounted to £10,091,020. an increase over that of the previous year of only £107,8(55, or 1-08 per cent. The increase in some votes cannot be avoided, but the figures for the last financial year clearly demonstrate that economy and close control of expenditure were exercised throughout the year. The Education vote showed an increase of £99,878, being the normal increase due to growth of population. The cost of naval defence went up by £85,820, the reason being that the previous year's expenditure included the cost of the second cruiser for only part of a year. These and other smaller increases as set out in Table No. 7 attached to this Statement are partly offset by decreases as follows : — £ Post and Telegraph working-expenses .. . . 63,353 Industries and Commerce . . . . . . 56,592 Electoral Department .. .. .. .. 91,410 During 1925-26 the Dunedin Exhibition increased the vote for Industries and Commerce, while the last election accounted for the heavy expenditure for electoral purposes in the same year. SUMMARY OF YEAR'S OPERATIONS. The transactions for the year resulted in a surplus, viz.:— Revenue. £ £ Revenue (proper) .. .. .. .. .. 24.313,982 Departmental receipts .. .. ~ .. 576,201 Recoveries on account of expenditure of previous years 52,924 Income for year .. . . .. 24, 943,107 Expenditure. £ Permanent appropriations .. .. 16,488,004 Less credits-in-reduction .. .. 2,223,059 14,264,945 Annual appropriations .. .. .. 11,885,368 Less credits-in-aid .. .. .. 1,794,348 — 10,091,020 Net expenditure chargeable to year's income 24, 355, 965 Surplus .. .. .. .. £587,142 The following shows the result in the funds of the Ordinary Revenue Account at the end of the vear : — £ Balance forward, Ist April, 1926 .. .. .. .. 4,428,092 Add— Surplus, 1926-27 .. .. .. .. .. 587,142 Certain reparation-moneys received from Germany .. 39,307 Refund from Cheviot Estate Account in respect of securities redeemed in 1925-26 .. .. .. .. 50,400 5,104,941

Pensions.

War graves.

Annual appropriations.

Year's operations.

Special items.

3

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Less — £ £ Transfers for debt-reduction.. .. .. 588,868 Transfer of Bank of New Zealand shares to special account .. .. .. 750,000 Instalment of purchase price of C long-term mortgage shares in Bank of New Zealand 58,594 Temporary transfers to other accounts . . 26,000 Sundry charges and expenses of raising loans .. 13 — 1,423,475 Balance, 31st March, 1927 .. .. .. £3,681,466 The balance was held as follows : — £ Cash .. .. .. .. .. .. 1,807,285 Imprests outstanding .. .. .. .. 180,591 Investments . . .. .. .. 1,693,590 £3,681,466 The transfers for debt-reduction and other purposes shown above are not included in the year's expenditure, but represent an appropriation out of the surplus and the balance carried forward from previous years. The reparation-moneys referred to above, do not represent the whole amount received on account of reparations during the year, which, in fact, totalled £558,466. Of this amount, however, £100,000 was received from the Public Trustee as Liquidator of Ex-enemy property in New Zealand, which sum will later have to be set off against the total that would otherwise be received from Germany. It was decided at the outset to apply all reparations received to the repayment of war debt, and a section was accordingly enacted in the Public Revenues Act, 1926, authorizing such moneys to be credited direct to Loans Redemption Account. The £39,307 referred to above is the amount which came to hand in 1926-27 prior to the coming into operation of this Act. The transfer of Bank of New Zealand shares was made in terms of section 8 of the Finance Act, 1926, with the object of collecting all the shares together in one account. It is merely a book entry transferring to the Bank of New Zealand Shares Account the preference B shares purchased in 1923 and 1925 and since held as an investment of the Ordinary Revenue Account. The further amount of £58,594 for Bank of New Zealand shares represents the first instalment on the 234,375 C long-term mortgage shares allotted to the New Zealand Government in terms of section 6 of the Bank of New Zealand Act, 1926. It is often assumed that a large balance at the beginning of a year constitutes a case for reducing taxation, but this balance has been decreasing steadily since 1920, and the balance carried forward on the Ist April, 1927, £3,681,466, after the further depletions which will take place this year for unemployment and other purposes, will leave available only the normal amount required to finance the year's transactions without borrowing on the security of Treasury bills. In view of the fact that the large bulk of the revenue comes in during the last months of the year it was at one time necessary to borrow in anticipation of revenue at an increased cost to the taxpayer. The existence of a liquid balance, so long as it can be maintained, avoids such charges and is undoubtedly more satisfactory finance. When any of this cash is not required in the Ordinary Revenue Account it can always be profitably employed in temporarily financing loan accounts, which postpones borrowing and effects a further saving. SURPLUS AND TAXATION. Sundry statements have appeared in the press of late to the effect that surpluses should not be used for public-works and debt-reduction purposes, but be applied to relief of taxation. The application of the surpluses of good years to public-works and debt-reduction purposes has the effect of keeping down the debt charges, and at times obviates the necessity of increasing taxation.

Reparations.

Bank oi New Zealand shares.

Balance of Ordinary Revenue Account.

Surplus and taxation.

4

8.—6.

In regard to transfers to the Public Works Fund, the grand total of which to date amounts to £14,300,000, the fact is that if the surpluses of good years had not been applied to this purpose the annual interest burden to be carried by the taxpayer in bad as well as good years would have been about £700,000 heavier than it is at present. Similarly, if further surplus revenues had not been applied to debt-reduction, this burden would have been further increased by about £250,000, making nearly £1,000,000 in all. Even so it must not be forgotten that direct taxation has been materially reduced since 1920, the total annual value of reductions and remissions being estimated at £3,400,000. As fully demonstrated in the last Budget, war-debt charges and war pensions now absorb approximately 30 per cent, of the total receipts from taxation, which is more than the whole of the current receipts from both land-tax and income-tax. When this fact is fully appreciated it will be clear to all that any further substantial reductions in taxation are out of the question until good progress has been made in reducing this dead-weight portion of the debt. 'It is for this reason that the Government is devoting all available resourcesJto this purpose. The policy of using surpluses for debt-reduction by financial authorities, and is adopted by the British Government, whose taxpayers have a much heavier burden to carry than the people of this Dominion. Finally, it has already been explained that last year's surplus was much greater than was anticipated and largely fortuitous, and to reduce taxation on that account would be tantamount to budgeting for a deficit. It is axiomatic in public finance that each year's transactions must stand alone, and a surplus in one year has no bearing on the results of the next, unless such surplus comes from a permanent increase in revenue. There is no doubt that our high credit in London, of which our last loan is solid proof, is in a large measure due to our constantly recurring surpluses and the appropriation of such moneys to debt-reduction and capital expenditure, the effect of which, as shown above, relieves the general taxpayer probably much more than reductions in rates of taxation. ECONOMY IN PUBLIC EXPENDITURE. The policy of economy was strictly pursued throughout the year, and all departmental expenditure was kept under close control, with the result that the actual expenditure under annual votes was £437,667 less than the appropriations. The major portion of expenditure consists of payments under permanent appropriations, governed almost solely by the authorizing Acts of Parliament. The Government recently set up another committee of departmental officers, who have gone through the estimates for the current year, item by item, and reduced them to a bare minimum consistent with the maintenance of the present services. The committee, after reviewing expenditure over back years, adopted as a guiding principle an average of the expenditure for the last three years and endeavoured to reduce the estimates for this year to that basis. Details of last year's expenditure have been published in the annual accounts, and will be found in the tables attached to this Statement; but honourable members will perhaps obtain a better perspective of the position if the expenditure is summarized in a more concise form. The following shows in round figures the main services on account of which a net expenditure of £24,356,000 was incurred during 1926-27 : — £ Percentage. War pensions and debt charges .. ~ 5,418,000 22-2 Ordinary debt charges .. .. .. 5, 593,000 23-0 Post and Telegraph working-expenses .. 2,343,000 9-6 Pensions and superannuation funds .. 1,603,000 6-6 Education .. .. .. .. 3,095,000 12'7 Health and hospitals .. .. .. 1,137,000 4-7 Defence .. .. .. . . 1,020,000 4-2 Law and order .. .. .. 597,000 2-4 Railways —Subsidy on branch lines, &c. .. 429,000 1-8 All other purposes .. .. .. 3,121,000 12-8 £24,356,000 100-0

Transfers for public works and debtreduction.

War charges.

Last year's surplus.

Economy in public expenditure.

Summary of expenditure, 1926-27.

5

8.—6,

It must be clearly understood, however, that the percentages of the expenditure do not represent the relative burden on the taxpayer, for, as already indicated, nearly one-third of the revenue consists of earnings or other receipts, which, for this purpose, can be set off against one or other of the various items mentioned above. For instance, the Post and Telegraph working-expenses are more than covered by the earnings of the Department. The actual charges on the taxpayer for 1925-26 were set out in the last Budget, and the relative position has not materially altered since then. The expenditure on war charges and on social services (pensions, education, and health and hospitals) accounts for nearly half of the year's expenditure, while external defence and internal law and order are necessaries which account for a further 6-6 per cent, of the expenditure. The Ordinary Debt charge.; referred to elsewhere account for a further 23 per cent, of the expenditure. The subsidy to the Railways is part of cost of development, but as an item of expenditure it is due to accountancy changes. It may be of interest to quote the following from a British authority on reduction of expenditure and the means of effecting it : "A general reorganization to effect economy can only be gradual. If carried out by a stroke of the pen, it may have the opposite effect of imposing still heavier charges on the State. No good object is attained by sudden and expensive reorganizations ; the best way of arriving at efficiency in any department of the State, as well as generally throughout the Service, must be by making progress gradually on certain clear and defined principles towards a better order of things." In New Zealand the application of well-defined methods of reorganization and improvement is in operation, and the various services are regulated by these methods. TREASURY BILLS. The resources of the Ordinary Revenue Account proved sufficient to finance the year's transactions, and it was not necessary to issue any Treasury bills in anticipation of revenue. Treasury bills in anticipation of the 1926 loan, amounting to £250,000, were sold in London at 4yy ; per cent, discount at the beginning of May, 1926, and were duly redeemed out of the loan receipts. The £1,400,000 redemption Treasury bills outstanding on the 31st March, 1926, have been paid off with funds derived from a local issue of debentures. There were thus no Treasury bills of any kind outstanding on the 31st March, 1927. TEMPORARY INVESTMENT OF SURPLUS CASH BALANCES. The amendment of the Public Revenues Act last session enabled the cash balance of the Public Account to be kept much more closely invested than had hitherto been possible, with the result that the interest received from such investments for periods ranging from a few weeks to three months amounted to £81,282, or £53,213 in excess of that received in the previous year. CAPITAL EXPENDITURE ON PUBLIC WORKS. The amount expended on capital works during the last financial year out of the Public Works Fund and other accounts concerned totalled £6,667,967, made up as follows : — £ Railway-construction —additions and improvements 2,369,912 Telegraphs and telephones . . . . . . 558,04.1 Hydro-electric supply .. .. .. .. 1,130,013 Main highways and roads . . . . . . 1,154,967 Irrigation, land and river improvement .. .. 278,015 Public buildings, including schools . . . . 892,7 68 Other public works .. .. .. .. 284,251 £6,667,967

British authority on reduction of expenditure.

Treasury bills.

Temporary investment of surplus eash balances.

Capital expenditure on public works.

6

8.-6

In total the expenditure is approximately £510,000 less than the previous year. The requirements for railways showed a comparative decrease of £477,000, and telegraphs and telephones a decrease of £374,000, while the expenditure on electric supply increased by £184,000, and on main highways and roads by £175,000. The last-mentioned increase was largely due to additional works undertaken to give relief to unemployed. Details of the works carried out during the year, and the Government's proposals concerning the prosecution of public works generally, will be given by my colleague the Hon. the Minister of Public Works in his annual Statement. More than half the expenditure was on account of railways and hydro-electric supply, in which the work is proceeding largely in accordance with definite programmes. Large sums of money have already been sunk in these works, and, as I have stated previously, it is desirable that the construction should be completed as soon as possible in order that the works may become revenue-earning. The current financial year, and the next one or two years, are the peak years of expenditure, after which it should be possible to effect reductions. Although authority for the purpose was contained in the Appropriation Act, 1926, it was found impracticable to transfer any amount from the Consolidated Fund to the Public Works Fund last year. PUBLIC DEBT. The gross public debt on the 31st March, 1927, amounted to £245,850,889, as compared with £238,855,478 twelve months previously —an increase for the year of £6,995,411. The net increase for 1925-26 amounted to approximately £11,000,000, so that the borrowing for last year represented a decrease of £4,000,000 in comparison with the previous year. New loans borrowed during the year 1926-27 totalled £9,627,381, of which £6,227,176 was raised in London, while the balance represents the proceeds of local issues taken up by the public and the Post Office. A total of £6,878,270 was allocated to the Public Works Fund, the Eailways Improvement Authorization Act 1914 Account, the Electric Supply Account, and certain other accounts, which together financed the capital expenditure on public works previously referred to in this Statement. In addition, £2,400,935 was raised to augment the capital of the State Advances Department, £21,000 was lent to Samoa, a further £100,000 was made available for purchasing land for settlement, while the remaining £227,176 went in charges and expenses of raising loans. As a set-off against the new loans raised, debt to the amount of £2,631,970 was redeemed during the year. It is sometimes asked what is the use of redeeming debt while we are borrowing more, but the reply is that in so far as reduction of war debt is concerned the result is the substitution of productive for dead-weight debt, which is a very real gain. A large public debt can only be repaid by steady effort over a long period, in which our national Revenue Account and taxation is gradually adjusted to carry the charges. There is no immediate prospect of a cessation of borrowing, and it would be imprudent finance, damaging to our credit in London, and therefore prejudicial to future borrowing, if debtrepayment were not a constant feature of our financial policy. The reduction of debt during the year was effected as follows £ Under Repayment of Public Debt Act, 1925 .. 939,231 Under Funded Debt Agreement with Imperial Government .. .. .. .. .. 350,074 Surplus moneys from Ordinary Revenue Account .. 515,158 German reparation-moneys .. .. .. 592,733 Miscellaneous war credits .. .. .. 143,027 From Nauru and Ocean Island Sinking Fund .. 8,300 From Discharged Soldiers Settlement Account . . 50,500 From Discharged Soldiers Settlement Loans Act 1920 Depreciation Fund Account .. .. .. 1,950 From Land for Settlements Account .. .. 19,500

Railways and hydro-electric works.

Public debt.

New loans raised.

Debt-reductions.

7

8.—6

From miscellaneous accounts of State Advances £ Department .. .. .. . . 18 Cancellation of debenture presented to Government by anonymous donor . . .. .. 100 Discount on securities redeemed below par .. 11,379 Total redemptions for year .. . . £2,631,970 The first two items represent the annual statutory debt repayment, the money for which is provided out of Ordinary Revenue Account as a charge against each year's revenue. Repayments of the funded debt to date are set out in Table No. 21 attached to this Statement. Apart from the statutory payments, an amount of £588,868 out of Ordinary Revenue Account was applied in reduction of debt, but this included £73,710 of reparation-moneys credited to that account partly last year and partly towards the close of the previous one, prior to an amendment of the law enabling all such receipts to be thereafter credited direct to Loans Redemption Account. The amount of surplus money used for this purpose was thus £515,158. Of this latter amount £315,000 was part of last year's surplus applied to debt-reduction as soon as it became evident that there was going to be an excess of revenue, while the balance represents part of the previous years' surpluses. Of the total reductions for the year, £1,770,467 represented war debt. It is noteworthy that since 1922 the war debt has been reduced by £8,280,362, or approximately 10 per cent, in five years. Discharged soldiers settlement securities purchased and cancelled during 1926 -27 amount to £83,210, while redemption of ordinary debt totalled £778,293, being for the most part redemption of loans at maturity, though advantage was taken of sundry good offers from the public to securities below par. SUMMARY OF DEBT OPERATIONS FOR YEAR. £ Debt as at Ist April, 1926 .. .. .. 238,855,478 Add new loans raised — £ Ordinary .. .. .. 7,226,446 State advances .. .. .. 2,400,935 — 9,627,381 248,482,859 Less debt-reductions — War debt .. .. .. 1,770,467 Ordinary .. .. .. 778,293 Discharged soldiers .. .. 83,210 2,631,970 Debt as at 31st March, 1927 .. £245,850,889 As a result of an investigation into the history of the public debt and the earlier conversion operations, the miscellaneous consolidated stock previously shown at the end of the debt table (8.-l, Part III) has now been allocated to the appropriate accounts. Consequent on this allocation, an amount of £19,007 has been transferred from the ordinary debt to the State Advances debt. Allowing for this transfer, the debt stands as follows : — £ Ordinary .. .. .. •• •• 132,421,885 War 73,563,181 State advances .. .. •• •• 30,191,097 Discharged soldiers settlement . . .. .. 9,674,726 £245,850,889 —

Statutory debt repayment.

Use of surplus moneys.

Reduction of war debt. Other reductions of debt.

Debt operations for year.

Allocation of consolidated stock.

Classification of debt.

8

8.—6

The gross debt at the 31st March, 1927, was held as under : — Where held. Amount. £ New Zealand .. .. .. .. 109,295,634 Australia . . . . . . . . . . 4,042,450 London .. .. .. .. .. 132,512,805 £245,850,889 Gross Annual Charge. £ Interest .. .. .. .. .. 10,780,931 Annual sinking funds .. .. .. .. 7,000 Repayment of funded debt .. .. .. 367,705 Public Debt Repayment Account . . . . 998, 839 Total gross charge .. .. £12,154,475 The old sinking funds capitalized under the Public Debt Redemption Fund amount to £11,225,645. The principal of the fund cannot be drawn upon, but the interest is paid annually to the Consolidated Fund as a contribution towards the payments to be made under the new Act. The Redemption Fund also includes £13,500,000 of surplus moneys on loan to the Discharged Soldiers Settlement Account, while the special sinking funds, which are separate —viz., for Westport Harbour, Electric Supply, and State Advances, &c. —totalled £2,443,540 as at the 31st March last. There is thus a total capital set-off of £27,169,185 against the debt, subject, however, to reduction on account of losses to be written off in terms of the Discharged Soldiers Settlement Acts. Apart from new loans and reductions affecting the total of the debt, securities to the amount of £900,950 were renewed, £180,980 debentures converted to inscribed stock, £118,900 inscribed stock converted to debentures, while other conversions amounted to £80,230. Further debentures and inscribed stock to the value of £1,436,660 were redeemed, in each case by the issue of new securities of an equal face value. Redemption Treasury bills amounting to £1,400,000 fell due and were reissued from time to time, and finally were redeemed by an issue of debentures as previously indicated. The loans falling due in London, Australia, and New Zealand respectively during the next seven years are set out in Table No. 20 attached to this Statement. Practically the whole of the loans maturing during the current year are held in New Zealand. FEEE-OF-INCOME-TAX SECURITIES. 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 £3,157,570. This sum, together with renewals not free of tax and redemptions from time to time amounting to £10,849,236, has accounted for a total reduction of £14,006,806, leaving the tax-free securities outstanding at the 31st March, 1927, at £37,726,599. DEATH-DUTY STOCK. To suit the convenience of the public special death-duty stock, which is accepted at par in payment of death duties, has been issued from time to time. Issues during the year amounted to £86,250. Up to the 31st March, 1927, a total of £744,270 had been presented in payment of duties, and at the request of the holders deathduty stock to the value of £243,810 had been converted into ordinary stock. The amount outstanding on the 31st March last was £1,117,520.

Domicile of debt.

Gross annual charges.

Capital set-off against debt.

Renewals and conversions, &c.

Loans falling due.

Free-of-income-tax securities.

Death-duty stock.

3—B. 6.

9

8.—6.

LONDON LOAN, 1927. To provide the necessary funds to enable the public-works programme to be proceeded with during the current year, a £6,000,000 loan, issued on the 2nd May, at £99 10s., and bearing interest at 5 per cent., was successfully floated in London. The loan was oversubscribed, and this, in conjunction with the terms of issue, which were better than those of any other similar issue this year, is a striking proof of our credit in London. The yield to investors, including redemption of the discount over the period of the loan, is £5 os. 10d., while the cost, including redemption of discount and expenses, is £5 4s. 7d. per cent, per annum. In terms of the prospectus, the proceeds of the loan will be expended on the following purposes Construction of and additions to railways and rolling- £ stock .. .. . . .. 3,000,000 Development of hydro-electric-power works .. 900,000 Telephones and telegraph extensions .. 750,000 Other public works .. .. .. .. 1,350,000 £6,000,000 STATE ADVANCES OEFICE. New loans granted during the year amounted to £3,665,175, and the amount paid over in respect of these and other loans previously granted totalled £6,185,970. Since the inception of the Department £57,159,209 has been advanced to borrowers, £22,324,608 of which has been repaid, leaving a balance of £34,834,601 outstanding at the close of the last financial year. During the four years ended 31st March, 1927, the total advances paid over by the Department amounted to £23,899,939. The loans were fairly evenly divided between town and country, advances on urban and suburban securities amounting to £12,096,502, and on rural securities to £11,803,437. These advances include £10,621,491 for erection and purchase of houses, of which £7,961,698 were advanced to workers, and £197,245 advanced to local authorities for erection of workers' dwellings. This indicates the extent of the State's assistance towards overcoming the housing shortage. A Rural Advances Act was passed last session, and it is hoped that this Act will provide the machinery for directing the flow of private investment back to farm mortgages. The investor, however, will not be asked to invest directly in a mortgage, but to buy bonds secured on all mortgages for the time being held by the Rural Advances Branch of the State Advances Department, which is charged with the administration of the new Act, subject to the supervision of the Treasury in so far as the bond issues are concerned. In this way the investor will obtain liquid stock-exchange securities which can be readily sold at any time. Further, as the mortgagor repays the advance on a table mortgage the margin of security behind the collective mortgages on which the bonds are secured will steadily increase. The farmer borrower, moreover, has the right to pay off his mortgage at any time at par by presenting for cancellation bonds purchased on the market. The new Rural Advances Branch commenced operations on the Ist April last. The special features of this branch are that it allows advances up to £5,500 instead of £3,500 as in the case of the Settlers Branch, and, as the bonds are secured on the first mortgages and not on the State revenues, it avoids increasing the public debt for a purpose that is really purely commercial. Up to the 18th July last, 157 loans, amounting to £387,965, have been authorized. INTERMEDIATE CREDIT. In the recess the Government have further considered such of the recommendations of the Royal Commission as could not be dealt with last year. The proposals with regard to intermediate credit will form the basis of a Bill to be submitted to Parliament during this session,

London loan, 1927.

State Advances Office.

Housing.

Rural advances.

Intermediate credit.

10

8.-O

DISCHARGED SOLDIERS' SETTLEMENT. This great work is now virtually completed, and the extension of operations during the last financial year was relatively small. Apart from badly wounded or T.B. men who have previously not been able to take advantage of the facilities offered, the new business has been confined to advances on Current Account for the development of farms and the stocking of the same. The balance outstanding on Current Account at the close of the year was £2,80.1,152, additional loans approved during the period amounting to £92,367. Progress is now being made in the direction of converting advances on Current Account to table mortgages. Owing to the losses which have been incurred the revenue receipts for the year were insufficient to provide for the payment of the full amount of interest due to the Consolidated Fund. There has been some criticism as to the non-payment of this interest, in view of the fact that the Discharged Soldiers Settlement Account appeared to be in credit. Of the total sum due, the Consolidated Fund received £362,721, but further payments could not be made as the balance of the account consists of capital repayments not available for interest purposes. Legislation will be introduced this session to provide for writing off accumulated losses and also reductions in values recommended by the Revaluation Board under the provisions of the Discharged Soldiers Settlement Amendment Acts, 1923 and 1924. LOCAL GOVERNMENT LOANS BOARD. Since 1921 the loan indebtedness of local authorities has nearly doubled, and at the 31st March, 1926, amounted to £60,194,911, which is equal to £42 15s. per head of the population. Some measure of control was deemed necessary, and accordingly the Local Government Loans Board Act was passed last year, coming into operation on the Ist April last. In pursuance of the Act a representative Board has been appointed, and has taken up the duty of investigating the loan proposals brought forward by the local authorities. It is the function of the Board in the first instance to determine whether the work for which a loan is proposed will justify recourse to borrowing. The question of adequate sinking funds has also to be arranged. Generally speaking, the sinking fund should be fixed at a rate sufficient to pay off the loan within the estimated " life" of the asset created. Finally, the Board must take into consideration the capacity of the ratepayers to meet the additional loan charges. STATE COMMERCIAL ENTERPRISES. It is satisfactory to report that the State Departments run on commercial lines have in the main experienced a successful year in 1926-27. The steady progress of the Government Life Insurance Department was well maintained during the year, and the total business now in force comprises 65,396 policies, assuring £20,218,404, including bonuses. The triennial investigation of the Department's liabilities as at the 31st December last resulted in a surplus which allowed reversionary bonuses to be allotted to the extent of £664,400, being the largest division of profits in the history of the Department. The State Fire Insurance Office had a most successful year. The income received, £233,545, was a record for the Office; and although very much heavier losses were incurred, and the rate of bonus rebate was increased from 10 per cent, to 12| per cent., the year's operations resulted in a profit of £51,237. The Accident Department showed excellent increases in the premiums and interest received. The surplus for the year was £14,332, as against £8,390 for the previous year. I have already referred to the operations of the State Advances Department, the satisfactory working of which is well known. I refer next to the Public Trust Office. The value of estates and funds under the administration of this office on the 31st March last totalled £41,043.523, a net increase for the year of £3,034,043. In the last ten years the net increase

Discharged soldiers' settlement.

Local Government Loans Board.

State commercial enterprises. Government Life Insurance Department.

State Fire Insurance Office.

Public Trust Office.

11

8.—6

has been £26,000,000. The net profits for the year were £32,650; and following upon the increase in the rates of interest granted last year on money invested in the Common Fund, and the reductions in commission and charges, this result is very satisfactory. The operations of the Native Trust Office are on a much smaller scale, and activities during the year were somewhat restricted owing to the dearth of funds, but nevertheless a small profit was shown on the year's working. The output of coal from the State coal-mines for 1926 was 179,147 tons, an increase of 47,982 tons compared with the previous year. The financial accounts disclose a profit for the year. These commercial Departments are not run with the idea of amassing large profits, but, with the exception of the State Coal-mines and the Native Trust Office, whose profits must be used to build up reserves, they are all required to pay income-tax in the usual way. In addition to the Departments I have mentioned, there are also the big State services of the Post Office and the Railways. The Post Office closed the year with a small profit, but the Railway Department was not quite so successful, a relatively small loss being shown on the year's working, ascribed to a decline in passenger receipts resulting from the increase in the number of private motor-cars and the keen motor-bus competition in suburban areas. UNEMPLOYMENT. The unemployment difficulty is a matter receiving urgent attention, and in order to help the situation, State departments, by accelerating their programmes, have absorbed large numbers of additional men. lam pleased to say that local authorities and citizens generally are also taking active steps to assist in coping with the situation. The first Act passed this session was the Local Authorities Empowering (Relief of Unemployment) Extension Act, 1927, which extended the operation of the principal Act passed last session until the 30th June, 1928. The object of this legislation is to enable local authorities to raise loans for relief works without taking a poll of the ratepayers. Apart from the publicity which is required by the Act to be given to the proposal to raise any such loan, the interests of the ratepayers are protected by the fact that all loans must be approved by the Local Government Loans Board in the usual way. To assist local authorities in this matter the Government have since decided to pay a subsidy to local bodies equal to half the expenditure on wages, based on the rates of 9s. per day for single men and 12s. for married men, provided the labour cost of the relief work constitutes at least 60 per cent, of the total cost of the job and the work is of a capital nature. Expenditure for this purpose up to a total amount of £150,000 is authorized by a section in the Imprest Supply Act, 1927. It .is intended to pay these subsidies out of last year's surplus, part of which was carried forward expressly for the purpose of meeting such contingencies. In addition to these measures, the Government have also undertaken to subsidize on a pound-for-pound basis all voluntary contributions for relief of the unemployed, provided the money is expended on works which are approved and didy carried out in accordance with conditions laid down by the Public Works Department. RECOMMENDATIONS OF TAXATION COMMISSIONS. In view of the discussions in the press from time to time, I would like to review the recommendations concerning land and income tax, which were considered by a Committee in 1922, and again by a Royal Commission in 1924. Although it is often stated that the reports of these Commissions have not been considered or dealt with by the Government, an examination of the statute-books will show that most of their recommendations have been adopted. For instance, the 1922 Committee recommended that the maximum rate of income-tax should not exceed ss. in the pound. In 1922 the maximum income-tax was 7s. 4d. in the pound. It has since been reduced to 4s. 6d. in the pound. They recommended that provision be made for the "carrying-forward of losses and the setting-off of loss in one business

Native Trust Office.

State coal-mines.

Post Office and Railways.

Unemployment.

Subsidies to local authorities.

Subsidies on voluntary contributions.

Recommendations of Taxation Commissions.

Recommendations ol 1922 Committee.

12

8.—6.

against profit in another; that interest from debentures be taxed on the same basis as other income; and that super tax on land be abolished. Effect has been given to all these recommendations. The Committee further recommended that all Government and public-body undertakings be taxed. The purely commercial Departments of State are now required to pay income-tax, but the principle has not yet been extended to localbody undertakings. A suggestion was made that the possibilities of a sales and turnover tax should be considered in place of some of our present taxation, but I am satisfied that such a tax would not be as equitable as the present tax on income. In any case, in my opinion, such a tax being both on luxuries and necessities must hit the poor (who have a smaller margin beyond necessary expenditure) more heavily than the rich. Another recommendation was to the effect that land-tax should be levied at a flat rate; but it is considered desirable to retain the graduated rate as being more equitable and discouraging aggregation of land. The 1924 Commission recommended that data be obtained relative to an important change in the basis of company taxation. This information has now been obtained and examined, and it appears that a complete change would involve a loss of revenue of about £1,000,000 per annum. For fiscal reasons, therefore, apart from other considerations, the proposal cannot be entertained at present. Our income-tax is one of the most liberal in the world in regard to the rate of tax and the exemptions granted for children, life insurance, and other deductions. But the effect of our increases during the war and various subsequent decreases since 1921 has been to upset seriously the fairness of the graduation. Some incomes are actually paying less now than they did before the war, while other classes pay considerably more than pre-war. This anomaly was pointed out by the Tax Commission of 1924, and they recommended that it should be remedied. It is obvious that before any start can be made towards reducing taxation the scale of income-tax should be restored to a proper graduation, otherwise the schedule will become still more full of anomalies. For the convenience of honourable members I have printed as an appendix (Table No. 25) a comparative table showing the scale of income-tax in various countries, which makes abundantly clear that our scale is a great deal lower than in the other states and countries shown in the list. I hope this .year to effect some improvement in the graduation with a view to remedying the anomalies mentioned, so that when a reduction is feasible it can be made on an equitable and scientific basis. 1927-28. I have now placed before honourable members the position as regards the past year's operations, and outlined the steps taken to effect economy, together with brief comments in regard to expenditure, debt, and taxation. If I hesitated last year to consider reductions in taxation, it will be admitted that the present conditions are still less favourable and do not permit of reductions in the current year. The Government have already set aside large sums to assist unemployment, which I trust will diminish to a considerable extent as the year advances. It is necessary, however, to make provision to meet a situation that may not take a favourable turn when additional seasonal work becomes available. The estimates lam giving here are based on the position as it appears at present. I have referred to the policy of debt - reduction, and I regret, for reasons already given, that very little beyond the statutory appropriations is likely to be available for this important purpose during the current year. I propose to ask for authority to appropriate up to £500,000 for public works should circumstances towards the end of the year permit consideration of any such transfers. As honourable members are aware, the price of local money is inclined to harden; but so long as I can do so, I will not assist that movement by raising the rate for our New Zealand issues. When we fixed the amount of our London loan I anticipated that we could rely on our local loan resources to make

Sales and turnover tax.

Flat rate lor land-tax.

Recommendations of 1924 Commission. Company taxation.

Income-tax generally.

Summary of financial position.

13

B.— 6

up the balance of the year's requirements. But the indications are that these resources may fall short, so that any assistance from revenue for capital purposes will be of the greatest aid. ESTIMATED REVENUE. The difficulties of arriving at a close estimate of revenue under present circumstances will, I think, be appreciated by honourable members. The imports are falling off, which means less Customs revenue. Various adverse factors make it probable that land and income tax receipts may also be affected, f estimate the revenue for the year at £24,676,900, as follows : — £ Customs .. .. .. .. .. 7,775,000 Beer duty .. .. .. .. .. 610,000 Stamp and death duties .. .. .. 3,403,100 Postal and Telegraph .. .. .. .. 3,254,000 Land-tax . . .. . . . . . . 1,205,000 Income-tax . . . . . . . . . . 3,425,000 Interest on public moneys .. .. .. 640,000 Interest on railway capital liability .. .. 2,180,000 Interest on Public Debt Redemption Fund . . 870,000 Other receipts .. .. .. .. 1,314,800 £24,676,900 ESTIMATED EXPENDITURE. The estimates of this year's expenditure as already mentioned have been drastically overhauled by an expert committee of heads of Departments. After final revision by Cabinet I estimate the ordinary expenditure at £24,258,549, being a decrease of £97,416 compared with last year's expenditure. In addition to the expenditure included in the estimates, however, I have also to make provision for other items, such as unemployment and further Naval expenditure for Singapore Base, the total of which it is estimated will require about £240,000. ESTIMATED RESULTS. Allowing for the additional items just referred to, I estimate the result of the present year's transactions as follows : — Revenue .. .. .. .. ~ 24,676,900 Expenditure .. .. .. .. .. 24,498,549 Leaving for supplementary estimates .. £178,351 The balance thus leaves very little to work upon, and a strict watch will require to be kept on all fresh claims for expenditure if we are to keep our finances on a satisfactory basis. The effects of the revision of the tariff and adjustment of the income-tax schedule are problematical, and will not be known until the end of the year. The general indications are that the Dominion is gradually freeing itself from temporary difficulties and steadily working towards more favourable conditions.

Estimated revenue.

Estimated expenditure.

Estimated results.

Conclusion.

14

8.—6

SUMMARY, 1926-27. Consolidated Fund — Ordinary Revenue Account— £ Revenue .. .. .. .. .. .. 24,943,107 Expenditure . . .. .. .. .. 24,355,965 Surplus, 1926-27 .. .. .. .. £587,142 £ Revenue exceeded estimate by .. .. .. .. .. 676,907 Revenue from taxation — £ Direct (Land and income tax and death duties) 8,030,299 Indirect (Customs and excise) .. .. 8,874,388 16,904,687 Land and income tax receipts well maintained. Comparative decrease in Customs .. .. .. .. 131,302 Increase in postal and telegraph receipts .. .. .. .. 148,823 Compared with previous year total increase in expenditure .. 785,882 Increases in expenditure under permanent appropriations— Interest and debt-reduction .. .. 403,767 Pensions (other than war) .. .. .. 94,033 Fruit-export guarantee .. .. .. 82,619 Other .. .. .. .. .. 97,598 678,017 Gross interest paid —- War debt .. .. .. .. 3,545,644 Ordinary debt .. . . .. . . 7,049,011 10,594,655 Interest burden on taxpayer for ordinary debt .. .. .. 2,271,150 War-debt charges and war pensions absorb more than whole of receipts from land and income tax. Expenditure under annual appropriations— Net expenditure for year .. . . .. . . .. 10,091,020 Increase compared with previous year .. .. .. 107,865 Increase under vote " Education" .. .. .. .. 99,878 Additional cost of naval defence .. .. . . .. 85,820 Decrease in postal and telegraph working-expenses .. .. 63,353 Electoral decrease .. .. .. .. .. 91,410 Less than appropriations by .. .. .. .. 437,667 Figures demonstrate that economy and close control exercised during the year. Balance of Ordinary Revenue Account on 31st March, 1927 .. 3,681.466 Use of surpluses for capital purposes and debt-reduction relieves taxpayer and maintains high credit in London. No Treasury bills outstanding on 31st March, 1927. Cash balances being kept more closely invested : Increased interest earned .. .. .. .. .. .. ~ 53,213

15

8.—6

Capital expenditure on public works— £ £ Railways .. .. .. .. 2,369,912 Telegraphs and telephones . . . . . , 558,041 Hydro-electric supply .. .. .. 1,130,013 . Main highways and roads . . . . 1,154,967 Other .. ' .. .. .. 1,455,034 6,667,967 Gross public debt as at 31st March, 1927 .. .. .. £245,850,889 Subdivided — £ Ordinary .. .. .. .. 132,421,885 War .. .. .. .. 73,563,181 State advances .. .. .. 30,191,097 Discharged soldiers .. .. .. 9,674,726 £245,850,889 Public Debt Redemption Fund and accumulated Sinking Funds provide capital set off against debt amounting to .. .. 27,169,185 New loans raised during year — £ For public works .. .. .. .. 6,878,270 For State advances .. .. .. 2,400,935 For other purposes .. .. .. 348,176 9,627,381 Funds for debt-reduction during year— From statutory payments . . .. . . 1,289,305 From surpluses .. .. .. .. 515,158 From reparations and miscellaneous war credits 735,760 From other sources .. .. .. 91,747 —— 2,631,970 Debt-reductions during year — War debt .. .. .. .. 1,770,467 Ordinary .. .. .. .. 778,293 Discharged soldiers .. .. .. 83,210 2,631,970 Net increase in debt for year .. .. .. .. .. 6,995,411 War debt reduced by £8,280,362, or 10 per cent., in five years. London Loan, 1927 — £6,000,000 oversubscribed. Terms, 5 per cent, at £99 10s. — better than any other similar issue this year. Cost, including redemption of discount and expenses, £5 4s. 7d. per cent. In terms of prospectus proceeds to be expended on public works. State AdvancesLoans paid over during year .. .. .. .. 6,185,970 Loans paid over in last four years on urban £ and suburban securities .. .. 12,096,502 On rural securities .. .. .. 11,803,437 — 23,899,939 Rural Advances Act — Commenced operations on Ist April last. Loans authorized to 18th July .. .. .. .. 387,965 Legislation being brought down to organize intermediate credit for farmers. Local Government Loans Board — Commenced operations on Ist April last. State Departments on a commercial basis have in the main experienced a successful year.

16

8.—6,

Unemployment — State Departments absorbed large number of additional men. Legislation passed enabling local authorities to raise loans for relief works without a poll. Subsidy on wages and on voluntary contributions for approved relief works. •Contribution provided for Singapore naval base. Taxation — Position and recommendations of Taxation Commission reviewed. Income-tax one of the most liberal in the world in regard to rate of tax and exemptions. Further substantial reductions not feasible until good progress made in reduction of dead-weight debt. Change in basis of company taxation cannot at present be considered, as it involves large loss of revenue. Correction in graduations of income - tax this year so that reduction when feasible can be made on equitable and scientific basis. Adjustments to be made in Customs tariff. ESTIMATES FOR 1927-28. Consolidated Fund — Ordinary Revenue Account— £ Estimated revenue .. .. .. .. .. 24,676,900 Estimated expenditure .. .. .. .. 24,498,549 Available for supplementary estimates .. .. .. £178,351 £ Estimated Customs and excise revenue .. .. .. 8,385,000 Estimated stamp and death duties .. .. .. .. 3,403,100 Estimated land and income tax .. .. .. .. 4,630,000

4—B. 6.

17

8.—6.

TABLES TO ACCOMPANY THE FOREGOING STATEMENT. Page Table No. I.—Akstract of Receipts and Expenditure of the Financial Year ended 151 st March, 1927. See Parliamentary Paper 8.-l [Part I]. Table No. 2.—The Public Debt on 31st March, 1927. See Parliamentary Paper 8.-l [Part lII], Table No. 3. —Revenue for the Year ended 31st March, 1927, compared with the Year ended 31ST March, 1926 .. .. .. .. .. .. .. .. 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, 1927 .. .. .. .. .. .. .. .. .. . . ii Table No. s.—Estimated Revenue for 1927-28, compared with the Actual Revenue for 1926-27 .. iii Table No. 6.—Comparative Statement of Stamp and Death Duty Revenue for 1925-20 and 1926-27 iii Table No. 7. —Statement of the Actual Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1927, compared with the Year ended 3 Ist March, 1926 .. .. .. .. .. .. .. iv Table No. 8. —Comparative Statement of the Appropriated and Actual Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Yeah ended 31st March, 1927 .. .. .. .. .. .. .. .. vi Table No. 9. —Estimated Net Expenditure for 1927-28, compared with the Actual Net Expenditure for 1926-27 .. .. .. .. .. .. .. . , .. vii Table No. 10.—Statement showing how Accumulated Surpluses have been applied .. .. viii Table No. 11.—Statement of the Estimated Liabilities of the Consolidated Fund outstanding on 31st March, 1923 to 1927 inclusive .. .. .. .. .. ix Table No. 12.—Public Works Fund—Statement showing Net Expenditure under Appropriations for the Year ended 31st March, 1927, compared with the Year ended 31st March, 1926 .. x Table No. 13.—Statement showing the Total Ways and Means of the Public Works Fund and the Total Net Expenditure to 31st March, 1927 .. .. .. .. .. xi Table No. 14.—Statement of the Estimated Liabilities of the Public Works Fund outstanding on 31st March, 1923 to 1927 inclusive .. .. .. .. ~ .. xii Table No. 15.—Statement of the Estimated Liabilities of the various Separate Accounts outstanding on 31st March, 1923 to 1927 inclusive .. .. .. .. xiii Table No. 16.— Receipts and Payments of Accounts, 1926-27, with Balances at Ist April, 1926, and 31st March, 1927 .. .. .. .. .. .. .. xiv Table No. 17.—Statement showing the available Financial Resources oi? the various Accounts on the 31st March, 1926, as compared with the 31st March, 1927 .. .. xv Table No. 18.—Statement showing the Amount charged to "Unauthorized" in each Financial Year from Ist April, 1910, to 31st March, 1927 .. . . .. .. .. xvi Table No. 19. —Summary of the Public Debt and of the State Assets which may be set off against it, as at 31st March, 1927 .. .. .. .. .. .. xvi Table No. 20.—Statement showing Loans falling due in the Seven Years ending with the Year 1934, excluding Imperial Debt Repayments .. .. .. .. .. xviii Table No. 21.—Statement of Half-yearly Instalments of Principal and Interest for Repayment of Debt funded with Imperial Government .. .. .. .. .. xviii Table No. 22. —Education Expenditure—Total Expenditure on Education out of Public Funds since 1913-14 .. .. .. .. .. .. .. .. xix Table No. 23.—Statement of Amounts paid on account of Pensions for the Financial Years ended 31st March, 1924 to 1927 .. .. .. .. .. .. xx Table No. 24. —Statement showing Imports and Exports of the Dominion in each Financial Year ended 31st March, 1920 to 1927.. .. .. .. .. .. xx Table No. 25.—Comparative Statement showing Amount of Income-tax paid in New Zealand, Australian States, and Great Britain on Selected Incomes up to £10,000 per Annum . . . . . . ~ , . ~ .. ~ .. ~ xxi

i—B (3,

8.-6.

Table No. 3. Revenue for the Year ended 31st March, 1927, compared with the Year ended 31st March, 1926.

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, 1927.

II

Year ended Year ended j 31st March, 31st March, [ Inorease. j Deorease. 1927. I 1926. ■. ■ : II £ £ £ £ Customs .. .. .. .. .. 8,252.575 8,383,877 .. 131,302 Beer duty .. .. .. .. 621,813 629,558 .. 7,745 Stamp and death duties .. .. .. 3,379,016* 3,359,868 19,148 Postal and telegraph. .. .. .. 3,226,558 3,077,735 148,823 Land-tax .. .. .. .. .. 1,229,067 1,266,659 .. 37,592 Income-tax .. .. .. .. 3,422,216 3,368,516 53,700 Registration and other fees .. .. .. 199,144 195,681 3,463 Marine .. .. .. .. .. 110,834 106,696 4,138 Interest on railway capital liability .. .. 2,043,433 1,913,311 130,122 Interest on public moneys .. .. .. 601,220 605,061 .. 3,841 Interest on Public Debt Redemption Fund .. 863,942 897,756 .. 33,814 Local Bodies'Loans Act, 1908, sec. 76 .. .. 13,939 19,961 .. 6,022 Rents of buildings 26,816 23,571 3,245 Tourist and Health Resorts .. .. 63,102 56,734 6,368 Miscellaneous .. .. .. .. 58,121 48,998 9,123 Territorial .. .. .. .. 202,187 202,429 .. 242 Departmental receipts .. .. .. 576,200 518,709 57,491 Recoveries on account expenditure of previous 52,924 50,642 2,282 years 437,903 220,558 220,558 Total revenue .. .. .. 24,943,107 24.725,762 217,345

Difference. I Estimate for i Actual for 1926-27. 1926-27. More> Less L I I I i £ £ j £ ! £ Customs .. .. .. .. .. 7,650,000 8,252,575 602,575 Beer duty.. .. .. .. .. 630,000 621,813 .. 8,187 Stamp and deatli duties .. .. .. 3,189,250 3,379,016 j 189,766 j Postal and telegraph .. .. .. j 3,290,000 3,226,558 ! .. 63,442 Land-tax .. .. .. .. .. J ,200,000 1,229,067 29,067 Income-tax .. .. .. .. 3,300,000 3,422,216 122,216 Registration and other fees .. .. .. 200,000 199,144 .. 856 Marine .. .. .. .. .. 112,000 110,834! .. 1,166 Interest on railway capital liability .. .. 2,050,000 2 .043,433 .. 6,567 Interest on public moneys .. .. .. 600,000 601,220 1,220 Interest on Public Debt Redemption Fund 1,102,000 863,942 .. 238,058 Local Bodies'Loans Act, 1908, sec. 76 .. .. 20,000 13,939 .. 6,061 Rents of buildings .. .. .. .. 25,000 26,816 1,816 Tourist and Health Resorts .. .. .. 57,250 63,102 5,852 Miscellaneous .. .. .. .. 50,000 58,121 8,121 Territorial.. .. .. .. .. 205,000 202,187 .. 2,813 Departmental receipts .. .. .. 533,700 576,200 ! 42,500 Recoveries on account of expenditure of previous 52,000 52,924 j 924 j years ' : ! 1,004,057 327,150 327,150 Totals .. .. .. .. 24,266,200 24,943,107 ! 676,907 I 1 I

8.—6

Table No. 5. Estimated Revenue of the Consolidated Fund (Ordinary Revenue Account) for 1927-28, compared with the Actual Revenue received for 1926-27.

Table No. 6. Comparative Statement of Stamp and Death Duty Revenue for 1925-26 and 1926-27.

III

Estimate Actual Differences. i f or for j 1927-28, 1926-27. j Increase . Decrease. I I I I Obdinaby Rkvenoe Account. £ £ £ £ OuBtoms .. .. .. .. .. .. 7,775,000 8,252,075 .. 477,575 Beer Duty .. .. .. .. .. .. 610,000 621,813 .. 11,813 Stamp and Death Duties .. .. .. .. 3,403,100 3,379,016 24,084 Postal and Telegraph .. .. ..» .. .. 3,254,000 3,226,558 27,442 Land-tax .. .. .. .. .. ..I 1,205,000 1,229,067 .. j 24,067 Inoome-tax .. .. .. .. .. .. | 3,425,000 3,422,216 2,784 | Registration and other Fees .. .. .. 206,000 199,144 6,856 Marine .. .. .. .. .. ..j 115,800 j 110,834 4,966 Interest on Public Moneys .. .. .. .. j 640,000 j 601,220 38,780 I Interest on Railway Capital Liability .. .. .. | 2,180,000 1 2,043,433 136,567 Interest on Public Debt Redemption Fund .. .. 870,000 ; 863,942 6,058 i Local Bodies'Loans Act, 1908, Section 76 .. ..I 17,000 ; 13,939 3,061 I Rents of Buildings .. .. .. .. .. I 30,000 j 26,816 3,184 j Tourist and Health Resorts .. .. .. .. j 62,000 | 63,102 j 1,102 Miscellaneous .. .. .. .. .. .. 60,000 58,121 1,879 ! Territorial .. .. .. .. .. .. 204,000 202,187 1,813 Departmental Receipts .. .. .. .. .. 570,000 576,200 .. 6,200 Recoveries on account expenditure of previous years .. 50,000 52,924 .. 2,924 257,474 j 523,681 257,474 Totals .. .. .. .. 24,676,900 24,943,107 .. | 266,207

Item. 1925-26. 1926-27. Decrease. Increase. £ £ £ £ Adhesive stamps .. .. 104,956 j 92,427 : 12,529 Duty on instruments .. 604,675 49.0,527 114,148 Death duty (estate and sue- 1,433,193 1,644,798 .. 211,605 cession duty) j j Gift duty .. 50,996 45,576 5,420 Impressed stamps and com- 167,288 181,552 .. 14,264 muted duty on banks' cheques Company licenses .. 65,948 69,442 .. 3,494 Bank-note duty .. .. 203,264 201,913 1,351 Duties payable by racing clubs 659,642 583,421 76,221 Amusements-tax .. .. 64,162 63,555 j 607 Native-land rates .. 215 136 79 Penalties .. .. 4,967 4,782 185 Miscellaneous .. .. 562 887 .. 325 210,540 229,688 210,540 Totals .. .. 3,359,868 3,379,016 .. 19,148

8.—6

Table No. 7. Statement of the actual Net Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1927, compared with the Financial Year ended 31st March, 1926.

IV

Year ended Year ended ' 31st March, 31st March, I Increase. Decrease. 1927. 1926. Permanent Appropriations— £ £ £ £ Civil List .. .. .. .. 31,054 29,084 1,970 Interest.. .. .. .. .. 8,450,794 8,129,799 320,995 Sinking Fund .. .. .. .. 4,000 J 7,000 .. 3,000 Reduction of Funded Debt .. .. 349,609 332,632 16,977 Repayment of Public Debt Act, 1925 .. 941,529 872,734 68,795 Under special ActsAdvances to other Governments .. .. 30,000 19,832 10,168 Education purposes .. .. .. 115,499 j 111,389 4. L10 Endowments .. .. .. .. 4,154 ' 5,556 .. 1,402 Fruit Guarantee Claims .. .. 82,619 .. 82,619 Maintenance of Overseas War Graves and 36,655 .. 36,655 War Memorials Miscellaneous .. .. .. .. 100,828 82,754 18,074 New Zealand Consolidated Stock —Amount 26.816 24,323 2,493 paid to Bank of England for Year ended 31st October, 1926, for management Pensions— Old-age .. .. .. .. 941,348 863,751 77,597 Widows' .. .. .. .. 301,080 285,654 15,426 Military .. .. .. .. 19,446 23,087 .. 3,641 War .. .. .. .. .. 1,122,741 1,179,552 .. 56,811 Miners' .. .. .. .. 39,465 I 37,705 1,760 Blind .. .. .. .. 10,304 8,040 2,264 Various .. .. .. .. 24,017 23,390 627 Refunds in respect of Totalizator-tax .. 31,174 : 9,533 21,641 I Salaries and honoraria .. .. .. 98,007 i 97,730 277 *Subsidies paid to Hospital Boards .. 610,498 ( 593,777 16,721 Subsidies on rates paid to local authorities 212,018 | 212,190 .. 172 Subsidies to Superannuation Funds and 189,990 199,129 .-. 9,139 National Provident Fund Territorial revenue .. .. .. 12,232 j 13,457 .. 1,225 Transfer to Discharged Soldiers' Settlement 50,00!) 50,000 Loans Act, 1920, Depreciation Fund Account Loan to New Zealand and South Seas .. j 30,000 .. 30,000 Exhibition Railways: Losses on branch lines and isolated I 429,068 344,830 84,238 j 14,264,945 13,586,928 783,407 105,390 L _ _J I : I * Subsidy under Hospital and Charitable Institutions Acts for Jubilee Institute for the Blind is included under Education purposes.

B.—8

Table No. 7 —continued. Statement of the actual Net Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1927, compared with the Financial Year ended 31st March, 1926—continued.

V

Year ended ! Year ended 1 31st March. 31st Maroh, ; Increase. ' Decrease. 1927. 1926. Annual Appropriations— £ £ £ £ Legislative Departments .. .. .. 89,192 88,467 725 Prime Minister's Department .. .. 2,467 .. 2,467 Treasury Department .. .. .. 34,586 36,372 .. 1,786 Land and Income Tax Department .. .. 55,461 65,941 .. 10,480 Stamp Duties Department .. .. 101,356 90,733 10,623 National Provident and Friendly Societies De- 23,789 22,529 1,260 partment Post and Telegraph working expenses .. 2,343,438 2,406,791 .. 63,353 Public buildings .. .. .. 113,244 98,235 15,009 Government and other domains .. .. 6,859 5,763 1,096 Maintenance and repairs to roads .. 100,211 89,016 11,195 Maintenance of irrigation works .. .. 8,087 5,031 3,056 Native Department .. .. .. 28;404 29,293 .. 889 Department of External Affairs .. .. 30,982 25,597 5,385 Cook Islands .. .. .. .. 38,056 30,083 7,973 ! Department of Industries and Commerce .. 48,780 105,372 ... 56,592 Department of Justice .. .. .. 135,482 135,777 . . 295 Prisons Department .. .. .. 77,851 73,695 4,156 Crown Law Office .. .. .. 5,693 4,982 711 Police. Department .. .. 410.506 408,035 2,471 Pensions Department .. .. .. 173,204 182,857 .. 9,653 Mines Department .. .. .. 44,784 46,697 .. 1,913 Department of Internal Affairs .. .. 402,854 374,436 28,4-18 Audit Department . . . . . . 25,806 24,240 1,566 Public Service Commissioner's Office .. 7,025 7,862 .. ! 837 Printing and Stationery Department .. 233,204 236,698 .. 3,494 Mental Hospitals Department .. .. 275,125 272,204 2,921 1 Department of Health .. .. .. 251,001 264,000 .. 12,999 Naval Defence .. .. .. .. 527.023 441,203 85,820 Defence Department .. .. 493,274 459,293 33,981 Customs Department .. .. .. 170,495 156,374 14,121 Marine Department .. .. .. 125,817 122,001 3,816 Department of Labour .. .. .. 55,726 49,683 6,043 Department of Lands and Survey .. .. 169.363 176,887 .. 7,524 Scenery Preservation .. .. .. 3,789 20,543 .. 16,754 Valuation Department .. .. .. 48,007 51,785 .. 3,778 Electoral Department .. .. ., 10,299 101,709 .. 91,410 Department of Agriculture .. .. 322,070 292,193 29,877 Department of Tourist and Health Resorts .. 76,378 70,794 5,584 Department of Education .. .. .. 2,979,597 2,879,719 99,878 Scientific and Industrial Research .. .. 3,047 .. 3,047 Services not provided for .. .. .. 27,914 -30,265 .. 2,351 Emergency Expenditure Account .. .. 10,774 .. 10,774 10,091,020 9,983,155 391,973 284,108 1,175,380 389,498 389,498 Total expenditure (permanent and i 24,355,965 23,570,083 785,882 annual appropriations)

8.—6.

Table No. 8. NET EXPENDITURE. Comparative Statement of the Appropriated and Actual Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1927.

VI

Net Actual Net Difference. — Appropriations, Expenditure, ! 1926-27. 1926-27. More |j6s , . i Permanent Appropriations — £ £ £ £ Civil List.. .. .. .. .. 30,020 31,054 1,034 Interest .. .. .. .. .. 8,176,905 8.450.794 273,889 Sinking Fund .. .. .. .. 2,882 4,000 1,118 , .. Reduction of funded debt .. .. .. 349,608 349,609 1 Repayment of Public Debt Act, 1925 .. 925,492 941,529 16,037 Under special Acts.. .. .. .. 4,208,852 4,487,959 279,107 13,693,759 14,264,945 571,186 Annual Appropriations— Legislative Departments .. .. .. 87,818 89,192 1,374 Prime Minister's Department .. .. 2,890 2,467 .. 423 Treasury Department . . . . . • 37,420 34,586 .. ' 2,834Land and Income Tax Department .. .. 57,837 55,461 .. 2,376 Stamp Duties Department .. .. .. 99,055 101,356 2,301 National Provident and Friendly Societies De- 24,269 23,789 .. 480 partment Post and Telegraph working-expenses . . 2,506,052 2,343,438 .. 162,614 Public buildings .. .. .. .. 138,217 113,244 .. 24,973 Government and other domains .. .. 7,488 6,859 .. 629 Maintenance and repairs to roads .. .. 128,150 100,211 .. 27,939 Maintenance of irrigation works, &c. .. .. 9,000 8,087 .. 913 Native Department .. .. .. 34,795 28,404 .. _ 6,391 Department of External Affairs .. .. 39,498 30,982 .. 8,516 Cook Islands .. .. .. .. 43,719 38,056 .. 5,663 Department of Industries and Commerce .. 50,775 48,780 .. 1,995 Department of Justice .. .. .. 142,418 135,482 6,936 Prisons Department .. .. .. 94,844 77,851 .. 16,993 Crown Law Office .. .. .. .. 6,304 5,693 .. 611 Police Department.. .. .. .. 422,367 410,506 .. 11,861 Pensions Department .. .. .. 181,846 173,204 .. 8,642. Mines Department. . .. .. .. 55,977 44,784 .. I 11.193 Department of Internal Affairs .. .. 366,830 402,854 36,024 Audit Department.. .. .. 30,574 25,806 .. 4,768 Public Service Commissioner's Office .. .. 8,586 7,025 1,561 Printing and Stationery Department.. .. 241,920 233,204 .. 8,716 Mental Hospitals Department .. .. 331,134 275,125 .. 56,009 Department of Health .. .. -. 281,027 251,001 .. 30,026 Naval Defence .. .. .. .. 545,526 527,023 .. 18,503 Defence Department .. .. . .. 500,865 493,274 .. 7,591 Customs Department .. .. .. 173,001 170,495 .. 2,506 Marine Department .. .. .. 128,561 125,817 .. 2,744 Department of Labour .. .. .. 55,086 55,726 640 Department of Lands and Survey .. .. 181,649 169,363 .. 12,286 Scenery Preservation .. .. .. 12,747 3,789 .. 8,958 Valuation Department .. .. .. 55,778 48,007 .. 7,771 Electoral Department .. .. .. 6,579 10,299 3,720 Department of Agriculture .. .. .. 369,080 322,070 .. 47,010 Department of Tourist and Health Resorts .. 76,870 76,378 .. 492 Department of Education .. .. .. 2,986,020 2,979,597 .. 6,423 Department of Scientific and Industrial Research 6,115 3,047 .. 3,068 Services not provided for .. .. •• 27,914 27,914 Emergency Expenditure Account .. .. .. 10,774 10,774 10,528,687 10,091,020 82,747 520,414 653,933 520,414 Total expenditure .. .. 24,222,446 24,355,965 133,519 '

8.—6

Table No. 9. Estimated Net Expenditure of the Ordinary Revenue Account for 1927-28, compared with Actual Net Expenditure for 1926-27.

VII

Estimate Actual Differences. for for j : 1927-28. 1926-27. i ncrea se. : Decrease. . Revenue Account. Permanent Appropriations,— £ £ & £ Civil List .. .. .. .. .. .. 31,170 i 31,054 116 Interest .. .. .. .. 8,371,202 8,450,794 .. 79,592 SinkingFund .. .. .. .. .. 2,882 4,000 .. 1,118 Reduction of Funded Debt .. .. ... .. 367,216 349,609 17,607 Debt Repayment .. .. .. .. .. 998,839 941,529 57,310 Under special Acts .. .. .. .. .. 4,396,581 4,487,959 .. 91,378 14,167,890 .14,264,945 75,033 172,088 Annual Appropriations,— , Legislative Departments .. .. .. .. 79,993 89,192 .. 9,199 Prime Minister's Department .. .. .. 12,356 ! 2,467 9,889 Treasury Department .. .. .. .. 36,350 34,586 1,764 Land and Income Tax Department .. .. .. 55,218 55,461 .. 243 Stamp Duties Department .. .. .. .. 93,013 1 101,356 .. 8,343 National Provident and Friendly Societies Department .. 24,563 23,789 774 Post and Telegraph Working-expenses.. .. .. 2,393,627 j 2,343,438 50,189 Public Buildings .. .. .. .. .. 101,000 1 113,244 .. 12,244 Government and other Domains .. .. .. 6,383 6,85.9 .. 476 Maintenance and improvement of Roads .. .. I 115,650 j 100,211 15,439 Maintenance of Irrigation Works .. .. ..I 10,000 8,087 1,913 Native Department .. .. .. .. .. .30,666 28,404 2,262 Department of External Affairs .. .. .. 40,925 30,982 9,943 Cook-Islands .. .. .. .. .. 56,215 38,056 18,159 Department of Industries and Commerce .. .. 34,910 48,780 .. 13,870 Department of Justice .. .. .. .. 130,110 135,482 .. 5,372 Prisons Department .. .. .. .. .. 82,383 77,851 4,532 Crown Law Offioe .. .. .. .. .. 5,904 5,693 211 Police Department .. .. .. .. .. 422,113 410,506 11,607 Pensions Department .. .. .. .. 165,946 i 173,204 .. 7,258 Mines Department .. .. .. .. .. 34,749 44,784 .. 10,035 Department of Internal ASairs .. .. .. 315,463 402,854 .. 87,'391 Audit Department .. .. .. .. .. 29,527 25,806 3,721 Publio Service Commissioner's Office .. .. .. 6,886 7,025 .. 139 Printing and Stationery Department .. .. .. j 235,650 233,204 2,446 Mental Hospitals Department .. .. .. 281,534 275,125 6,409 Department of Health .. .. . . .. 255,871 251,001 4,870 Naval Defence .. .. .. .. .. 493,326 1 527,023 .. 33,697 Defence Department.. .. .. .. .. 464,995 j 493,274 .. 28,279 Customs Department .. .. .. .. 176,899 j 170,495 6,404 Marine Department .. .. .. .. .. 118,650 j 125,817 .. 7,167 Department of Labour .. .. .. .. 60,452 55,726 4,726 Department of Lands and Survey .. .. .. 169,532 ! 169,363 169 Scenery Preservation.. .. .. .. .. 4,800 3,789 1,011 Valuation Department .. .. .. .. 49,421 48,007 1,414 Electoral Department .. .. .. .. 9,780 10,299 .. 519 Department of Agriculture .. .. .. .. 360,086 322,070 38,016 Department of Tourist and Health Resorts .. .. 76,235 76,378 .. 143 Department of Education .. .. .. .. 3,003,474 2,979,597 23,877 j Department of Scientific and Industrial Research .. 46,004 3,047 42,957 Services not provided for .. .. .. .. .. | 27,914 .. 27,914 I Emergenoy Expenditure Account .. .. .. .. i 10,774 .. 10,774 j 10,090,659 j 10,091,020 262,702 ; 263,063 337,735 435,151 •337,735 Total expenditure .. .. .. £24,258,549 £24,355,965 .. £97,416

8.—6.

Table No. 10. Statement showing how Accumulated Surpluses have been applied. To Accumulated surpluses £ By Transfers to — £ at 31st March, 1926 .. 29,390,926 Discharged Soldiers Settlement Surplus for financial year Account— 1926-27 .. .. 587.142 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 1926-27 .. .. 50,387 Depreciation Fund AcReparation - moneys re count — ceived from Germany 39,307 | 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 1925-26 .. .. 500,000 3,000,000 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 1925-26 .. .. 566,161* 1926-27 .. .. 588,868"f 6,471,871 Bank of New Zealand Shares Account, 1926-27 .. .. .. 808,594 Education Loans Account, 1923-24 .. 100,000 Ordinary revenue— To balance revenue and expenditure, 1921-22 .. .. .. 279,831 Investments at 31st March, 1927 .. 1,693,590 Temporary transfers to other accounts .. 26,000 Balance (cash and imprests) at 31st March, 1927 .. .. ..1,987,876 £30,067,762 j £30,067,762 I ; ====== * Includes £151,824 of reparation-moneys received from Germany. f Includes £73,710 of reparationmoneys received from Germany.

VIII

8.—6

Table No. 11. Statement of the Estimated Liabilities chargeable on the Consolidated Fund (Revenue Account) outstanding on the 31st March, each Year from 1923 to 1927.

ii—B. 6.

IX

" I I I 1923. j 1924. 1925. | 1926. j 1927. Revenue Account. £ £ £ £ £ Permanent Appropriations,— Civil List .. .. .. .. .. .. 186 185 161 313 337 Under Special Acts of the Legislature .. .. .. 27,710 13,667 15,411 13,435 16,835 Pensions .. .. .. .. .. .. 243 2,756 796 701 1,202 28,139 16,608 16,368 14,449 18,374 Annual Appropriations,— _ i Legislative Departments .. .. .. .. 439 349 752 1,007 2,751 Departments of Minister of Finance* .. .. .. i 3,914 3,744 7,502 11,064 8,226 Working Railways .. .. .. .. .. 195,627 263,254 332,985 H ir Post and Telegraph Department .. .. .. 97,079 114,961 104,383 93,919 61,876 Public Buildings Domains Maintenance of Roads, and 14 644 14 364 15 899 „ 315 23 301 Maintenance of Irrigation Works .. .. .. ' Justice Departmentf .. .. .. .. .. 14,463 11,498 10,462 19,258 15,155 Mines Department .. .. .. .. .. 1,358 868 2,087 2,371 3,698 Internal Affairs Department} .. .. .. 27,211 29,525 26,186 61,038 76,784 Defence Department§ .. .. .. .. .. 12,340 28,715 55,459 94,392 41,813 Customs Department .. .. .. .. .. g g37 4 Q27 4 g57 g 198 g 52Q Marine Department .. .. .. .. .. ' ' ' ' Labour Department .. .. .. .. .. 752 961 2,200 1,148 2,152 Lands Department .. .. .. .. .. 3,123 2,686 1,971 1,840 3,332 Agriculture Department|| .. .. .. .. 9,393 48,830 11,178 35,103 28,137 Education Department .. .. .. .. 22,520 22,200 10,414 10,405 33,828 Valuation and Electoral Departments .. .. .. 3,052 1,897 1,277 2,337 2,302 ' 409,852 547,879 587,612 360,395 308,875 Services not provided for .. .. .. .. .. .. .. 112 2,652 Refunds of Revenue .. .. .. .. .. 3,873 .. 37 1,344 5,453 Totals .. .. .. .. .. 441,864 564,487 604,017 376,300 335,354 j * Includes Treasury, Land and Income Tax, Stamp Duties, and National Provident Fund and Friendly Societies Departments. f Includes Native. External Affairs, Supreme and Magistrates' Courts, Prisons, Police, Cook Islands, and Cr »wn Law. t Includes Audit. Printing and Stationery, Public Service Commissioner's Office, Mental Hospitals, Pensions, Scenery Preservation (from 1924-25), Health, Prime Minister's, and Scientific and Industrial Research Departments. § Includes Naval Defence. || Includes Industries and Commerce and Tourists Departments. H Now a separate account (see Table No. 15).

8.—6

Table No. 12. PUBLIC WORKS FUND. Statement showing the Net Expenditure under Appropriations for the Year ended 31st March, 1927, compared with the Year ended 31st March, 1926.

X

i r Votp Year ended Year ended Increase i Decrease vote - 31st March, 1927. 31st March, 1926. | increase. j decrease. ■ : 1 1 r " ~ : I £ £ £ £ Public Works, Departmental .. k . 115,144 126,475 .. 11,031 Railway-construction .. .. .. 1,096,368 1,146,292 .. 49,924 Additions to Open Lines .. .. 384,439 842,322 .. 457,883 Public Buildings— General .. .. .. .. 119,864 29,369 90,495 Courthouses .. .. .. 1,261 7,209 .. 5,948 Prison Buildings and Works .. .. 22,812 24,196 .. 1,384 Police-stations .. .. .. 7,411 16,594 .. 9,183 Postal and Telegraph.. .. .. 86,052 89,866 .. 3,814 Agricultural .. .. .. 4,164 7,932 .. 3,768 Mental Hospital Buildings .. .. 68,635 77,834 .. 9,199 Health and Hospital Institutions .. 15,840 31,177 .. 15,337 Timber-supply and Sawmills, &c. .. 8,512 Cr. 9,893 18,405 Acquisition and Operation of Quarries .. 6,302 12,351 .. 6,049 Lighthouses .. .. .. .. 5,758 5,691 67 .. Harbour-works .. .. .. 13,262 3,717 9,545 Development of Tourist Resorts .. .. 31,981 43,486 .. 11,505 Department of Immigration .. .. 184,918 107,521 77,397 Roads, &c. .. .. .. .. 575,131 564,694 10,437 Roads on Goldfields .. .. .. 2,230 3,934 .. 1,704 Telegraph Extension .. .. .. 558,041 931,661 .. 373,620 Motor Transport Services .. .. .. ! 4,994 .. 4,994 Contingent Defence .. .. .. 34,014 89,670 .. 55,656 Lands, Miscellaneous .. .. .. 56,267 70,493 .. 14,226 Irrigation, Water-supply, and Drainage .. 56,937 56,227 710 Plant, Material, and Stores .. .. Cr. 24,148 33,453 .. 57,601 Transfer to Main Highways Account, Con- 400,000 .. 400,000 struction Fund .Services not provided for •• .. 1,190 1,139 51 607,107 1,092,826 607,107 Totals .. .. .. 3,832,685 4,318,404 .. 485,719

8.—6

Table No. 13. Statement showing the Total Ways and Means of the Public Works Fund, General Purposes Account, and the Total Net Expenditure to the 31st March, 1927.

XI

WAYS AND MEANS. Loans :— £ s. d. £ s. d. Immigration and Public Works Loan, 1870 .. .. 4,000,000 0 0 Immigration and Public Works Loan, 1873 .. .. .. 2,000,000 0 0 Immigration and Publio Works Loan, 1874 .. .. .. 4,000,000 0 0 General Purposes Loan Act, 1873 .. .. .. .. 750,000 0 0 New Zealand Loan Act, 1876 .. .. .. .. .. 750,000 0 0 New Zealand Loan Aot, 1877 .. •• •• •• •• 2,200,000 0 0 New Zealand Loan Act, 1879 ... .. .. .. .. 5,000,000 0 0 New Zealand Loan; Aot;,' 1882 .. .. .. .. .. 3,000,000 0 0 New Zealand Colonial Inscribed Stock Loan Aot, 1882 .. .. 250,000 0 0 North Island Main Trunk Railway Loan Act, 1882 .. .. 1,000,000 0 0 New Zealand Loan Act, 1884 .. .. .. .. .. 1,500,000 0 0 New Zealand Loan Act, 1886 .. .. . .. .. .. 1,325,000 0 0 District 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 Public Works and Land Settlement Act, 1896 .. .. 1,000,000 0 0 Aid to Public 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 Aot, 1899 .. .. 1,000,000 0 0 Aid to Public Works and Land Settlement Act, 1900 .. .. 1,011,600 0 0 Aid to Publio Works and Land Settlement Aot, 1901 .. .. 1,250,000 0 0 Aid to Public Works and Land Settlement Aot, 1902 .. .. 1,750,000 0 0 Aid to Public Works and Land Settlement Act, 1903 .. .. 997,690 0 0 Aid to Public Works and Land Settlement Act, 1904 .. .. 750,000 0 0 Aid to Publio Works and Land Settlement Act, 1905 .. .. 1,000,000 0 0 Aid to Public Works and Land Settlement Aot, 1906 .. .. 989,700 0 0 Aid to Publio Works and Land Settlement Aot, 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 Aot, 1909 ... .. .,1,000,000 0 0 Aid to Publio 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 Public Works and Land Settlement Act, 1912 .. .. 1,748,900 0 0 Aid to Public 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 Public Wi rks and Land Settlement Act, 1921 .. .. 5,061,081 18 2 Aid to Public Works and Land Settlement Act, 1922 .. .. 4,408,904 7 6 Finance Act, 1909 .. .. .. .. .. .. 1,250,000 0 0 Finance Aot, 1915, and New Zealand Loans Act, 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 Aot, 1921, Section 10 .. .. .. .. .. 2,673,111 10 11 Finance Act, 1923, Section 2 .. .. .. .. .. 4,306,626 17 7 Finance Aot, 1924, Section 2 .. .. .. .. .. 2,065,693 1 11 Finance Act, 1925, Section 2 .. .. .. .. .. 4,152,990 12 0 Post and Telegraph Act, 1908 .. .. .. .. .. 200,000 0 0 Midland Railway Petitions Settlement Acts, 1902 and 1903 .. 150,000 0 0 Paeroa-Waihi Railway Aot, 1903 .. .. .. .. 75,000 0 0 Waikaka Branch Railway Act, 1905 .. .. .. .. 50,000 0 0 Wellington and Manawatu Railway Purchase Act, 1908' . . .. 1,000,000 0 0 Appropriation Act, 1912 .. .. .. .. .. 15,000 0 0 Irrigation and Water-supply Act, 1913 .. .. .. .. 100,000 0 0 86,510,685 16 0 - Receipts in Aid: — Amount transferred from Consolidated Fund . • •• 14,305,000 0 0 Contributions of Canterbury Province for Railways .. .. 56,000 0 0 Proceeds of Railway Material handed over to Cook County Counoil ; 4,963 7 4 Stamp Duties to 31st December, 1876 .. .. .. .. 264,657 16 4 Transfer from Confiscated Lands Liabilities Account .. .. 19,963 1 3 Reoeipts under Section 16 of the Reserves and other Lands Disposal and Publio Bodies Empowering Act, 1912 .. .. .. 21,890 4 5 Special Receipts under Section 9 of the Railways Construction Act, 1878 .. •• •• •• ' ■ * •• •• 60,616 3 0 Snecial Receipts under the Ellesmere Lake Lands Acts, 1888 and 1893 .. .. •• •- •• •• •• 63,064 7 8 Speoial Reoeipts under the Railways Authorization and Management Act, 1891 .. •• .. •• •• •• 2,257 1 9 Speoial Reoeipts under the North Island Main Trunk Railway Loan Application Aot, 1886 .. .. , •• •• 114,550 19 6 Sinking Funds released .. .. •• •• 506,819 19 3 £101,930,468 16 6

8.—6

Table No. 13 —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, 1927 —continued.

Table No. 14. Statement of the Estimated Liabilities chargeable on the Public Works Fund (General Purposes Account), outstanding on the 31st March each Year from 1923 to 1927.

XII

NET EXPENDITURE. Expenditure on— £ s. d' £ s. d. Immigration .. .. .. .. .. .. 3,117,408 19 7 Publio Works, Departmental .. .. .. .. .. 2,372,940 13 4 Railways, including Surveys of New Lines and payment to Midland Railway Bondholders.. .. .. .. .. .. 49,966,279 5 9 Roads .. 16,261,228 17 10 Land-purchases .. .. .. .. .. .. 2,061,203 11 6 Development of Mining .. .. .. .. .. .. 882,975 0 11 Telegraph Extension .. .. .. .. .. .. 8,666,407 6 1 Public Buildings .. .. .. .. .. .. 9,920,286 9 1 Lighthouses, Harbour Works and Defences .. .. .. 1,22-5,508 12 1 Contingent Defence .. .. .. .. .. .. 1,241,395 2 10 j Rates on Native Lands .. .. .. .. .. .. 68,671 16 10 | Thermal Springs .. .. .. .. .. .. 14,599 13 2 Development of Tourist Resorts .. .. .. .. .. 424,608 6 4 i Lands Improvement .. .. .. .. .. .. X56,282 15 1 Plant, Material, and Stores .. .. .. .. .. 358,490 19 10 Charges and Expenses of raising Loans .. .. .. .. 2,496,326 11 5 Coal-mines .. .. .. .. .. .. .. 10,835 8 0 Interest and Sinking Fund .. .. .. .. .. 218,500 0 0 Irrigation and Water-supply .. .. .. .. .. 734,344 14 0 Timber Supply, Sawmills, &c. .. .. .. .. .. 12,683 18 1 Acquisition and operation of quarries .. .. .. .. 20,468 9 11 Motor Transport Service .. .. .. .. .. 33,635 5 3 Transfer to Main Highways Account, Construction Fund .. .. 626,000 0 0 101,091,081 16 11 Balanoe on 31st March, 1927, — Cash in the Public Acoount .. .. .. .. .. 222,820 4 10 Imprests outstanding .. .. .. .. .. .. 71,566 14 9 Investments .. .. .. .. .. .. .. 545,000 0 0 839,386 19 7 £101,930,468 16 6

1923. 1924. 1925. 1926. 1927. Annual Appropriations — £ £ £ £ £ Public Works, Departmental .. .. .. 513 503 1,033 1,768 2,198 Railways .. .. .. •• •• •• 261,910 269,090 455,534 99,592 122,980 Irrigation and Water-supply .. .. .. .. 3,512 11,257 6,257 2,406 3,478 Public Buildings .. .. .. .. .. 93,346 18,752 19,571 19,521 20,880 Timber-supply, &c. .. .. .. •• •• 141 865 557 81 1,367 Acquisition and Operation of Quarries .. .. .. .. 3,228 2,011 1,053 Lighthouses, Harbour-works, anS Harbour-defences .. 3,918 91 74 591 861 Development of Tourist Resorts .. .. .. 493 776 1,137 6,697 992 Immigration .. .. .. .. .. •• •• .. 33,179 20,238 Roads .. .. .. .. •• •• 257,731 142,565 48,734 54,859 74,969 Development of Mining Telegraph Extension .. .. .. .. 360,027 488,989 539,812 214,007 211,700 Contingent Defence Lands, Miscellaneous .. .. .. .. 1,202 1,166 1,819 3,621 1,585 Plant, Material, and Stores .. .. .. .. 16,136 5,638 2,947 4,292 2,610 Totals .. .. 998,929 939,692 1,080,703 442,625 464,911

8.—6.

Table No. 15. Statement of the Estimated Liabilities chargeable on the undermentioned Separate Accounts outstanding on the 31st March each Year from 1923 to 1927.

XIII

I 1923. 1924. 1925. j 1926. . 1927. I I I £ £ £ £ £ Cheviot Estate Aouount .. .. .. .. 393 Deteriorated Lands Account .. .. .. .. .. .. .. 117 839 Eduoation Loans Account .. .. .. .. 144 9,274 2,774 2,214 3,962 Deposits Account (Education Reserves Amendment Act, 1914) .. .. .. .. .. .. 583 .. 222 3 Eleotrio Supply Account .. .. .. .. 344,075 37,734 75,743 87,856 141,064 Government Aocident Insurance Account .. .. 322 289 14 956 345 Government Life Insurance Account .. .. .. 2,011 1,214 2,849 1,142 1,269 Hauraki Plains Settlement Aooount .. .. .. 4,079 2,741 2,099 1,808 4,836 Kauri-gum Industry Account .. .. .. .. .. 45 65 441 Land for Settlements Account .. .. .. 5 49 1,096 1,143 870 Land for Settlements Account (Discharged Soldiers Settlement Aocount) .. .. .. .. .. 826 136 456 238 74 Land for Settlements Account (Opening up Crown Lands for Settlement Account) .. .. .. .. 83 47 20 2,799 Main Highways Account— RevenueFund .. .. .. .. .. .. 3 15,047 73,703 64,276 Construction Fund.. .. .. .. .. .. .. 17,328 81,847 124,746 National Endowment Account .. .. .. 187 .. 1,113 1,005 Native Land Settlement Account .. .. .. 1,880 1,611 1,008 542 4,045 Native Trustee's Acoount .. .. .. .. 268 61 20 57 39 Nauru and Ocean Islands Account .. .. .. 515 Publio Service Superannuation Fund Aocount .. .. 364 389 345 23 157 Public Trust Offioe Aocount .. .. .. .. .. .. .. .. 5,032 Railways Improvement Authorization Act 1914 Account.. 16,603 22,529 45,992 42,083 50,524 Rangitaiki Land Drainage Account .. .. .. 956 594 2,621 448 970 Scenery Preservation Account* .. .. .. 28 State Advances Account .. .. .. .. 2,636 4,502 2,648 2,699 4,268 State Coal-mines Account .. .. .. .. 14,540 10,631 6,302 4,930 21,130 State Fire Insurance Account .. .. .. .. .. 15 503 202 59 State Forests Account .. .. .. .. 4,032 3,240 3,152 13,455 11,342 Swamp Land Drainage Account .. .. .. 3,409 3,233 864 1,174 3,471 Waihou and Ohinemuri Rivers Improvement Account .. 11,004 1,522 2,496 2,954 6,403 War Expenses Account .. .. .. .. 579,976 182,409 Westport Harbour Account .. .. .. .. 498 526 464 612 4,621 Working Railways Account.f.. .. .. .. .. .. .. 309,278 329,829 I *Now a vote under Consolidated Fund. I Formerly vote under Consolidated Fund.

B.^-6.

Table No. 16. Receipts and Payments of Accounts, 1926-27, with Balances at 1st April, 1926, and 31st March, 1927.

XIV

Balance, 31st Maroh, Balance, Credits v , 1927, Account. 1st April, Receipts (net). in ExnMiditnrp i 1926. Reduction. Expenditure. ; In Cash, investments. Consolidated Fund—- £ £ £ £ £ £ Ordinary Revenue .. .. .. 4,428,092 25,032,814 4,017,407 25,779,440 1,987,877 1,693,589 Nauru and Ocean Islands .. .. 3,126 36,481 .. 36,356 51 3,200 Nauru and Ocean Islands Sinking Fund 19 8,445 .. 8,300 164 Accounts of Local Bodies .. .. 10,464 23,383 .. 24,274 9,573 Deposits .. .. .. . . 353,620 1,452,104 .. 1,451,158 40,366 314,200 Public Works Fund — General Purposes .. .. .. 526.421 4,901,544 709,889 4,588,578 294,387 545,000 Waihou and Ohinemuri Rivers Improve- 21,710 49,235 2,819 69,278 1,667 ment Electric Supply .. .. .. 138,112 1,764,368 28,362 1,628,290 121,190 150,000 Electric Supply Sinking Fund .. .. 17,391 21,272 .. .. 23 38,640 Advances to other Governments .. 31,512 290,320 .. 272,195 49,637 Bank of New Zealand Acts .. .. 875,000 .. .. 875,000 Bank of New Zealand Sharei .. .. 1,896,070 .. 212,476 .. 1,683,594 Cheviot Estate .. .. .. 204,907 25,381 | .. 57,630 12,878 159,780 Conversion .. .. .. .. .. 31 j .. 31 Deteriorated Lands .. .. .. 1,728 10,000 ..' 7,006 4,722 Discharged Soldiers Settlement .. .. 126,273 1,646,787 | 9,926 1,073,790 231,886 467,384 Discharged Soldiers Settlement Act, 1920, 295,047 62,879 .. 1,959 59,317 296,650 Depreciation Fund Education Loans .. .. .. 40,155 566.960 4,298 550,953 33,892 22,270 General Purposes Relief .. . . 21,314 7,434 2.785 5.963 20,000 Hauraki Plains Settlement .. .. 33,506 28,802 7,006 49,949 12,359 Howard Estate .. . . . . . . 240 .. 240 Hunter Soldiers'Assistance Trust .. 3,084 778 .. 128 684 3,050 Hutt Valley Lands Settlement .. .. .. 32,171 .. 5 ,000 27.171 Kauri-gum Industry .. .. .. 3,442 6,916 193 7,993 2,365 Land Assurance Fund .. 80,759 3,298 .. 3,005 4,652 76,400 Lands for Settlements .. .. .. 133,168 588.684 13,293 558,399 22,353 141,100 Lands for Settlements (Discharged Soldiers 71,273 76.837 1,009 29,836 23,274 95,000 Settlement) Lands for Settlements (Opening-up Crown 6,602 15,172 i 1,255 12,714 9,060 lands for Settlement) Loans Redemption .. .. •• 18,509 7,061,929 ! .. 7,080,199 239 Main Highways—Revenue Fund.. .. 654,609 656,015 22.061 557,685 100,039 652,900 Main Highways—Construction Fund .. 120,104 500,104 54,921 549,649 65,559 5,000 Mining Advances .. .. .. 12,646 6,303 .. 5,337 6,612 7,000 National Endowment .. .. .. 126,493 155,098 .. 152,279 43,212 86,100 National Endowment Trust .. .. 20,206 5,039 .. 106 5,449 19,690 Native Land Settlement .. .. 104,331! 127,617 567 117,551 21,897 92,500 Public Debt Repayment .. .. 2,096 j 941,529 .. 939,230 4,395 Railways Improvement Authorization Act, 280,662 1,082,733 197,167 960,740 27,405 375,250 1914 Rangitaiki Land Drainage .. 24,184 1,478 3,351 10,823 4,839 10,000 Reserve Fund .. .. 2,000,000 .. ,, .. ,, 2,000,000 Samoan Loan Suspense .. .. •• 21,000 .. 21,000 State Advances Loan .. .. .. 2,292,689:2,401,775 .. 4,692,083 2,241 140 State Coal-mines .. .. 18,572 302,040 1,469 286,908 9,404 24,300 State Coal-mines Sinking Fund .. .. 48,199 ■ 6,906 j .. .. 4,565 ■ 50,540 State Forests .. .. .. .. 127,861, 132,384 1 1,380 236,605 3 640 20,000 Swamp Land Drainage .. .. •• 12,502 j 41,345 ! 417 49,459 4,388 i Westport Harbour .. .. .. 70,021 63,621 70 51,835 15,807 66,000 Working Railways .. .. .. 798,150 j 8,237,478 982,016 8,171,114 364,514 , 500,000 Public Account Cash Balance Investment.. .. .. .. .. Gr. 1,100,OOOj 1,100,000 Totals .. .. .. 14,158,559 160,292,800 6,058,876 61,189,335 2,542,747 10,719,277 I •

8.—6

Table No. 17. Statement showing the available Financial Resources of the various Public Accounts on the 31st March, 1926, as compared with the 31st March, 1927.

XV

1926. 1927. Account. Balance Liabilities j te Ba !f n Qoe Liab " ities IXritytor 31st March, 31st March, j ™ s 1 1 ° 31st March, ' 31st March, 1926. 1926. | ou 1920. 1927. 1927. 011 1927. Consolidated Fund—> £ £ £ £ £ £ Ordinary Revenue .. .. 4,428,092 376,300 .. 3,681,466 335,354 ! Nauru and Ocean Islands .. .. 3,126 .. .. 3,251 Nauru and Ocean Islands Sinking Fund 19 .. .. 164 Public Works Fund — General Purposes .. .. 526,421 I 442,625 4,061,050 839,387 464,911 5,061,050 Waihou and Ohinemuri Rivers Im- 21,710 2,954 95,000 1,667 (>,403 175,000 provement Electric Supply .. .. .. 138,112 87,856 5,676,990 274,190 141,064 4,478,990 Electric Supply Sinking Fund .. 17,391 .. .. 38,663 Advances to other Governments .. 31,512 .. 49,637 Bank of New Zealand Acts .. .. 875,000 Bank of New Zealand Shares.. .. .. .. .. 1,683,594 Cheviot Estate .. .. .. 204,906 .. .. 172,658 Conversion.. .. .. .. .. ■ . .. 31 Deteriorated Lands .. .. .. 1,728 117 98,000 4,722 839 288,000 Discharged Soldiers Settlement .. 126,274 .. 862,750 699,270 .. 802,750 Discharged Soldiers Settlement Loans Act 295,047 j .. .. 355,967 1920 Depreciation Fund Education Loans .. .. .. 40,155 ! 2,214 1,108,120 56,162 3,962 j 541,160 General Purposes Relief .. .. 21,314 .. 25,963 Hauraki Plains Settlement .. .. 33,506 1,808 25,000 12,359 j 4,836 200,000 Hunter Soldiers'Assistance Trust .. 3,084 .. 3,734 .. Hutt Valley Lands Settlement .. 27,171 Kauri-gum Industry .. .. 3,442 441 .. 2,365 Land Assurance Fund .. .. 80,759 .. .. 81,052 Land for Settlements .. .. 133,168 1,143 500,000 163,453 870 500,000 Land for Settlements — Discharged Soldiers Settlement .. | 71,273 238 1,500,000 118,274 74 1,500,000 Opening-up Crown Lands for Settlemen j 6,602 2,799 250,000 9,060 .. | 250,000 Loans Redemption .. .. .. j 18,509 .. .. 239 Main Highways — Revenue Fund .. .. .. 654,609 73,703 .. 752,939 64,276 Construction Fund .. .. 120,104 81,847 2,500,000 70,559 124,746 2,400,000 Mining Advances .. .. .. j 12,646 .. 50,000 13,612 .. j 50,000 National Endowment .. .. j 126,493 ! 1,005 .. 129,312 .. [ National Endowment Trust .. .. [ 20,206 .. 25,139 Native Land Settlement .. ..J 104,331 542 500,000 114,397; 4,045 500,000 Public Debt Repayment .. .. 2,096 .. .. 4,395 1 .. | Railways Improvement Authorization 280,662 j 42,083 958,310 402,655 50,524 j 2,000,000 Act, 1914 Rangitaiki Land Drainage .. .. ! 24,184 ; 448 15,000 14,839 970 j 15,000 Reserve Fund .. .. . • | 2,000,000 j .. .. 2,000,000 Samoan Loan Suspense .. .. .. 1 .. 22,000 .. .. 1,000 State Coal-mines .. .. .. 18,572 j 4,930 55,000 33,704 21,130 55,000 State Coal-mines Sinking Fund .. 48,199 I .. .. 55,105 State Forests .. .. .. 127,861, 13,455 3,225 23,640 11,342 503,225 Swamp Land Drainage .. .. 12,502 ' 1,174 150,000 4,388 3,471 150,000 Westport Harbour .. .. .. 70,021 612 .. 81,807 4,621 Working Railways .. .. .. 798,150 1 309,278 .. 864,514 329,829 State Advances .. .. .. 2,469,687 2,699 9,964,250 206,676 4,268 9,964,250 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) Naval Defence Act, 1909 (inoperative).. .. .. 299,400 .. .. 299,400 Land Act, 1924 (waste lands) .. .. .. 1,000,000 .. .. 1,000,000 Government Accident Insurance Act, 1908 .. .. 23,000 .. .. 23,000 State Fire Insurance Act, 1908 .. .. • • 98,000 . . . . 98,000 Finance Act, 1918 (No. 2), Part IV (War .. .. 4,467,360 .. .. 4,467,360 Expenses) Totals .. .. 13,971,473 1,450,271 35,341,245 13,102,180 1,577,535 36,441,975

8.—6

Table No. 18. Statement showing the Amount charged to "Unauthorized" in each Financial Year from 1st April, 1910, to 31st March, 1927.

Table No. 19. Summary of Public Debt and of the State Assets which may be set off against it, as at 3Jst March, 1927, together with Supporting Schedule showing Details of Assets. Debt. £ Ordinary debt .. .. .. •• •• •• .. .. 132,421.886 War debt .. .. .. •• •• •• •• •• 73,563,181 State Advances debt .. .. .. •• •• .. 30,191,096 Discharged soldiers debt .. .. •• -. .. 9,674,726 Surplus assets over debt .. .. •• ■■ .. .. 8,785,603 £254,636,492 Assets. £ Cash and investments (Reserve. Funds, Bank of New Zealand shares, Public Debt Redemption Fund, &c.; .. .. .. .. .. .. .. 37,161,241 Sinking funds accrued .. .. .. • • • • • • • ■ 2, 443, 540 Loans and advances outstanding (Discharged Soldiers, State Advances, &c.) .. .. 35,043,797 Revenue Earning and Trading Accounts (Railways, Telegraphs, &c.) .. .. .. 72,971,322 Lands and forests (Crown lands, State forests, &c.).. .. .. .. .. 71,091,116 Indirectly productive expenditure — £ Roads and public buildings, &c. .. .. .. .. .. 32,808,067 Immigration .. .. .. •• •• •• •• 3,117,409 35,925,476 £254,636,492

XVI

Consolidated Fond.—Revenue Account. r, re . wnT AT Vi?at? Other Public Works Thtat Financial Year. Accounts. Fund. iotal. SerV vW e ea n i°or Pr0 " Excess ot Votes. Total. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. 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 6 292,23-3 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 1925-1926.. .. 30,265 7 9 26,257 3 7 56,522 11 4 30,811 19 2 23,665 13 8 111,000 4 2 1926-1927.. .. 27,913 18 1 45,418 12 4 73,332 10 5 1,58110 7 2,80118 9:77,715 19 9

8.—6

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. .. .. .. .. .. 2,493,248 fLess liabilities outstanding, 31st March, 1927 .. .. 1,727,492 765,756 investment of cash balances .. .. .. .. 6,632,303 Reserve fund (securities at cost) .. .. .. .. .. 1,928,162 Post Office Savings-bank Reserve Fund .. .. . . .. 1,000,000 Bank of New Zealand shares (nominal value) .. .. ... 2,109,375 JPublic Debt Redemption Fund .. .. .. .. .. 24,725,645 37,161,241 Sinking funds accrued — State Advances debt .. .. .. .. . .. 2,140,056 State Coal-mines .. .. .. .. .. .. 55,105 Westport Harbour loans .. .. .. .. .. 202,797 Samoan loan .. .. .. .. .. .. .. 6,755 Nauru and Ocean Islands Sinking Fund Account .. .. .. 164 Electric Supply Sinking Fund Account .. .. .. .. 38,663 2,443,540 Loans and advances outstandingMining purposes .. .. .. .. .. .. 33,769 Local bodies (annuity value of interest receivable) .. .. 1,006,255 Samoan (loan, less sinking fund) .. .. .. .. .. 124,245 Repatriation advances outstanding, 31st March, 1927 .. .. 372,935 £ Discharged soldiers' mortgages and property held .. . .17,238,453 Less amount included in Public Debt Redemption Fund . .13,500,000 3,738,453 State Advances—Mortgages and property held, less sinking funds and investments included elsewhere .. .. .. .. 29,727,720 General purposes relief —Advances outstanding .. .. .. 40,420 35,043,797 Revenue Earning and Trading AccountsRailways (capital cost, including unopened lines and value of assets taken over from provinces) .. .. .. .. .. 56,028,475 Telegraphs (value of assets) .. .. .. .. .. 7, 869, 463 Pacific cable (estimated value of Dominion's interest) .. .. 100,000 Electric-power supply and development (capital cost) .. .. 5,842,360 Westport Harbour-works (value of assets) .. .. .. 586,256 Lighthouses and harbour-works (capital expenditure) .. .. 1,225,509 Tourist and health resorts (capital expenditure) .. .. .. 439,208 State coal-mines (value of assets) .. .. .. .. 246,202 Kauri-gum (trading capital) .. .. .. .. .. 68,809 Nauru and Ocean Islands (purchase price of rights) .. .. 565,040 72,971,322 Lands and forests — Crown lands (estimated value, including settlement lands, Native lands, and education reserves) .. .. .. .. 29,551,012 Land-drainage schemes (capital invested) .. .. .. .. 1,365,173 Irrigation and water-supply (capital expenditure) .. .. .. 734,345 Waihou and Ohinemuri Rivers improvement (capital expenditure) . . 548,345 Lands improvements (capital expenditure) .. .. .. 356, 283 Samoan Crown Estates (value of Dominion's interest; .. .. 662,360 Howard Estate .. .. .. .. .. •• 75,000 State forests (estimated value of forests, reserves, plantations, and nurseries) .. .. .. .. •• •• 37,798,598 71,091,116 Indirectly productive expenditurePublic buildings (including school buildings) .. .. •• 12,934,037 Roads (including roads on Crown lands and main highways).. .. 18,957,903 Timber-supply, sawmills, &c. (capital invested) .. .. .. 12,684 Quarries (acquisition and working) .. .. .. .. 20,468 Development of mining (capital expenditure) .. .. .. 882,975 Immigration (capital expenditure; .. .. .. .. 3,117.409 35,925,476 £254,636,492

* Does not include trust, deposit, or sinking funds, or oertain other accounts included elsewhere. f After deducting £25,824, credits due from other Governments, from the total liabilities which include £175,781 unpaid on Bank of New Zealand C shares. J Includes £13,500,000 previously included under discharged soldiers mortgages, and £11,225,645 of accumulated sinking funds.

iii—B. 6.

XVII

B.—6

Table No. 20. PUBLIC DEBT. Statement showing Loans falling due in the next Seven Years, ending with the Year 1934, excluding Imperial Debt Repayments.

Table No. 21. PUBLIC DEBT. Statement of Half-yearly Instalments of Principal and Interest for Repayment of £27,532,164 advanced by the Imperial Government and funded in Terms of the Agreement dated 6th September, 1922.

XVIII

Year ending 31st March, London. Australia. | New Zealand, j Total. £ £ £ £ 1928 .. .. .. .. 7,350 84,900 8,313,266 8,405,516 1929 .. .. .. .. 13,000 15,500 14,055,375 14,083,875 1930 .. .. .. .. 29,571,240 2,360 13,487,168 43,060,768 1931 .. .. .. .. 11,150 123,190 21,817,171 21,951,511 1932 .. .. .. .. 200 334,900 2,116,940 2,452,040 1933 .. .. .. .. 55,990 477,550 4,120,583 4,654,123 1934 .. .. .. .. .. .. 600 600 Totals .. .. .. 29,658,930 1,038,400 63,911,103 94,608,433

Date Instalments paid. ! Interest. Principal. ' Balance of Debt 1 | I 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 1st June, 1925 .. .. .. .. 661,367 164,598 26,425,713 1st December, 1925 .. .. .. 657,274 168,691 26,257,022 1st June, 1926 .... .. .. .. 653,078 172,887 26,084,135 1st December, 1926 .. .. .. 648,778 177,187 25,906,948 * Includes £200,000 paid off the Naval Defence Loan in terms of the olause by which New Zealand has the right, on giving three months' notice, to repay at par any part of the principal.

8.—6

Table No. 22. EDUCATION EXPENDITURE. Total Expenditure on Education out of Public Funds, including University, Primary, Secondary, and Higher Education, Technical and Special Schools, 1913-14 to 1926-27.

In addition, secondary schools and University colleges derive direct income (amounting for 1926-27 to £77,175) 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 1925-26 .. .. .. .. ..4,938 1926-27 .. .. .. .. ..10,337

iv—B. 6.

XIX

Loan-money: Erection (Consolidated Fund. of School Buildings and Residences. Per Head of Year. Administra- Subsidies Total. Mean National tion: Revenu0 to Education PopulaSpeeial Endow- Vote, from Teachers w Loaus "on. Acts. ment Education ResenrefL Super- b , und AoooHnt Revenue. Salaries and annuation 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 5 191&-19 .. 57,716 76,177 1,602,995 92,095 43,000 115,656 .. 1,987,639 1 14 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 43,000 244,722 214,571 3,235,452 2 11 8 1921-22 .. 96,217 71,737 2,580,562 105,448 43,000 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 .. 295,681 3,259,291 2 8 11 1924-25 .. 128.844 86,746 2,752,2711 118,973*, 68.000 .. 462,212 3,617,046 2 13 2 1925-26 .. 111,389 87,512 2,854,719| 119,978*, 70,952 .. 564,946 3,809,496 2 14 9 1926-27 .. 115,499 88,545 2,954,597f 119,073* 71,452 .. 550,954 3,900,120 2 14 11 * Net revenue after deducting expenses and cost of collection. f Excluding £25,000 for teachers' superannuation, included under that heading.

8.—6

Table No. 23. PENSIONS. Statement of Amounts paid on account of Pensions for the Financial Years ended 31st March, 1924 to 1927.

Table No. 24. EXTERNAL TRADE. Statement showing Imports and Exports of the Dominion in each Financial Year ended 31st March, 1920 to 1927.

XX

Year ended 31st March, 1924. 1925. 1926. 1927. £ £ £ £ War .. .. .. .. 1,306,652 1,242,182 1,179,552 1,122,741 Old-age .. .. .. 765,392 804,969 901,256 979,296 Widows' .. .. .. 202,364 235,959 285,654 301,080 Miners' .. .. 36,060 38,477 40,204 41,947 Maori War .. .. .. 30,326 26,836 23,087 19,446 Epidemic .. .. .. 32,507 22,938 14,420 10,935 Civil Service Act, 1908 .. 21,025 19,115 16,767 16,724 Defence Act, 1909 .. .. 3,146 3,071 2,898 2,628 Judicature Act, 1908 .. .. 2,889 3,548 2,703 3,556 Police .. .. .. .. 486 586 552 406 Blind .. .. .. .. .. 1,036 8,040 10,304 Sundry .. .. .. 4,374 4,897 5,022 5,945 Totals .. .. .. 2,405,221 2,403,614 2,480,155 2,515,008 •

Year ended 31st March, Imports. Exports. Exports'* Import^ £ £ £ £ 1920 .. .. .. .. 32,162,029 50,776,650 18,614,621 1921 .. .. .. .. 67,463,269 48,219,672 .. 19,243,597 1922 .. .. .. .. 35,986,060 43,794,883 7,808,823 1923 .. .. .. .. 37,112,779 45,548,700 8,435,921 1924 .. .. .. .. 44,401,756 51,652,606 7,250,850 1925 .. .. .. .. 49,821,095 54,771,158 4,950,063 1926 .. .. .. .. 53,025,856 48,697,587 .. 4,328,269 1927 .. .. .. .. 48,192,670 45,682,338 .. 2,510,332 47,060,278 26,082,198 26,082,198 Totals .. .. .. 368,165,514 389,143,594 20,978,080

8.—6

Table No. 25. INCOME-TAX. Comparative Statement showing Amount of Income-tax paid in New Zealand, Australian States, and Great Britain on Selected Incomes up to £10,000 per Annum.

Authority : W. A. G. Skinner, Government Printer, Wellington.—l 927.

XXI

(Note.—Figures for Australian States include Commonwealth Tax.) pMAnmim New Zealan<i - New SouthWales. Victoria. Queensland. South Australia, j Great Britain. | £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. £ s. d. f None .. 2 12 6 5 8 9 3 17 6 6 11 2 8 3 11 10 17 4 £400< Two .. Nil Nil 0 14 7 0 6 7 3 11 10 4 9 8 { Three .. | Nil Nil i Nil Nil 2 5 10 1 16 8 f None .. 7 17 6 20 9 2 18 7 6 25 9 4 22 11 10 32 8 8 £600< Two .. ! 5 5 0 12 16 4 | 11 17 7 14 18 9 15 3 2 21 4 0 L Three .. 3 18 9 9 7 6 1 9 11 8 10 4 2 11 17 6 18 10 8 f None .. i 25 7 6 38 1 11 , 33 8 2 51 6 9 40 12 XI 65 18 0 £800< Two .. j 20 5 0 28 18 11 26 6 10 38 6 9 3-5 13 3 j 53 3 4 L Three .. i 17 17 6 24 12 0 22 14 6 31 9 0 33 8 0 I 47 12 0 f None ..I 43 15 0 59 5 4 51 2 10 90 6 5 63 1 4 99 2 0 Two .. I 37 2 6 48 7 6 42 10 10 77 18 10 56 15 2 i 86 11 4 [ Three .. | 34 0 0 43 3 0 38 9 3 69 6 0 53 16 6 81 3 4 f None . 62 10 0 j 89 5 11 79 2 0 132 18 6 96 3 5 140 18 0 £1,250-; Two .. 54 12 6 78 5 11 73 2 0 125 8 9 90 3 5 128 5 4 I Three .. 50 17 6 72 18 8 70 4 9 121 14 6 87 6 2 122 15 4 f None .. 84 7 6 119 5 4 104 4 3 167 3 8 130 15 6 182 8 8 £1,500<| Two .. 75 5 0 | 106 18 4 97 5 7 170 5 0 123 16 10 169 18 8 t Three .. | 70 17 6 101 5 10 I 93 18 11 166 18 4 120 10 2 164 10 0 f None .. I 137 10 0 187 10 0 | 162 10 0 285 0 0 214 16 10 282 10 0 £2,000<j Two .. | 125 17 6 172 17 0 I 153 13 8 276 3 8 206 0 6 269 18 0 i_ Three .. [ 120 5 0 160 9 3 144 4 3 271 18 4 196 11 1 i 264 10 0 ■ f None .. 2,205 0 0 2,705 15 0 2,292 0 0 3,227 0 0 3,025 2 6 ! 2,968 15 0 £10,000<j Two .. 2,182 10 0 2,665 15 0 2,262 0 0 3,197 0 0 2,995 2 6 : 2,956 3 0 [ Three .. 2,171 5 0 2,645 15 0 2,247 0 0 3,182 0 0 2,980 2 6 2,950 15 0