Papers Past | Parliamentary Papers | Appendix to the Journals of the House of Representatives | 1932 Session I-II | FINANCIAL STATEMENT. (In Committee of Supply, 4th...

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B. 6.

1932. NEW ZEALAND.

FINANCIAL STATEMENT. (In Committee of Supply, 4th October, 1932.) BY THE RIGHT HON. G. W. FORBES, P.C., ACTING MINISTER OF FINANCE.

Mr. Chairman, — In the absence of the Hon. Mr. Downie Stewart, who, as honourable members are aware, is at present furthering the Dominion's interests in London, I have again to submit for the information of honourable members the annual review of the public accounts, together with a summary of the Government's stewardship during the past year. During this period the " economic blizzard," as it has somewhat aptly been described, continued with unabated force, and its effects were felt in all parts of the civilized world, particularly in the primary producing countries. World prices continued to fall at such an alarming rate that confidence was shattered and trading became seriously disorganized and unprofitable, with a consequent large increase in unemployment, hardship, and suffering. Unprecedented strain was imposed upon the financial and economic structure of nations, leading to large Budget deficits, colossal losses, together with depreciation of currency, defaults, and, in some cases, serious disorders. Even the financial bulwarks of Great Britain were not proof against the international storm, and that great nation was forced off the gold standard in September, 1931. Few indeed will doubt that the year 1931 will go down in history as a year of world-wide calamity. As is usual in such circumstances, primary products suffered most from the fall in prices. New Zealand was thus among the countries that had to bear the full brunt of the depression. As pointed out by the Economic Committee in February last, export prices for 1931 were about 40 per cent, lower than for 1929, and appreciably lower than those ruling in 1914. The result is that about 80 percent, more exports are now required to meet our annual debt charges. Furthermore, import prices on a sterling basis have fallen to the extent of about 12J per cent, only, and the net result of these unfavourable movements is to the Dominion a real loss of considerable magnitude. Exports for the year ended June, 1929, amounted, in round figures, to £56,240,000, and for the year ended 30th June last to £35,547,000. Compared with the previous year (i.e., ended June, 1931), this last figure represents a decline of £1,400,000 in value, or approximately 4 per cent., whereas during the year export prices declined by approximately 11 per cent. This means that to some extent falling prices were offset by increased production, which is cause for some satisfaction. Imports for the same years were^ —1929, £46,510,000 ; 1931, £33,370,000 ; and 1932, £23,060,000. There has thus been a very heavy falling-off in imports, the striking fact being that imports for last year were only about half what they were in 1929—n0t only in value, but also in quantity. This has undoubtedly been an important factor in the increase in the number of unemployed.

External trade.

I—B. 6.

8.—6.

Economic Committee.

Combined with this drastic curtailment of the purchasing-power of our exports, we have the major internal problem of the wide disparity between costs and prices. In the words of the Economic Committee, " The fundamental cause of the depression in New Zealand is the fall in export prices combined with the failure of other prices, including interest, rents, wages, fees, taxes, and other payments for services, to fall in sympathy." It has been suggested that the violent fall in world prices is due wholly to inherent defects in the existing monetary systems, and that by means of currency reform the whole of the present difficulties could be made to disappear. There .is admittedly an absence of unanimity amongst the foremost economists of the world as to the precise causes and the relative importance of the factors which have given rise to the existing conditions, but it is nevertheless generally conceded that the causes are numerous and not due to any single factor. Monetary policy and the maldistribution of gold are apparently important contributing items, but reparations and war debts, together with tariffs and other restrictions on trade, are also considered to be important and perhaps more fundamental aspects of the problem. What is of more importance at this juncture is the hope that, monetary policy and easy credit conditions in Great Britain can be made a powerful instrument in assisting to bring about a rise in sterling prices for primary products. In this connection, the announcement made at the Ottawa Conference that Great Britain intended to pursue a monetary policy designed to bring about a rise in wholesale prices is of first-rate importance. With these prices lies the key to our prosperity. This fact is apparently overlooked by those who maintain that the Dominion can avoid the depression by adopting various internal currency proposals. Banking deposits for the quarter ended June last'amounted to approximately £52,200,000. This amount is £4,800,000 less than for the June quarter in 1929, but £5,700,000 more than for the same period of 1927. It is important to note, however, that whereas in 1927 only 47 per cent, of the deposits were fixed, the percentage is now 68, indicating that the banking resources at the disposal of trade and industry are being used to a much less extent now than was formerly the case. Statistics of bank debits are not available for 1927, but it may be mentioned that in 1929 the weekly average of such debits was £22,000,000, against about £15,000,000 for the past year, a decline of 32 per cent, in the turnover of money. In other words, ample credit is available and what is lacking is the business confidence to make more use of it. The immediate cause of the abandonment of the gold standard by Great Britain was the withdrawal from London of some hundreds of millions of foreign balances. As a result, and in view of the uncertainty as to the reactions which would, follow the departure from the gold standard, the situation in the short-term loan market was delicate, and borrowing there became more difficult daily. The Government, from the commencement of the crisis, was in close touch with the London authorities, and in December last advice was received that the short-term loan market could no longer be relied upon and that we must be prepared to finance all London requirements from New Zealand. I may mention that normally it was the practice to purchase each year sufficient London exchange to meet requirements in excess of the amount of the long-term borrowing. When the exchange-rate rose to the present level, however, arrangements were made to utilize the short-term loan market in order to keep down the charges on taxation. At that time New Zealand Treasury bills were issued at rates as low as 2j per cent, per annum. The intention was to continue this method of London finance until economic conditions improved, and no difficulty would probably have been experienced had it not been for the crisis in London. That crisis necessitated an abrupt change of plans, and in order to ensure that funds would be available to meet all commitments, including £4,000,000 of Treasury bills which were then outstanding, it was deemed advisable to arrange with the banks for the formation of an exchange pool. To meet all requirements in full, it was estimated that the Government would need £12,000,000 of exchange for the year, and local bodies about £2,000,000. Later, however, market conditions improved, rendering it possible to sell Keserve Fund securities without loss. In addition, a long-term loan of £5,000,000 was raised. In this way the Government's exchange requirements for the year were reduced to about £5,000,000.

Currency.

Banking position,

Exchange pool,

8.—6.

Under these circumstances, combined with a greater measure of stability in the position and the improved outlook for our external trade, the exchange pool was no longer required, and, as honourable members are aware, it was abolished as from the Ist July last. The exchange pool was purely an emergency measure, taken in a time of crisis when it was impossible to forecast the trend of events. Under such circumstances, it was deemed advisable in the national interest to have the means of controlling the country's overseas finance. In the past twelve months Great Britain's financial recovery has earned the admiration of the world, and, as, directly and indirectly, this recovery cannot fail to react to the benefit of this Dominion, our interest in the matter is not detached. The latest evidence of the financial strength of London is the successful conversion of £2,000 millions of 5 per cent. War Loan into per cent, stock. The announcement of this gigantic financial operation caused the price of our 5 per cent, stock to increase from about £98 to £110. The price has since declined to about £105, but has remained substantially above what it was prior to the announcement of the conversion. Influenced, no doubt, by the outstanding British success, many suggestions have been made that New Zealand should attempt to obtain some relief from loan charges in the same way. In our case, however, the conditions are by no means parallel. In the first instance, the British Government had the right to repay the War Loan, and, concurrently with the offer of conversion, gave notice of intention to do so at a time when the current rate of interest was very low. Only about £500,000 of our London debt falls due within the next two years, and the only option of repayment exercisable at present is in connection with the £5,000,000 short-term bonds issued last year. In so far as our internal debt is concerned, it may be pointed out that the amount held by the public is approximately £60,000,000, of which nearly half consists of free-of-income-tax securities. Further, as pointed out in the preliminary Budget delivered last session, the average rate of interest on the debt held by the public is only 4f- per cent. The present market price of securities indicates that the effective borrowing rate is substantially above this level. Finally, relatively little of this debt falls due within the next year or so. Under these circumstances, it will be realized that the scope for reducing debt charges by means of conversion operations is very limited. In addition to the financial recovery of London, the situation abroad has been materially improved by the achievement at Lausanne, where the matter of war reparations was, it is confidently hoped, finally disposed of. As reparations and war debts are generally considered to be one of the principal causes of the depression and one of the most difficult obstacles to surmount, the settlement at Lausanne is an important milestone on the road to economic recovery. The Imperial Economic Conference at Ottawa constituted another such milestone. At this Conference agreements of a far-reaching nature were concluded between the various parts of the Empire. The actual details of the results achieved will be submitted later by my colleague, the Eight Hon. Mr. Coates, but in the meantime I may say that, generally speaking, the purpose of the agreements is to promote inter-Empire trade on a reciprocal basis. Provision has been made to ensure for New Zealand tariff preferences in the United Kingdom market for a further term of five years, and in many instances the existing preferences have been increased. In return for these concessions New Zealand has undertaken, subject to ratification by Parliament, to consider certain revisions in her Customs tariff and has also agreed that United Kingdom goods will in future be exempt from the present surtax, and that as soon as financial circumstances permit the primage duty on United Kingdom goods will also be abolished. Monetary policy and banking questions were prominent matters in the deliberations at Ottawa. The other Governments represented at the Conference recorded their intention, insofar as it lay in their power, to co-operate with Great Britain in a monetary policy designed as far as possible to bring about

British conversion loan.

Lausanne Conference.

Imperial Economic Conference.

Central Bank.

B —6.

and maintain, within the limits of sound finance, low rates of interest and easy credit conditions, together with stability of exchanges with sterling. In New Zealand we have at present no central authority to co-ordinate our banking system, control credit and the exchanges, and generally provide a connecting link with the Bank of England and the central institutions in the other parts of the Empire. Accordingly, the Government has decided to bring down this session a Bill designed to provide for the establishment of a Central Bank largely along the lines recommended by Sir Otto Niemeyer in his report presented to this House in 1931. Following Ottawa, there is shortly to be a World Economic Conference in London, as a result of which we may confidently expect a further decisive forward movement in the restoration of trade and also some recovery in the pricelevel. Further, if any measure of success attends the long-drawn-out deliberations of the Disarmament Conference it will provide another fillip to recovery. In fact, the calamitous fall in prices now appears to have been checked, and at present the tendency is in an upward direction. A spectacular recovery is not to be expected —■ business confidence has been so badly shaken and trade too much disorganized for that —but if the movements which have already started continue it can safely be said that the worst is past and that we are on the road to better times. In the meantime, efforts have been made to cope with our internal situation, and with a view to dealing comprehensively with the more pressing of our problems, as honourable members are aware, a special session of Parliament was called early in the year. During that session legislation was passed extending the protection and relief afforded by the Mortgagors Relief Act to include all forms of mortgages, and provision was also made for the relief of lessees in certain cases (Mortgagors and Tenants Relief Act, 1932), as it was fully realized that these sections of the community particularly were experiencing great difficulty as a result of the general financial stringency. In regard to reductions in fixed charges, it was realized that in accordance with economic laws the amount of such charges would in the longrun be reduced without State intervention, but in order that the adjustment might be made more rapidly, and thus shorten the period of hardship, provision was made by legislation (National Expenditure Adjustment Act, 1932) whereby rents and interest on mortgages generally were subject to a reduction of 20 per cent, as from the Ist April last. In addition, Public Service salaries and wages were reduced by a further 5 to 12| per cent., and a stamp duty of 10 per cent, was imposed on income from Government and local-body securities. Provision was made to meet cases of hardship. Reductions were also made in certain pensions and allowances, and generally an effort was made to spread the fall in national income over the whole community. Greater provision was also made for dealing with the urgent problem of unemployment; but I will deal with that aspect more fully presently. Amendments were made to the Arbitration Act in order that more elasticity might be introduced into wage agreements and working-conditions, with a view to facilitating an increase in the volume of employment. PUBLIC ACCOUNTS. The conditions which I have just described necessarily had their counterpart and were reflected in the public finances for the year, for budgetary equilibrium can rest only on stability in the wider field of national trade and industry. When economic conditions are changing as rapidly as was the case during the past two years, it is practically impossible to make reliable estimates of revenue. Honourable members will recollect that the main Budget last year made provision to meet a prospective deficit of £6,850,000, of which £4,810,000 was on account of. shrinkages in revenue. The progressive drift in the finances increased so rapidly, however, that within a very short period it became evident that inadequate allowance had been made for revenue shrinkages and provision was made in the Supplementary Budget to meet further anticipated decreases amounting to £1,250,000. Steps were thus taken to cope with a contraction in revenue of no less than £6,060,000. Unemployment subsidies,

World Economic Conference.

Emergency session,

Public Accounts,

B —6.

further assistance to hard-pressed farmers by of fertilizer subsidies, together with unavoidable increases in debt charges, pensions, &c., brought the total anticipated gap to be bridged up to £8,445,000, equal to about one-third of the total Budget. This formidable task, it was hoped, would be accomplished by means of stringent economies, reductions in salaries and wages, the use of reserves, and some heavy increases in taxation. In short, a great effort was made to maintain a balanced Budget. It failed to the extent of £2,140,000, almost wholly due to shortages in the revenues. The result was disappointing, but the drastic steps taken and the heavy additional burdens so cheerfully shouldered by the people were certainly not in vain, for without them the public finances would clearly have reached such a hopeless position as to constitute a menace to the general financial stability of the Dominion. We came out with a deficit, but- of manageable size, so are entitled to claim that the situation was saved. The total revenue received during the year amounted to £22,719,733, consisting of £16,189,967 proceeds of taxation, £2,868,138 from interest receipts, and £2,166,803 from departmental and miscellaneous receipts, while £1,494,825 was drawn from reserves. The items making up these amounts are set out in the comparative tables attached to this Statement. It will be seen that in comparison with the Budget estimates the total revenue shortage amounted to £1,946,000, the chief contributing item being Customs revenue, £846,000. This item is, of course, dependent on the volume and nature of the goods imported. In this connection it is interesting to note that the main items concerned in the contraction of imports were apparel and textiles, motor-cars and parts, and spirituous liquors. Income-tax receipts fell short of the estimate by £487,000. In times like the present this item is particularly difficult to estimate, for even a comparatively small decrease in gross income may mean a heavy fall in profits. Land-tax, on the other hand, is more easily calculated, but under present circumstances the ability of the people to pay is the uncertain factor. The receipts for this item were £83,000 short of the Budget estimate. Stamp and death duties contributed £190,000 towards the revenue shortage. Death duties, always an incalculable item, produced £65,000 less revenue than had been allowed for. The remainder of the decrease was, for the most part, due to the contraction in duty on instruments and in totalizator revenue being greater than was anticipated. Both of these items directly reflect the prevailing economic conditions. The interest receipts, in total, fell only £60,000 short of expectations. Railway revenue showed a heavy falling-off during the year, but great efforts were made by the Railway Board to meet the position by economies in expenditure. Even so, the amount of net revenue paid to the Consolidated Fund was £90,000 short of the estimate. Incidentally, the amount paid was only about one-third of the interest due on the capital invested. Interest on " other public moneys " exceeded the estimate by £30,000. Departmental and miscellaneous receipts fell short to the extent of £319,000, the amount being spread over practically all of the items concerned. EXPENDITURE. The net expenditure for the year totalled £24,860,552, against an estimate of £24,627,561 —an excess of £232,991. The estimate, however, included no allowance for exchange on remittances to London, but, owing to the abrupt change in the plan of London finance to which I have already referred, expenditure for this purpose amounted to £374,473. On the items covered by the Budget there was thus a saving in expenditure of approximately £140,000. Under " Permanent Appropriations," the expenditure amounted to £17,854,462, an excess over the estimates of approximately £140,000. Interest charges contributed £94,000 to this excess, the reason being that, owing to the deficit, issues of Treasury bills were greater than was anticipated. Further, on the departure of Great Britain from the gold standard, Treasury-bill rates in London rose sharply. Of the annual votes covering departmental expenses the amount appropriated was £6,911,673, but the expenditure, apart from the unexpected item of

Bevenue.

Expenditure.

8.—6.

exchange already referred to, was kept down to £6,631,617, thus providing a saving of £280,000 in reduction of the deficit. This result is particularly satisfactory m view of the fact that the estimates for the year were pared down following the work of the 1931 Economy Committee. Practically every vote contributed towards the saving, which resulted from a multitude of small savings following a stringent control over every detail of expenditure. SUMMARY OF YEAR'S OPERATIONS. The year's operations may be summarized as follows : — Expenditure. £ £ Debt services .. .. •• •• •• 10,511,989 Pensions and family allowances .. .. •• 3,075,415 Motor taxation transferred to Main Highways Account and local bodies . . .. • • 1,807, 666 Unemployment subsidies .. • ■ ■ ■ U 130,231 Hospital subsidies- .. .. •• 642,809 Under other special Acts .. . • • • 686,352 Total permanent appropriations . . . . • • 17, 854,462 Annual votes .. . . • • • • . . 6, 631,617 Exchange .. . • • • • • • • 374, 473 Total net expenditure .. . ■ • • • • 24, 860,552 Revenue. Taxation — Direct .. .. •• •• •• 8,200,479 Indirect .. .. •• •• 7,989,488 16,189,967 Interest .. .. • • • • • • 2,868,138 Other receipts .. •• •• •• 2,166,803 From reserves .. •• •• •• 1,494,825 Total revenue . . .. . • • • • • 22,719,733 Deficit .. .. • • • • £2,140,819 The deficit of 1931 was automatically met out of the balance carried forward in the Consolidated Fund, and that was the end of it. This year we are not so fortunate. The balance carried forward in the accounts on the Ist April, 1931, was only £278,601, so that to the extent of £1,862,218 the 1932 deficit is represented in the outstanding Treasury bills. This means that sooner or later that deficit has to be made good either out of reserves or out of future revenue. TREASURY BILLS. Owing to the depletion of the working cash balances in the Consolidated Fund and°tbe shortage of revenue, also in order to finance remittances to London under the exchange-pool arrangements, it was found necessary or advantageous to make considerable use of Treasury bills during the year. A reference to the published accounts will show that revenue bills to the amount of £15,845,000 were issued. To the extent of £4,485,000, however, such issues included renewals of bills issued in the first instance usually for a period of three months only. The net amount involved was thus £11,360,000, of which £3,425,000 was issued m London at rates varying between 2 and 2f per cent, early in the year, but rising to 6j per cent, following the departure from the gold standard. All these London bills were redeemed.

Summary of year's operations.

Treasury bills,

8.—6.

Issues of revenue bills m New Zealand amounted to £7,935,000, discounted foi the most part at 5| per cent, and per cent., but in a few cases at rates as low as 2 per cent. Bills to the value of £4,905,000 were redeemed before the year closed, leaving £3,030,000 of floating debt to be carried forward, representing the deficit for the year to the extent of £1,862,218, and the balance carried forward in the Consolidated Fund, £1,167,782. Prom a cash point of view, however, the £3 030 000 el m 4 blUs i WaS covered b >' fixed deposits held in London amounting to t0,105,000. lhese deposits arose partly from cash remitted from New Zealand during the last quarter of 1931-32 under the exchange-pool arrangement, and partly from the sale of Reserve Fund securities in London. In addition to the revenue bills, there were also considerable transactions in redemption bills—that is, bills issued in redemption of debentures and other lonoterm debt securities. As stated in the main Budget for 1931, redemption bills to the amount of £3,550,000 were outstanding on the Ist April, 1931, having been issued to avoid heavy exchange cost in remitting cash to London. Of this floating debt in London, £971,250 was redeemed out of the proceeds of the £5,000,000 loan raised in June, 1931, and the balance of £2,578,750 was converted back into New Zealand debentures. A further £4,000,000 of bills was, however issued m London m redemption of New Zealand debentures, and this was the the amount that was taken into account when the exchange pool was formed. Issued earlier at discount rates varying from per cent, to 2|- per cent., these Dills m December, 1931, were renewed by special arrangement for six months at a rate of (i (; per cent. The bills were thus outstanding at the end of the financial year, biit were paid off out of the proceeds of the £5,000,000 long-term loan raised m May last. In addition, a small redemption bill of £25,000 held by a Government Department m New Zealand was also outstanding on the 31st March last. , 3/ ie Treasury-bill transactions as a whole will doubtless appear to be intricate but they illustrate the difficulties of finance in a troublesome period. BUDGETARY POSITION FOR 1932-33. The prospective position for the current financial year was outlined in the preliminary Financial Statement presented to this House in April last. It will be remembered that we were confronted with a prospective budgetary shortage estimated at £8,300,000, at a time when resources had already" been generally strained m the effort to balance last year's Budget, and very little in the way of taxable capacity remains. To the extent of £7,300,000 this huge prospective shortage arose from heavy shrinkages m the various items of revenue. The outlook, however, has undergone a change for the better during the past few months, and, as half the year has now elapsed, more accurate estimates can be made of the probable receipts under the various headings. Accordingly the estimated revenue decreases given in the previous statement have been varied somewhat. The mam alteration is m respect of Customs revenue, which it was anticipated c would fall to £5,000,000 During the first five months of this financial year, however receipts are £250,000 ahead of those for the corresponding period of last year.' Imports for the period showed a comparative decrease of £406,000 and the additional revenue was due to the fact that the increased duties imposed last year were operative from the Ist August, 1931, only. Given a reasonably good season with an improvement m overseas prices, of which there are hopeful indications, it appears likely now that the value of exports for the year will reach last year's total' This should allow of much the same volume of imports, for, with due allowance for interest and other invisible import items, the balance of external trade was on the right side last year. Accordingly, after a careful investigation of the prospects for various classes of goods, and making allowances for the loss of revenue arising out of the tariff reductions to be made to give effect to the Ottawa agreements I £20nnnnf < I P down at £5,700,000, which is approximately £200,000 less than was received last year. Beer duty it is considered, should produce about the same amount of revenue ff was received last year, the decrease in the volume of business being offset by the higher duties imposed last year. y

t Redemption bills.

Budgetary position for 1932 33.

Customs revenue.

Beer duty.

8.—6.

The economic conditions are also adversely affecting the revenue item of " Motor-vehicles—Duties and licenses." There is a falling-off in the registration of vehicles, and this, of course, must be reflected in a lower petrol-consumption. It is estimated that the revenue will show a falling-off of approximately £200,000. Stamp and death duties appear to be relatively stable at the lower level reached last year, but it has been deemed advisable to allow for further decreases in racing revenue, amusement-tax, and duty on instruments. On the other hand, allowance has to be made for the receipts from the 10-per-cent. stamp duty on interest from Government securities imposed by the National Expenditure Adjustment Act. Incidentally, it may be mentioned that this latter item will not be a net gain to the Budget, as it is offset by reductions in mortgage interest, particularly on State Advances securities. Taking all factors into consideration, the estimate for stamp and death duties has been set down at £2,900,000, which is approximately £100,000 ahead of last year's receipts. Then there is income-tax, which under present circumstances is admittedly the most uncertain item in the Budget. This year's tax is assessed on last year's income. It is well known that in many cases profits have fallen away to zero, and, as the assessments have not yet been made and compiled, it is very difficult to estimate the effect in the aggregate on the amount of tax due. On such information as is available, I have set the estimate down at £3,400,000 for this year. This is approximately £1,050,000 less than the receipts for last financial year. Land-tax due can be calculated with much more precision, although the position is to some extent complicated by subdivisions and revaluations. The main uncertain element, however, is the ability of landowners to pay. Last year's receipts, assessed on the lower rates of tax provided for, were £83,000 short of the Budget estimate, and for this year it is deemed advisable to allow for a further decrease of £27,000. Apart from taxation, there is a considerable amount of revenue derived from interest and other receipts. Under interest the most difficult item is interest on railway capital. This item represents the net earnings of the railways. As previously pointed out, railway revenue directly reflects the depressed state of trade and industry, and has been falling steadily, although the rate of decline is now easing off. To a considerable extent the decline has been offset by savings m expenditure, but, if the services are to be maintained, there is a minimum beyond which expenditure cannot be reduced. The reductions in salaries and wages assisted the finances of the Railway Board considerably. Allowing for this and other relevant factors, it is considered that the net revenue for this financial year will not be more than £100,000 below that of last year. Other interest items will probably be adversely affected to an extent estimated at £220,000. In this connection it may be mentioned that interest on the Public Debt Redemption Fund will suffer as a result of the reduction in interest-rates of the Common Fund of the Public Trust Office, following the reduction in mortgage interest under the provisions of the National Expenditure Adjustment Act and relief given to mortgagors. Interest on public moneys will also be less, due to the fact that balances available for investment are smaller and rates of interest in London are low. . The land revenues, departmental receipts, and other miscellaneous items grouped in the accounts under " Other Receipts " produced last year, apart from the amount drawn from reserves, revenue totalling approximately £2,167,000. Of this amount £940,000 came from Post and Telegraph profits. For the current financial year the estimate for this item has been set down at half this amountviz.. £470,000. The estimates for the other items in this group have been varied somewhat' on account of the closing of some of the separate accounts. The net result is an aggregate estimate which is £387,000 less than receipts for last financial yoai 'The remaining item on the revenue side of the accounts is the amount drawn from reserves. Last year £1,495,000 was derived from this source, and in the preliminary Financial Statement it was estimated that only about £200,000 derived from repayment of discharged-soldier-settlement mortgages would be available this financial year. Honourable members will recollect, however, that arrangements were made with the Bank of New Zealand, with the National Bank of New Zealand participating in the deal, to liquidate up to £2,500,000 of the reserves invested in discharged-soldiers-settlement mortgages by hypothecating the securities. The

Motor-vehicles Duties, &c.

Stamp and death duties.

Land and income tax.

Interest receipts.

Other receipts.

Use of reserves,

B.—6.

present intention is that the amount obtained by this procedure will be repaid as instalments of principal are received in respect of these mortgages. This arrangement takes the place of the proposal contained in the preliminary Financial Statement to find £2,200,000 by additional taxation. By thus utilizing a considerable proportion of our remaining reserves, having regard to actual and probable deficits, the Government has conserved what remains of the taxable capacity of the people and avoided imposing further heavy burdens upon the community at a time when it is finding great difficulty in holding its own against the weight of the depression. It is hoped that this respite from further taxation will be an encouragement to trade and industry, and thus hasten the process of recovery. To sum up this review of the revenue prospects for this financial year, the estimates, in total, amount to £21,630,000, which is £1,090,000 less than the receipts for last year. As, however, last year's receipts fell short of a balanced Budget to the extent of £2,140,000, the problem resolves itself into a question of reducing the total of last year's expenditure by £3,230,000. The actual reduction in items required to balance the Budget is round about £4,250,000, for, as pointed out in the preliminary Statement, in the ordinary course a substantial amount of additional expenditure has to be provided for. A reference to the summary of last year's expenditure, given earlier in this Statement, will show that about 40 per cent, consists of debt services, and that a large proportion of the remainder is of a rigid nature. Thus the scope even for drastic reductions is not nearly as large as might be supposed when considering merely the total of expenditure. This fact was recognized by the 1932 Economists' Committee, which considered that a further reduction of £2,250,000 was about as much as could be expected without unduly impairing existing social services or breaking down the organization of the Public Service. Further, while recognizing on the one hand that the finances of the State must not be allowed to get out of hand —for that would only accentuate the difficulties of the Dominion generally —on the other hand the Government was concerned not to add to those already formidable difficulties in the effort to balance the Budget. In other words, the Government is not losing sight of the fact that Budget stability is a corollary to economic recovery. Accordingly, after a careful consideration of all aspects of the problem, it was considered advisable not to attempt to restore Budget equilibrium this financial year, but to confine our efforts to reducing the deficit to not more than £2,000,000. This is considered to be a manageable amount, which will not disturb the financial stability of the country. At the same time, it should not be overlooked that this programme means incurring further floating debt which has to be liquidated sooner or later. Thus the programme adopted is an extraordinary one, designed to provide a breathing-space. It cannot be continued for long, for to pile up debt of this nature is only building up a further serious obstacle to economic restoration. ECONOMY MEASURES. Towards the close of last financial year, as soon as it became evident that the country was faced with further heavy contractions in the revenue, a National Expenditure Commission was set up to review the expenditure in detail and make recommendations to the Government for effecting forthwith all possible reductions. The interim report of the Commission was presented during the special session called principally to give effect to some of its most important recommendations. The final report has just recently been presented to this House, and the thanks of the country are due to the members of the Commission for the painstaking manner in which they carried out the onerous duty placed upon them. Since the report has been received the Government has been busily engaged in considering the recommendations. A great many of these have been adopted and are reflected in the Budget estimates. In fact, much has been done in a relatively short time to effect reductions, but making extensive economies in services takes a long time. In many of the cases already approved the full saving will not be obtained until next financial year. Some of the recommendations, notably those relating to hospital reorganization, involve far-reaching changes and call for very careful consideration before any action can be taken. Even if adopted, the full benefit would not be obtained for some years. That in itself, is of course, no

Budget programme,

Economy measures.

2—B. 6.

8.—6.

reason why such recommendations should not be adopted. In fact, a permanent lightening of the burden of expenditure must to a large extent depend upon farreaching changes to obtain equal service at less cost, or a definite curtailment of services rendered by the State. After the reductions tliat have been made in recent years, the possibilities of effecting further savings in administrative costs of existing services are very limited. However, a steady pressure is being maintained to keep costs as low as possible. As already indicated when submitting the final report,- one of the most important matters dealt with by the Commission was the position of the State Superannuation Funds. As honourable members are aware, the financial position of these funds is most unsatisfactory if not precarious. Prompt action to stop the drift is essential, but under present economic conditions the whole cost of placing the funds in a sound position cannot be made a charge on taxation. Accordingly, the recommendations made provide for an overhaul of the whole scheme of superannuation whereby in effect the burden of the rehabilitation of the finances of the funds will be approximately halved between the State and its employees. This part of the Commission's report does not provide for any present saving in public expenditure, but, if adopted, the proposals recommended will have the effect of lightening a definite liability of the State that is becoming increasingly urgent. It is therefore proposed to introduce a Bill along the lines recommended in the report. As to the other recommendations made by the Commission, honourable members will recollect that towards the close of last session a detailed statement was made in this House setting out the savings arising out of the recommendations of the interim report adopted by the Government. The total of the estimated savings this year was £2,040,000, with a further saving next financial year of £246,000. The savings for this year, however, included £150,000 additional credits-in-aid from reparation-moneys, following the expiration of the Hoover moratorium. As reparations have now been practically cancelled, this item will not materialize. The net estimated savings for this year are thus reduced to £1,890,000. Approximately £420,000 of the savings affect the expenditure of the Railways and the Post and Telegraph Departments, and these savings are reflected in the revenue of the Consolidated Fund. Further, the savings estimated by the Commission are based on last year's appropriations, and, as these were underspent to the extent of £140,000, this amount has to be brought into account in making a comparison between this year's estimates and last year's expenditure. In their final report the Commission estimated that their recommendations, if adopted, would result in a total saving of £845,000. This amount includes £300,000 to be obtained from a reorganization of the hospital system, already referred to. The Government has not yet had time to consider this proposal seriously, and, in any case, it would not be possible to obtain any saving from it this financial year. Of the other recommendations, the ones already approved will bring about a further reduction of approximately £210,000 in the annual votes for this financial year. When it is remembered that salaries and wages account for about £5,000,000 out of the £6,630,000 expended under last year's votes, it will be realized that the saving of £210,000 is a more drastic one than appears at first sight. A further saving to the Consolidated Fund, though not to taxpayers, arises out of the change made in the finances of the Unemployment Fund. Legislation passed last session abolished the subsidy from the Consolidated Fund. Provision has, however, been made for £167,000 of subsidy payable up to the time the amending Act came into operation. The net saving to the Consolidated Fund is thus £950,000. There is also a saving of £140,000 in hospital subsidies, due to the Unemployment Board relieving the Hospital Boards of a portion of the responsibility of supplying charitable aid. The estimated fall of £200,000 in the revenue from what is usually known as motor taxation automatically reduces by a similar amount the charge against the Consolidated Fund for transfers to the Main Highways Account and the local bodies. In addition, there is, of course, the special amount of £500,000 included in the National Expenditure Commission's recommendations and provided for by legislation passed last session.

State Superannuation Funds.

Savings in expenditure.

8.—6.

Following the Hon. Mr. Downie Stewart's personal representations in London in regard to our difficulties, Great Britain has again extended a helping hand by consenting to postpone for another year all payments due on our Funded War Debt and certain other debts due to the British Government. The additional relief to this year's Budget is £825,000, in addition to which a saving of £47,000 will accrue to the State Advances Office. Our grateful thanks are due to the Mother-country for this substantial measure of assistance during the acute period of our troubles. Apart from these postponements, debt charges would have shown an increase of £325,000 due to the last London loan and the extensive use of Treasury bills and and other forms of borrowing to finance the remittances to London, last year's deficit, &c. As it is, there is now an estimated net decrease in debt charges amounting to £500,000. Against all these savings there has to be set various unavoidable increases, estimated at £975,000. This sum is made up as follows : — Reimbursement of State Advances and other Funds £ of amount of reduction in mortgage interest under the National Expenditure Adjustment Act .. 250,000 Additional pensions .. .. .. .. 200,000 Increased cost of lime and fertilizer subsidies to assist farmers .. .. .. .. .. 135,000 Naval defence—Commissioning of second cruiser . . 55,000 Shrinkage in credits-in-aid .. .. .. 115,000 Other miscellaneous items (net) .. .. .. 220,000 £975,000 The first item to cover reductions in mortgage interest is provided for out of the additional stamp duties derived from the 10-per-cent. duty on interest on Government securities. The additional pensions are mostly old-age pensions and family allowances. The increase is considerably more than usual, and reflects the difficult times we are passing through. As to the shrinkage in credits-in-aid, this item is not in itself an increase, but has the effect of increasing the net total of the votes. These credits-in-aid are various recoveries and other receipts not brought in as revenue, but set off against the gross expenditure. They are, however, affected in the same way as revenue by the prevailing economic conditions. All the adjustments made in the expenditure estimates may be summarized as follows: — Reductions. From National Expenditure Commission's £ recommendations .. .. .. .. 2,100,000 Less — Amounts affecting Railways and Post Office reflected in the £ revenue .. .. .. 420,000 Under-expenditure of appropriations last year .. .. 140,000 — 560,000 £ 1,540,000 Motor taxation .. .. .. .. . . 200,000 Hospital subsidies .. .. .. .. 140,000 Unemployment subsidies .. .. .. .. 950,000 Debt charges .. .. .. .. 500^000 3,330,000 Less increases and new items .. .. .. 975,000 Net reduction on last year's expenditure .. £2,355,000

Further postponement of funded debt payments.

Increases in expenditure.

Summary of reductions.

8.—6.

BUDGETARY POSITION. Deducting this net saving of £2,355,000 from the amount of last year's expenditure —viz., £24,860,000 —brings the net total of the estimates to be presented to the House down to approximately £22,505,000. The precise amount of the estimates is £22,507,442. Pursuant to legislation passed last session, a large part of the expenditure hitherto provided for under permanent appropriations has now been included in the annual votes. Honourable members will, I think, be interested to note that the expenditure provided for may be broadly classified as follows : — £ Debt services .. .. .. 10,012,000 Transfer of motor taxation .. 1,110,000 Exchange .. .. .. 350,000 Other permanent charges .. .. 473,000 £ Total permanent appropriations .. 11,945,000 Social services .. .. .. 6,870,000 Defence .. .. .. .. 631,000 Law and order . . . . .. 688,000 Development of primary and secondary industries .. .. .. 897,000 Administrative and general .. 1,476,000 Total annual votes . . .. . . 10,562,000 Total estimated expenditure .. .. £22,507,000 Full details will be found in the printed estimates. In order to set out the position more clearly, I have arranged for the annual votes to be grouped in the summary under suitable headings. The revenue for the year, which I have already reviewed in detail, may be summarized as follows : — Taxation — £ Customs .. .. .. 5,700,000 Beer duty .. .. . . 640,000 Film-hire tax ~ .. 35,000 Motor - vehicles — Duties and licenses .. .. 1,610,000 Stamp and death duties .. 2,900,000 Land-tax .. .. .. 515,000 Income-tax .. .. .. 3,400,000 £ 14,800,000 Interest — Railways .. .. .. 740,000 Post and Telegraph .. . . 540,000 Public Debt Redemption Fund 645,000 Other public moneys .. 625,000 2,550,000 Other receipts — From reserves .. .. 2,500,000 Post and Telegraph profits .. 470,000 Other items.. .. .. 1,310,000 4,280,000 £21,630,000 This leaves the Budget in the following position :— £ Expenditure estimates .. .. . . . . 22,507,442 Revenue .. .. .. .. .. 21,630,000 Shortage .. .. .. .. £877,442

Budgetary position.

Expenditure.

Revenue.

Summary.

8.—6.

A small amount will probably be required for supplementary estimates and contingencies, but I consider that we can now be reasonably certain of keeping the deficit within £1,000.000, which is half the amount allowed for in the initial programme for the year. Most of the additional saving arises out of the generosity of Great Britain. Given a little acceleration along the road to economic recovery we may be able to reduce the deficit still further. The prospective deficit has been reduced to this amount partly by an easing-off or cessation of the fall in the various items of revenue, but mostly by reductions in expenditure/ For the reasons already indicated, there will be no increases in taxation this year; in fact, there will be some reductions in giving effect to the Ottawa agreements. Further, it should not be overlooked that the people are already receiving considerable benefit from the restoration of penny postage. The Government is anxious to assist trade and industry by making further reductions in taxation, and will continue its efforts to keep expenditure down to a minimum in order that action in this direction may be taken as soon as possible. As far as Ī am aware, this is the first time that this Dominion has been so hard pressed as to find it necessary or advisable to budget for a deficit, and the fact is eloquent testimony of the extent to which a landslide in price-levels can strain the whole economic and financial structure of the country. UNEMPLOYMENT. Unemployment unfortunately continues to be the most intractable and distressing problem with which we are faced. The further fall during the year in the value of exports by reducing the general spending-power of the community and thus lessening the demand for labour has undoubtedly accentuated the trouble and made the Government's task in providing relief a particularly difficult one. There can, of course, be no permanent solution of the problem until the unfortunate men and women now unemployed can be reabsorbed in profitable trade and industry. A return of business confidence and increased activity locally can do a great deal to ease the situation, but, as we are so predominantly an exporting country, our prosperity largely depends upon events overseas, and in particular upon the prices for food and primary products in Great Britain. The present indications of an upward tendency in those prices are heartening, and we can only hope it will continue. In the meantime the wage-earners and those still in receipt of income are being heavily taxed, and with the proceeds of such taxation the Unemployment Board and the Government are doing their utmost to provide relief work of as productive a nature as is possible under the circumstances. The resources of the Unemployment Fund during the past financial year amounted to £2,439,000, of which £1,249,000 was derived from levies and the emergency unemployment charge, and £1,119,000 from the Consolidated Fund, the remainder being the balance brought forward and sundry items. The disbursements consisted of administration expenses, £37,000, and £2,216,000 expended on various schemes for providing work. Subsidizing emplovment on farms absorbed £137,000, while £12,500 was expended on rural camps and £55,000 for miscellaneous items. The bulk of the expenditure, £2,013,000, was incurred on what is known as No. 5 Scheme, being for the most part works carried out for the benefit and under the supervision of local bodies throughout New Zealand. Towards the end of last financial year it became evident that the financial l resources placed at the disposal of the Unemployment Board were quite inadequate 1 to cope with the increasing numbers of unemployed. Further, the position of the Consolidated Fund was such that it was deemed advisable to relieve it of the burden of the £l-for-£l subsidy provided for under the original legislation. Accordingly unemployment finance was entirely separated from the generaf Budget and the special taxation on salaries and wages and other income was raised to Is. in the £l, operative from the Ist May last. On this basis the income at the disposal of the Board up to the 31st March next is now estimated at £3,967,009, made up as follows : — £ Levies .. .. .. .. .. 400,000 Wages-tax .. .. .. .. .. 2,400,000 Tax on other income .. .. .. 1,000,000 Subsidy from Consolidated Fund .. .. .. 167,000 £3,967,000

Unemployment.

Unemployment Budget, 1932-33.

3—B. 6.

B —6.

The expenditure of the Board to the 31st August amounted to £1,526,000 and the commitment for September to approximately £409,000. The balance availLabe for the last six months of the year is thus £2,032,000, which is slightly more than halt of the estimated revenue. . . , , On the face of things, this would appear to be satisfactory ; but it is pointed out that the expenditure was based on £50,000 a week for Art £TO,OOO £ week far May and June, and did not reach the present level of £91,000 a week unt 1 July. A small calculation will show that the amount still available will uot be sufficient to provide for a continuance of expenditure at the present rate for the balance of the year It seems likely, however, that we have now'bached the peak of unemplovment, and the commencement of seasonal work with the comir g of spring and the summer, combined with indications of better times ahead, warran . the expectation that the number of men out of normal occupation will decrease. It is not therefore, proposed to increase the taxation imposed for unemployment purposes—in fact, to do so would only tend to check the incipient recovery of business and thereby prolong or even increase the trouble we are all endeavouring to cure The rapidity with which the problem developed has made it difficult for relie work to be directed along fully reproductive and permanent channels, but, standing the many obstacles, this has been the mam objective, both m the establish ment of the rural schemes and as far as possible m those carried out m co-operation with local bodies and Departments of State. As already indicated, Scheme No. 5 absorbed most of the funds expended last financial year. More recently greater attention has been paid to developing schemes for productive employment that will be of direct assistance to farmers. Work on the farms is directly subsidized, and in collaboration with the Lands Department men have been engaged in rehabilitating abandoned farms. There are also farm camp schemes for single workers, and a scheme for placing youths over sixteen years o age on suitable stations. In addition, camp schemes have_ been inaugurated for carrying out developmental work, such as clearing and draining land, improveme: i of backblock roads, &c. Moreover, in spite -of the many difficulties involved, much in the way of reproductive work has been done through the agency of Scheme Mo. 5, particularly since the extension of the scheme to enable local bodies to farms where the owner is himself not able to engage additional labour for the work available. The percentage of men engaged in work of reproductive nature under Scheme No. 5 has risen from twenty for October, 1931, to forty for August las . A further 20 per cent, has been engaged in such works as improvement, ot domains, parks, reserves, school and hospital grounds. +QVQ +irvn In addition to the activities financed out of the unemployment taxation, arrangements have also been made to borrow up to £500,000 for capital expenditure under what is generally known as the "small-farm" plan whereby workers are being housed and installed on small areas of land m the country. The Unemplovment Board has also supplied funds for the relief of unemployed Maoris. This money has been utilized in forwarding the land-development schemes under the direction of the Hon. the Native Minister The settlement of Native lands will increase production, solve some noxious-weeds and rabbit-pest problem , and provide a remedy for unemployment among the Maoris concerned. As a result of the Native-land development activities some eight hundred separate holdings are being farmed by Maoris under expert supervision, and this number will be° considerably increased each year. . T - A somewhat similar contribution to the solution of the problem is also being made by the Hon. the Minister of Lands and the Land Development Board. The principal activity has been in the direction of developing areas o unoccupied Crown lands that can be made suitable for settlement, together wii assistance to individual settlers selecting undeveloped Crown sections. During the period Ist January, 1929, to 30th June last over 790,000 acres of land have^ been selected on permanent tenure, involving 2,190 farms. These selections include 1,000 entir Side n by f S™ S with the opening-up of Crown lands for selection, development work has been carried out on twelve blocks totalling 78,000 acres. Over 12,000 acres have already been laid down in grass, while 8,600 acres have been cleared

Reproductive works.

Native-land development.

Crown lands development,

B—6.

of scrub and bush. On the Ngakuru blocks of pumice land in the Rotorua district an area of 4,000 acres has been laid down in grass, and a very promising pasture has been established at a reasonable cost. A fully equipped demonstration dairyfarm has been established on one of the sections, and the returns have been satisfactory. As there are large areas of pumice land in that part of the country, the success of this experiment will be of great benefit to the Dominion. HAWKE'B BAY EARTHQUAKE. During the past year rapid progress has been made in the work of rehabilitating the areas in Hawke's Bay which were devastated by earthquake in February, 1931. The Relief Fund was administered by a central committee, with the Public Trustee as executive officer. Public subscriptions with interest accumulated on the temporary investment of the funds amounted to about £400,000. The work of applying the fund to the purpose for which it was raised has now been practically completed, the money being expended mainly on the following items : — Food, clothing, medical attention, and temporary accom- £ modation .. . . .. .. .. 95,000 Assistance for repairs to 8,500 dwellings . . .. 241,000 Permanent provision for persons injured and dependents of persons killed or injured .. .. .. 47,000 Grants for personal losses . . .. ... 8,000 Assistance to elderly persons unemployed as a result of the earthquake .. .. .. .. 2,000 £893,000 The Hawke's Bay Adjustment Court set up to facilitate a general adjustment of pre-earthquake liabilities has dealt with the large number of cases that have come forward to date. Any further cases brought forward will be dealt with as they arise. The Rehabilitation Committee has also dealt with all claims for assistance out of the special funds provided for the purpose by the State. The work of the Committee which has now been completed has, generally speaking, given satisfaction, and the assistance recommended by it has materially helped sufferers from the earthquake to rehabilitate themselves. The members of the Committee are to be commended for the efficient manner in which they have carried out a difficult task. As to the cost to the State, honourable members will be interested to know that in the aggregate loans and grants to individuals amounted to £840,000, while £250,000 has been lent to the local bodies in the area. The administration expenses to date amount to £4,940. In addition, the State has been put to considerable expense in restoring railways, roads, bridges, buildings, telegraph-lines, &c. —all of which by the time the work is completed will cost approximately £675,000. The cost of the earthquake to the State is thus approximatelv £1,770,000, made up as follows : —- £ Immediate assistance and restoration of public services , 55,000 Rehabilitation grants and loans for business and other purposes .. . . .. .. .. 840,000 Loans to local bodies for restoration of services . . 250,000 Public buildings .. .. .. .. .. 200,000 Roads and bridges .. .. .. v 84-, 000 Railway-lines .. .. .. .. .. 35,000 Surveys, maps, &c. .. .. .. .. 72,000 Assistance from Unemployment Fund mostly for roads, sewerage, stop-banks, clearing away, debris, &c. 100,000 Other miscellaneous costs .. .. .. .. 134,000 £1,770,000

Belief Fund.

Hawke's Bay Adjustment Court.

Behabilitation Committee.

Cost to the State.

8.—6.

The assistance afforded to earthquake sufferers, together with the amount transferred to the Consolidated Fund last year, has reduced the Reserve Fund to a realizable value of approximately £200,000. PUBLIC WORKS. The expenditure under this important branch of the State's activity was materially reduced during last financial year. Uneconomic works have been "closed down, for it is the Government's desire to avoid as far as possible increasing the interest burden on taxation, which such expenditure necessarily causes. Furthermore, owing to the disturbed conditions that prevailed, loan-moneys were difficult to raise. The total net expenditure for the year was £4,794,000, and the extent to which expenditure of this nature has been reduced will be appreciated when I remind honourable members that the corresponding total for the previous year was £8,487,000. Last year's expenditure was, in fact, the lowest since the resumption of activities after the war. The main headings comprising the total of £4,794,000 were as follows £ Railway construction, additions, and improvements .. 1,021,000 Main highways and roads .. .. .. 1,580,000 Hydro-electric works .. .. .. 1,324,000 Public buildings (including schools) .. .. 480,000 Telegraphs and telephones . . .. .. 258,000 Irrigation, land and river improvements .. .. 124,000 Miscellaneous works .. .. .. 7,000 £4,794,000 It has been the experience in recent years for the expenditure on railways to constitute the major item in public-works expenditure, but on this occasion it will be seen that the expenditure is relegated to third place. The average capital expenditure on railways during the previous three years, it may be stated, amounted to £3,218,000, whereas last year the expenditure was only £1,021,000. This substantia] reduction is due not only to the factors to which I have already drawn attention, but to the policy adopted by the Government in 1931, when the railways were placed definitely upon a commercial basis under the control of a non-political Board. Of the total expenditure on railways last year of £1,021,000, the sum of £643,000 was in respect of new construction works, and the balance on improvements and additions to lines already open. The new construction expenditure was incurred mainly on the Stratford to Main Trunk connection, which is now the only new line on which operations are proceeding actively. The provision which it is proposed to make in this year's estimates will be sufficient to complete the work. The expenditure of £377,000 on improvements and additions to existing lines was mainly in connection with the purchase of additional rolling-stock, and also on the Tawa Flat Deviation near Wellington. In regard to main highways and roads, the sum of £383,000 was expended in construction work on main highways, and £1,197,000 on ordinary roads, bridges, and tracks. Wages form a high proportion of the expenditure on roadwork, and the expenditure for that purpose has been of considerable assistance in relieving unemployment. Expenditure on hydro-electric works is the only class which shows an increase compared with the previous year. The capital expenditure was mainly in respect of the Waitaki scheme, which will eventually link up with the station on Lake Coleridge, and on Arapuni, where, as honourable members are aware, further remedial measures were necessary. The total outlay by the State on hydro-electric works is now £11,500,000, of which almost £10,000,000 represents assets in operation. The gross revenue from all schemes was £680,000, and after paying all workingexpenses, interest, and making ample provision for depreciation, the schemes collectively showed a net profit for the year of over £37,000.

Public works.

Railway construction, &c.

Hydro-electric works.

8.—6.

The expenditure on public buildings includes £268,216 on school buildings, £114,464 on postal buildings (which become a capital liability of the Post Office)' and £50,200 on mental hospitals. Of the expenditure on school buildings, £124,944 was in respect of primary schools, and the balance on secondary schools and technical colleges. The balance of the total expenditure, included under the heading of "Miscellaneous," consists of land-improvement works, such as irrigation, drainage, and flood protection, also harbour and lighthouse works, details of which will appear in the Public Works Statement, which will be tabled later in the session. This completes a brief review of the expenditure on public works during the past year, but before leaving the subject I may explain that the Government proposes to adhere to the policy of tapering off expenditure on all forms of capital works as far as circumstances will permit. A large proportion of the major public works— hydro-electric works and railway-construction— are rapidly approaching completion, and consequently there is no justification for continuing heavy expenditure for these purposes beyond the immediate needs of the Dominion. At the same time, it is appreciated that a sudden cessation of such works would accentuate the present unemployment difficulties, and thus be of no real advantage. Moreover, it is desirable to complete the works already begun, where these will show a remunerative return on the capital invested, as quickly as possible, in order that they may become revenue-producing and so ease the burden on the general taxpayer. A matter to which I wish to draw attention at this stage is the change introduced this year in submitting the public-works estimates. Arising out of a recommendation of the National Expenditure Commission, these estimates will in future be submitted under cover of the Budget at the same time as the ordinary revenue estimates. The whole of the Government's financial proposals will thus be available at the same time, and honourable members will have more time to consider the estimates of capital expenditure. The Public Works Statement will be brought down separately, as is the case with other departmental reports. Apart from the other considerations already referred to, the public-works programme for the ensuing year is, of course, limited by the amount of loanmoneys available, and this will be dealt with under the heading of the London loan. Including £450,000 from railway depreciation reserves for replacement of rolling-stock, &c., the total amount available for public works this year is £2,700,000. Plus includes £500,000 for the small-farm plan previously referred to. Approximately £560,000 will be expended on railway improvements and additions (principally the Tawa Flat Deviation and new rolling-stock), £477,000 on roads and highways, and £400,000 on hydro-electric constructional works, of which the Waitaki scheme will be responsible for the greater portion of the expenditure. In addition to the amount to be provided for public works, the sum of £830,000 will be required for capital expenditure in connection with the Government's landdevelopment schemes, including £150,000 in respect of Native lands, and also £180,000 for State-forests purposes. These allocations represent further substantial reductions even on last year's expenditure, but under the circumstances there is no alternative, and the Government is unwilling to be a party to adding to the already heavy debt charges which have to be found by the taxpayer. To illustrate this point, I may explain that 13 per cent, of the value of the Dominion's exports was sufficient "to meet the external public debt charges for the year ended 31st March, 1929, whereas last year no less than 21 per cent, was required to meet these overseas obligations. Debt charges which we could comfortably afford in more prosperous times have now become a real burden on the community. LONDON LOAN, 1932. As already announced during the emergency session held in the early part of ] this year, a loan of £5,000,000 was underwritten in London on the 4th April last. The issue price was £98 10s. per £100. The loan bears interest at 5 per cent." per annum, and will mature on the Ist November, 1971, but on or after the Ist November, 1956, the Government will have the option to repay all or part of

Public buildings.

Public-works estimates.

London Loan, 1932.

8.—6.

the loan on. the giving of three months' notice to the stockholders. The annual cost to the State of this loan is approximately £5 ss. sd. per cent., and the return to the investors, allowing for redemption at the later maturity date is £5 2s 2d. per cent. Considering the conditions which applied at the time this loan was raised, the terms must be regarded as satisfactory. Of the £5,000,000 which was thus raised, the sum of £4,000,000 was devoted to the repayment of Treasury bills which fell due in London in June last, leaving only £1,000,000 of overseas loan-moneys available for capital works during the vear. This £1,000,000 was apportioned half to general public works purposes and half to hydro-electric power works. The balance of the loan-moneys required to complete the Government's programme of capital works for the year will be provided from funds to be raised locally. PUBLIC DEBT. At the 31st March last the public debt of the Dominion totalled £281,942,800. This amount includes the £3,030,000 of outstanding revenue bills previously referred to. Apart from these bills the net increase in the debt for the year was £2,879,442, which, I am pleased to state, is substantially less than has been the case for some years past. . The gross additions to the debt, apart from the Treasury bills, consisted ol £4,797,300, applied as follows Public works (including hydro-electric supply and £ main highways) .. .. •• •• 4,422,300 Native-land settlement .. .. •• •• 175,000 State forests .. .. • • • • • • 200 > 000 £4,797,300 Of this amount, £4,000,000 was derived from the London _ Loan of June, 1931, and the balance was raised in New Zealand from time to time as required. Of the New Zealand issues, £98,450 represents the proceeds of the sale of lost Office investment certificates and departmental investments, bearing interest at from 4|- per cent, to 5| per cent., while the balance of £698,850 was received direct from the public and bears interest at 5 per cent, or 5-| per cent. In partial reduction of the gross additions to the debt must be set oft repayments during the year amounting to £1,917,858, leaving a net increase, as already stated of £2,879,442. These repayments were applied as follows £ Under Repayment of Public Debt Act, 1925 .. 1,264,330 Under funded-debt agreement with British Government 221,035 Reparation receipts, &c. . . . . ■ • • • 51,630 From separate accounts • . • • • ■ 380,863 £1,917,858 Of this total, £221,235 was repaid in London, £261,900 in Australia, and the balance of £1,434,723 in New Zealand. The payment of £1,264,330 under the Repayment of the Public Debt Act, 1925, represents the year's operations under the statutory debt-repayment scheme established as from the Ist April, 1925. • In connection with the funded-debt payment, honourable members will recollect that, arising out of an extension of the "Hoover" moratorium, _ Great Britain offered to postpone the second instalment of the amount payable in terms of her agreement with us. The offer was accepted, and as a result only the first half-year s instalment appears in last year's accounts.

Public Debt,

Additions to debt.

Debt repayment.

8.—6.

The actual transactions (hiring the year may be summarized as follows : — £ Debt as at Ist April, 1931 , , .. 276,033,358 Add new loans raised — £ Public works . . . . 4,422,300 Native-land settlement ~ 175,000 State forests ~ . . 200,000 _ 4,797,300 Revenue bills outstanding (floating debt) . . 3,030,000 283,860,658 Less redemptions — Ordinary debt .. - . . . 755,203 War .. .. .. . 835,635 Discharged soldiers . , . , 35,660 State advances .. ~ .. 291,360 — 1,917,858 Debt as at 31st March, .1932 . . .. £281,942,800 Classification of Debt. £ Ordinary .. .. .. .. .. 170,749,008 War .. .. .. .. .. 66,876,165 Discharged soldiers .. .. . . . . 7,668,876 State advances .. .. .. .. 36,648,751 £281,942,800 Domicile of Debt. £ London .. .. .. .. .. 159,641,855 Australia .. .. .. .. .. 3,914,550 New Zealand .. .. .. .. 118,386,395 £281,942,800 Before leaving the subject of public debt, I may state that the possibility in future of raising additional funds overseas at a reasonable cost is at present uncertain, and we must be prepared to rely more on the local market for our essential capital requirements. As I have already pointed out, of the loan of £5,000,000 raised in April last, only £1,000,000 is available for capital works this financial year, and the balance of our requirements will have to be raised locally. Only a comparatively small amount of debt is due for repayment overseas this year, but, as indicated earlier in this Statement, the Government has the option, at any time after the 16th July last on giving three months' notice, to repay the £5,000,000 bonds issued in London in 1931. These bonds are very costly to the State (approximately £6 Is. 3d. per cent, per annum), and it would be advisable to exercise the option as soon as conversion can be secured on favourable terms. Loans falling due locally during this financial year amount to £5,301,170, of which £4,136,150 is held by the public and £472,120 represents Post Office Investment Certificates. Of the total of £5,301,170 the sum of £155,660 has already been redeemed and the debt reduced accordingly. To the extent that the available funds provided by the statutory debt-repayment scheme are not sufficient to cover the redemption of such portions of these loans as are not renewed, the funds derived from new investments will be required for this purpose. This may further decrease the amount that can be made available for capital expenditure on public works.

Debt tiansaetions.

Classification of debt,

Domicile of debt,

Loans falling due,

8.—6.

As already indicated, however, we cannot afford to go on increasing the burden of debt charges even if the necessary capital is offering. Until such time as the existing burden is lightened by a rise in the price-level or increased population and national wealth our policy must be to borrow only for such works as will be sufficiently productive to provide for interest on the capital invested. With half-completed works in hand and so many unemployed this policy presents difficulties, but it is essential that it be adhered to as closely as is practicable under the prevailing circumstances. CONCLUSION. That, gentlemen, concludes my review of the general financial situation and of the budgetary position of the Dominion. Our people have had a gruelling time, but have faced up to their formidable difficulties in a manner that is in keeping with the best traditions of the race to which we are proud to belong. All tilings considered, our economic and social organization has withstood the tremendous dislocation and strain remarkably well. New Zealand is still a going concern. We are not out of trouble yet —far from it —but it seems that the worst is past, and the outlook is brightening. As we now enter upon what I believe to be the up grade, renewed confidence will give powerful aid to persevering effort and accelerate our progress along the road that leads to prosperity and better times. Courage, initiative, and hard work are called for. The Government can be depended upon to do its utmost to smooth the way.

Conclusion.

8.—6.

TABLES TO ACCOMPANY THE FOREGOING STATEMENT.

Page Table No. 1. —Abstract of Receipts and Expenditure oe the Financial Year ended 31st March, 1932. See Parliamentary Paper 8.-l [Part I], Table No. 2. —The Public Debt on 31st March, 1932. See Parliamentary Paper 8.-l [Part lII], Table No. 3. —Revenue eor the Year ended 31st March, 1932, compared with the Year ended 31st March, 1931 .. .. .. .. .. .. .. .. ii Table No. 4. —Comparative Statement oe the Estimated and Actual Revenue op the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1932 .. .. .. .. .. .. .. .. .. iii Table No. 5. —Estimated Revenue eor 1932-33, compared with the Actual Revenue pop 1931-32 .. iv Table No. 6. —Stamp and Death Duty Revenue for the Year ended 31st March, 1932, compared with the Year ended 31st March, 1931 .. .. .. .. .. .. iv Table No. 7. —Statement oit the Customs Duties collected por 1931-32, compared with 1930-31 .. v Table No. 8. —Statement op the Actual Net Expenditure op the Consolidated Fund (Ordinary Revenue Account) por the Financial Year ended 31st March, 1932, compared with the Year ended 31st March, 19S1 .. .. .. .. .. v Table No. 9. —Comparative Statement op the Appropriated and Actual Expenditure oe the Consolidated Fund (Ordinary Revenue Account) eor the Financial Year ended 31st March, 1932 .. .. .. .. .. .. .. .. vii Table No. 10. —Estimated Net Expenditure eor 1932-33, compared with the Actual Net Expenditure por 1931-32 .. .. .. .. .. .. .. .. .. viii Table No. 11. —Statement showing how Accumulated Surpluses have been applied .. .. ix Table No. 12. —Public Works Fund —Statement showing Net Expenditure under Appropriations por the Year ended 31st March, 1932, compared with the Year ended 31st March, 1931 x Table No. 13. —Statement showing the Total Ways and Means op the Public Works Fund, General Purposes Account, and the Total Net Expenditure to 31st March, 1932 .. xi Table No. 14. —Statement showing the available Financial Rbsources op the various Accounts on the 31st March, 1932, as compared with the 31st March, 1931 .. .. .. xiii Table No. 15. —Statement showing the Amount charged to "Unauthorized " in each Financial Year prom Ist April, 1921, to 31st March, 1932 .. .. .. .. .. xiv Table No. 16. —Summary op the Public Debt and op the State Assets which may be set opp against it, as at 31st March, 1932 .. .. .. .. .. .. „. xiv Table No. 17. —Statement showing Loans palling due in the Seven Years ending with the Year 1939, excluding Imperial Debt Repayments .. .. .... .. xvi Table No. 18. —Statement op Half-yearly Instalments op Principal and Interest for Repayment of Debt punded with Imperial Government .. .. .. .. ..xvi Table No. 19.—Education Expenditure—Total Expenditure on Education out op Public Funds since 1913-14 .. .. .. .. .. .. .. .. .. xvii Table No. 20. —Statement of Amounts paid on account of Pensions for tiie Financial Years ended 31st March, 1928 to 1932 .. .. .. .. .. .. .. xviii Table No. 21.—Statement showing Imports and Exports of the Dominion in each Financial Year ended 31st March, 1923 to 1932 .. .. .. .. .. .. xviii

i—B. (3.

B.—'6.

Table No. 3 Revenue for the Year ended 31st March, 1932, compared with the Year ended 31st March, 1931.

Year ended Year ended 31st March, 31st March, Increase. Decrease. 1932. 1931. Taxation— £ £ £ £ Customs .. .. .. .. 5,904,348 7.605,976 .. 1,701,628 Beer duty .. .. .. .. 641,080 575,100 65,980 Film-hire tax .. .. .. .. 41,207 41,756 .. 549 Motor-vehicles —Duties, licenses, &c. .. 1,814,186 1,840,590 .. 26,404 Stamp and death duties .. .. .. 2,799,204 3,387,335 '.. 588,131 Land-tax 542,128 1,145,617 .. 603,489 Income-tax 4,447,814 4,003,606 444,208 Total—Taxation .. .. .. 16,189,967 18,599,980 510,188 2,920,201 Interest — On capital liability— Working railways .. .. .. 841,720 685,000 156,720 Postal and telegraph .. .. .. 550,000 504,000 46,000 On Public Debt Redemption Fund .. 699,790 858,893 .. 159,103 On other public moneys .. .. .. 776,628 866,981 .. 90,353 Total—Interest .. .. .. 2,868,138 2,914,874- 202,720 249,456 Other receipts — Registration and other fees .. .. 199,032 223,206 .. 24,174 Na/tional-endowment. revenue .. .. 79,824 118,869 .. 39,045 Territorial revenue .. .. .. 153,894- 187,409 .. 33,515 Justice 180,111 220,321 .. 40,210 Marine .. .. .. .. .. 93,930 103,811 .. 9,881 Native 5,519 6,697 .. 1,178 Post and Telegraph Department profits .. 941,616 .. 941,616 Printing and Stationery .. .. .. 170,529 244,780 .. 74,251 Stamp duties .. .. .. .. 49,538 77,097 .. 27,559 Tourist and Health Resorts .. .. 59,985 70,456 .. 10,471 Miscellaneous .. .. .. . . 228,693 286,303 .. 57,610 Recoveries on account of expenditure of 4,132 15,128 .. 10,996 previous years From reserves .. .. .. ■ ■ 1,494,825 .. 1,494,825 Total—Other receipts .. .. 3,661,628 1,554,077 2,436,441 328,890 3,149,349 3,498,547 3,149,349 Totals .. .. .. 22,719,733 23,068,931 .. 349,198

B.—6.

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, 1932.

III

Difference. Estimate for Actual for 1931-32.* 1931-32. More . j Lrss . ! ~ Taxation— £ £ £ £ Customs .. .. .. .. 6,750,000 5,904,348 .. 845,652 Beer duty .. .. .. .. 650,000 641,080 .. 8,920 Film-hire tax .. .. .. .. 50,000 41,207 .. 8,793 Motor-vehicles —Duties, licenses, &c. .. 1,760,000 1,814,186 54,186 Stamp and death duties .. .. .. 2,990,000 2,799,204 .. 190,796 Land-tax .. .. .. .. 625,000 542,128 .. 82,872 Income-tax .. .. .. .. 4,935,000 4,447,814 .. 487,186 Total—Taxation .. .. .. 17,760,000 16,189,967 54,186 1,624,219 Interest- — On capital liability— Working railways .. .. .. 930,000 841,720 .. 88,280 Postal and telegraph .. .. .. 535,000 550,000 15,000 On Public Debt Redemption Fund .. 720,000 699,790 .. 20,210 On other public moneys .. .. .. 745,000 776,628 31,628 Total—Interest .. .. .. 2,930,000 2,868,138 46,628 108,490 Other receipts— Registration and other fees .. .. 205,000 199,032 .. 5,968 National-endowment revenue .. .. 70,000 79,824 ; 9,824 Territorial revenue .. .. .. 140,000 153,894 13,894 Justice .. .. .. .. ... 209,000 180,111 .. 28,889 Marine .. .. .. .. .. 95,000 93,930 .. 1,070 Native .. .. .. .. .. 7,000 5,519 .. 1,481 Post and Telegraph Department profits .. 1,090,000 941,616 .. 148,384 Printing and Stationery .. .. .. 190,000 170,529 .. 19,471 Stamp duties .. .. .. .. 68,000 49,538 .. 18,462 Tourist and Health Resorts .. . . 67,000 59,985 .. 7,015 Miscellaneous .. .. .. .. 335,000 228,693 .. 106,307 Recoveries on account of expenditure of 10,000 4,132 .. 5,868 previous years From reserves .. .. .. .. 1,490,000 1,494,825 4,825 Total—Other receipts .. .. 3,976,000 3,661,628 28,543 342,915 129,357 2,075,624 129,357 Total revenue .. .. .. 24,666,000 22,719,733 .. 1,946,267 * Supplementary Budget.

8.—6.

Table No. 5. Estimated Revenue of the Consolidated Fund (Ordinary Revenue Account) for the Year ended 31st March, 1933, compared with the Actual Revenue received for the Year ended 31st March, 1932.

Table No. 6. Stamp and Death Duty Revenue for the Year ended 31st March, 1932, compared with the Year ended 31st March, 1931.

I Estimate Actual Differences.. ! for for I 1932-33. 1931-32. InereM o. Decrease. Taxation— £ £ £ £ Customs .. .. .. .. .. .. 5,700,000 5,904,348 .. 204,348 Beer duty .. .. .. .. .. 640,000 641,080 .. 1,080 Film-hire tax .. .. .. .. .. 35,000 41,207 .. 6,207 Motor-vehicles —Duties, licenses, &e. .. .. 1,610,000 1,814,186 .. 204,186 Stamp and death duties .. .. .. .. 2,900,000 2,799,204 100,796 Land-tax .. .. .. .. .. 515,000 542,128 .. 27,128 Income-tax .. .. .. .. .. 3,400,000 4,447,814 .. 1,047,814 Total—Taxation .. .. 14,800,000 16,189,967 100,796 1,490,763 Interest — On capital liability— Working Railways .. .. .. .. 740,000 841,720 .. 101,720 Postal and Telegraph .. .. .. .. 540,000 550,000 .. 10,000 On the Public Debt Redemption Fund .. .. 645,000 699,790 .. 54,790 On other public moneys .. .. .. .. 625,000 776,628 ! .. 151,628 Total —Interest .. .. 2,550,000 2,868,138 j .. 318,138 Other receipts— Registration and other fees .. .. .. .. 160,000 199,032 .. 39,032 National-endowment revenue .. .. .. 65,000 79,824 1 .. 14,824 Territorial revenue .. .. .. .. 147,000 153,894 .. 6,894 Justice .. .. .. .. .. .. 174,000 180,111 .. 6,111 Marine .. .. .. .. .. .. 124,000 93,930 30,070 Native .. .. .. .. .. .. 5,000 5,519 .. 519 Post and Telegraph Department profits .. .. 470,000 941,616 .. 471,616 Printing and Stationery .. .. .. .. 155,000 170,529 .. 15,529 Stamp Duties .. .. .. .. .. 50,000 49,538 462 Tourist and Health Resorts .. .. .. .. 58,000 49,985 .. 1,985 External A flairs .. .. .. .. .. 82,000 .. 82,000 Miscellaneous .. .. .. .. .. 270,000 228,695 i 41,307 Recoveries on account of expenditure of previous years.. 20,000 4,132 ! 15,868 From reserves .. .. .. .. " .. 2,500,000 1,494,825 1,005,175 Total—Other receipts .. 4,280,000 3,661,628 1,174,882 556,510 1,275,678 2,365,411 1,275,678 i Totals .. .. .. .. 21,630,000 22,719,733 .. 1,089,733

Year Ended 31st March, Item. I Increase. Decrease. 1932. i 1931. I ! £ £ i £ £ Adhesive stamps .. .. 104,057 91,483 12,574 Duty on instruments .. 228,974 326,121 97,147 Estate and succession duty .. ! 1,395,083 1,744,697 .. 349,614 Gift duty .. 49,216 65,038 ' 15,822 Impressed stamps, and duty on 174,470 198,512 .. 24,042 cheques Company licenses .. .. 85,351 87,490 .. 2,139 Sharebrokers'licenses .. 1,521 1,470 51 Bank-note duty .. .. 260,206 233,318 26,888 Totalizator revenue .. .. 410,878 529,143 .. 118,265 Amusements-tax .. .. 74,763 105,936 .. 31,173 Lottery duty .. .. 9,661 .. 9,661 Overseas-passenger duty .. 1,668 .. 1,668 Rates, fines, and miscellaneous 3,356 4,12% .. 771 50,842 638,973 50,842 Totals .. .. 2,799,204 3,387,335 .. 588,131

8.—6.

Table No. 7. Statement showing Customs Duties collected for Year 1931-32, compared with the Year 1930-31.

Table No. 8. Statement of the Actual Net Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1932, compared with the Financial Year ended 31st March, 1931.

I I I 1931-32. ! 1930-3]. Increase. Decrease. £ £ £ £ Spirits, wine, and beer .. .. .. 796,403 1,079,881 .. 283,478 Tobacco, cigars, and cigarettes .. .. 1,518,244 1,544,412 .. 26,168 Apparel and textiles .. .. .. 897,945 1,401,232 .. 503,287 Motor-vehicles and parts* .. .. .. 142,267 637,447 .. 495,180 Other goods .. .. .. .. 1,725,377 2,072,189 .. 346^812 Primage and surtax .. .. .. 824,112 870,815 .. 46,703 Totals .. .. .. 5,904,348 7,605,976 .. 1,701,628 * Excluding tire-tax and petrol-tax earmarked to Main Highways.

Year ended Year ended 31st March, 31st March, Increase. Decrease. 1932. 1931. Permanent appropriations— £ £ £ £ Under special Acts of Legislature— Civil List .. .. .. .. 26,821 30,862 .. 4,041 Debt services— Interest .. .. .. .. 9,035,025 9,267,276 .. 232,251 Amortization of debt— Sinking fund .. .. .. 3,251 3,119 132 Repayment of funded debt .. .. 220,741 425,540 .. 204,799 Repayment of Public Debt Act, 1925 1,190,729 1,207,059 .. 16^330 Transfers to Loans Redemption Account 6,420 2,954 3,466 Securities redeemed.. .. .. 610 .. 610 Administration and management .. 38,168 44,584 .. 6,416 Payments on guaranteed loans .. 17,045 ; 2,573 14,472 Total—Debt services .. .. 10,511,989 10,953,105 18,680 459,796 Grants and subsidies— Hospital and charitable institutions* .. 642,809 670,847 .. 28,038 Education .. .. .. .. 158,873 124.345 34,528 Superannuation Funds and National Pro- 198,749 165,095 33,654 vident Fund Contribution towards Singapore Naval Base 100,000 125,000 .. 25,000 Unemployment Fund .. .. 1,118,753 .. 1,118,753 Subsidies to local bodies for unemployment 11,478 .. 11,478 relief works Miscellaneous .. .. .. 54,730 78,062 .. 23,332 Salaries and honoraria .. .. .. 93,220 101,538 .. 8,318 Pensions— Family allowances .. .. .. 90,100 63,608 26,492 Old-age pensions .. .. .. 1,277,107 1,118,286 158,821 Widows' pensions .. .. .. 340,162 325,998 14,164 War pensions .. .. .. 1,261,778 1,245,499 16,279 Other pensions .. .. .. 106,268 98,639 7,629 Motor-taxation^-Transfers to Main Highways Account .. 1,685,977 1,742,195 .. 56,218 Paid to boroughs .. .. .. 100,541 83,012 17,529 Expenses of collecting, &c. .. .. 21,148 17,555 3,593 Advances .. .. .. .. 2,433 9,523 .. 7,090 Other special Acts— Maintenance of overseas war graves and .. 30,750 .. 30,750 memorials Compensation for stock destroyed or con- 23,236 30,610 .. 7,374 demned Miscellaneous .. .. .. 28,290 21,334 6,956 Total—Other services .. .. 7,315,652 6,051,896 1,449,876 186,120 Total— Permanent appropriations 17,854,462 17,035,863 1,468,556 649,957 * Includes subsidy to Jubilee Institute for the Blind, which is really educational.

8.—6.

Table No. 8 —continued. Statement of the Actual Net Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1932, compared with the Financial Year ended 31st March, 1931—continued.

Year ended Year ended 31st March, 31st March, Increase. Decrease. 1932. 1931. Annual appropriations — £ £ £ £ VoteLegislative Departments.. .. .. 98,046 98,990 .. 944 Prime Minister's Department .. 15,374 14,665 709 Treasury Department .. .. • ■ 37,385 40,329 .. 2,944 National Provident and Friendly Societies 4,697 25,096 .. 20,399 Department Land and Income Tax Department .. 68,202 66,262 1,940 Stamp Duties Department .. .. 97,394 104,839 .. 7,44-5 Public Buildings .. .. •• 41,683 62,381 .. 20,698 Government and other Domains .. .. .. 4,498 .. 4,498 Maintenance and Repairs to Roads .. 9,917 32,848 .. 22,931 Maintenance of Irrigation Works, &c. .. 12,818 16,242 .. 3,424 Native Department .. .. •• 65,709 35,720 29,989 Department of External Affairs . . .. 1,956 41,213 .. 39,257 Cook Islands .. .. • • • • • • 43,895 .. 42,895 Department of Industries and Commerce, &c. 122,954 132,532 .. 9,578 Department of Justice .. .. •• 139,806 135,702 4,104 Prisons Department .. .. •• 96,713 100.713 .. 4,000 Crown Law Office .. .. 5,143 5,727 .. 584 Police Department .. .. •• 413,821 456,672 .. 42,851 Pensions Department .. .. .. 160,564 173,176 .. 12,612 Mines Department .. .. •• 18,679 30,934 .. 12,255 Department of Internal Affairs .. .. 196,841 278,517 .. 81,676 Audit Department .. .. ■ • 24,505 27,773 .. 3,268 Public Service Commissioner's Office .. 4,666 7,140 .. 2,474 Printing and Stationery Department .. 138,044 228,287 .. 90,243 Mental Hospitals Department .. . • 264,427 303,459 .. 39,032 Department of Health .. .. 199,387 244,671 .. 45.284 Naval Defence .. .. .. •• 344,674 418,837 .. 74,163 Defence Department .. .. 182,974 277,799 .. 94,825 Customs Department .. .. •• 86,282 111,532 .. 25,250 Marine Department .. .. •• 101,975 172,509 .. 70,534 Department of Labour .. .. •• 41,475 55,400 .. 13,925 Department of Lands and Survey .. 162,888 165,146 .. 2,258 Scenery-preservation .. .. •• •• 2,303 .. 2,303 Valuation Department .. .. •• 38,900 55,027 .. 16,127 Electoral Department .. .. •• 66,120 9,991 56,129 Department of Agriculture .. •• 440,630 388,277 52,353 Department of Education .. .. 2,851,922 3,230,139 .. 378,217 Department of Scientific and Industrial Re- 51,535 63,371 .. 11,836 search Transport Department .. .. •• 4,813 5,982 .. 1,169 Services not provided for .. .. 18,698 4,585 14,113 Emergency Expenditure Account.. .. 374,473 .. 374,473 Total —Annual appropriations .. 7,006,090 7,672,179 533,810 1,199,899 2,002,366 1,849,856 1,849,856 Total expenditure .. .. 24,860,552 24,708,042 152,510

8.—6.

Table No. 9. NET EXPENDITURE. Comparative Statement of the Appropriated and Actual Expenditure of the Consolidated Fund (Ordinary Revenue Account) for the Financial Year ended 31st March, 1932.

VII

Net Actual Net Difference. Appropriations, Expenditure, ——, — 1931-32.' 1931-32. , T I More. j Less. Permanent Appropriations :— £ £ £ £ Under Special Acts of the Legislature,— Civil List .. .. .. .. .. .. 28,361 26,821 .. 1,540 Debt services— Interest .. .. .. .. .. .. 8,940,675 9,035,025 94,350 Amortization of Debt— Sinking Fund .. .. .. .. .. 3j2 02 3,251 49 Repayment of Funded Debt .. .. .. 236,796 220,741 .. 16 055 Repayment of Public Debt Act, 1925 .. .. 1,203,298 1,190,729 .. 12*569 Transfers to Loans Redemption Account .. .. 3,000 6,420 3 420 Securities redeemed .. .. .. 'jjjq *0jq Administration and Management .. .. .. 35,600 38 168 2 568 Payments on Guaranteed Loans .. .. .. 7,200 17,045 o'845 Total—Debt services .. .. .. 10,429,771 10,511,989 110,842 28,624~ Other services— Hospitals and Charitable Institutions .. .. .. 645,000 642,809 .. 2 191 Education .. .. . ... .. .. 155,534 3,339 Other Grants and Subsidies .. .. .. .. 1.464.313 1 483 710 19 W7 Salaries and Honoraria .. .. .. .. 93,050 93'220 ' "l70 Pensions .. .. .. .. .. .. 3,053,404 3,075,415 22,011 .Motor-taxation .. .. .. .. .. j 1,760,000 1,807,666 47,666 Advances •• •• .. .. .. 8,700 2,433 .. 6,267 Other Special Acts .. .. .. .. ., 77,755 51,526 .. 26,229 Total Other services .. .. ..: 7,257,756 7,315,652 34,687 Total—Permanent Appropriations .. .. ! 17,715,888 17,854,462 1 203,425 64,851 Annual Appropriations :— Vote — Legislative Departments .. .. .. . I g5 577 98 046 2 369 Prime Minister's Department .. .. .. ..I 15'374 ' "l79 Treasury Department .. .. .. .! j 33*986 37*385 3,399 National Provident and Friendly Societies Department .. 4,670 4,697 27 Land and Income Tax Department .. .. .. 68,067 68 202 135 Stamp Duties Department .. .. .. .. 92 5 722 97' 394 4 672 Public Buildings .. .. .. .. j 60,'712 41 ,*683 ..' " 19'o29 Maintenance and Repairs to Roads .. .. .. 14,950 9,917 ō'o33 Maintenance of Irrigation Works, &c. .. .. .. 12 [818 ! l'432 Native Department .. .. .. .. .. j 65,709 '' 2*016 Department of External Affairs .. .. .. j 8,097 l'956 " 6 141 Department of Industries and Commerce, &c. .. .. 130,941 " 7'987 Department of Justice .. .. .. .. .. 2 215 Prisons Department .. .. .. .. .. 91,369 | 96,713 5,344 Crown Law Office .. .. .. .. .. 5,266 5,143 123 Police Department .. .. .. .. .. 424'l88 !! 10 367 Pensions Department .. .. .. .. .. 162,849 j 160.564 .. 2*285 Mines Department .. .. ... .. .. 21,679 18,679 .. 3'000 Department of Internal Affairs .. .. .. .. 197,884 196,841 .. l'o43 Audit Department .. .. .. .. .. 2s'll6 j !! 'ell Public Service Commissioner's Office .. .. .. 5,859 i " 1 193 Printing and Stationery Department .. .. .. 174,779 36'735 Mental Hospitals Department .. .. .. .. 271.840 1 " 7'413 Department of Health .. .. .. .. .. 199,'387 " 10*618 JSfaval Defence ., .. .. .. .. 394,045 j 344,674 .. 49*371 Defence Department .. .. .. .. .. 215,000! 182,974 . 32*026 Customs Department .. .. .. .. .. 89,911 : 86,282 .. 3^29 Marine Department .. .. .. .. .. 104,228 101,975 2*253 Department of Labour .. .. .. .. .. 48,867 41'475 " 7'390 Department of Lands and Survey .. .. .. 181.669 ' 18*781 Valuation Department .. .. .. .. .. 38,'900 " l's32 Electoral Department .. .. .. .. .. 69,218 66,120 .. 3'o98 Department of Agriculture .. .. .. .. 469,280 440,630 28'650 Department of Education .. .. .. .. 2,906,728 2,851,922 .. 64*806 Department of Scientific and Industrial Research .. .. 51,463 51,535 72 Transport Department .. .. .. .. .. 4,757 4 813 56 Services not provided for .. .. .. ,, __ 18' 698 18 698 Emergency Expenditure Account .. .. .. .. .. 374*473 Total—Annual appropriations .. .. 6,911,673 7,006,090 411,460 317,043~ 614,885 381,894 381,894 Total expenditure .. .. .. ... 24,627,561 24,860,552 232,991

8.—6.

Table No. 10. Estimated Net Expenditure of the Ordinary Revenue Account for 1932-33, compared with Actual Net Expenditure for 1931-32.

VIII

Estimate 1 Actual j Difference. | for for 1932-33. 1931-32, Increase. Decrease. Permanent Appropriations,— £ £ £ £ Civil List .. .. .. .. 22,354 26,821 .. 4,467 Debt services— — Interest .. .. .. 8,615,821 9,035,025 .. 419,204 Sinking Fund .. .. .. .. .. 8,748 3,251 5,497 Repayment of Public Debt .. .. .. 1,309,198 1,190,729 118,469 Reduction of Funded Debt .. .. .. .. 220,741 .. 220,741 Transfer to Loans Redemption Account .. .. 8,500 6,420 2,080 Securities redeemed .. .. .. .. 1,000 610 390 Administration and Management .. .. .. 43,800 38,168 5,632 Payment of Guaranteed Loans .. .. .. 25,270 17,045 8,225 Total—Debt services .. .. .. 10,012,337 10,511,989 140,293 639,945 Under Special Acts of the Legislature .. .. 1,910,342 3,275,416 .. 1,365,074 Total —Permanent appropriations .. 11,945,033 13,814,226 140,293 2,009,486 Annual Appropriations,— Legislative .. •• 89,140 98,136 .. 8,996 Prime Minister's Department .. .. .. 20,750 15,374 5,376 Finance — Treasury .. .. .. .. .. 32,622 37,459 .. 4,837 Customs .. .. . • ■ • • • 81,860 86,282 .. 4,422 Land and Income Tax .. .. .. .. 64,563 68,202 .. 3,639 Stamp Duties 84,315 97,394 .. 13,079 Audit .. .. .. .. •• 22,750 24,505 .. 1,755 286,110 313,842 .. 27,732 General Administration— — Public Service Commissioner's Office .. .. 4,933 4,666 267 Internal Affairs .. .. .. .. .. 520,415 273,496 246,919 External Affairs .. .. .. .. 81,572 *9,091 72,481 Printing and Stationery .. .. .. .. 149,944 138,044 11,900 Marine.. .. .. .. .. •• 1102,350 113,975 .. 11,625 Labour .. .. .. .. .. 50,752 42,825 7,927 Native.. .. .. .. .. •• 55,516 *58,573 .. 3,057 Valuation .. .. .. .. .. 36,000 38,900 .. 2,900 Electoral .. .. .. .. .. 5,788 66,120 .. 60,332 1,007,270 745,690 339,494 77,914 Law and Order — Justice.. .. .. .. .. .. 156,580 164,311 .. 7,731 Crown Law .. .. .. .. .. 4,800 5,143 .. 343 Police .. .. .. .. .. .. 437,410 413,821 23,589 Prisons .. .. .. .. .. 89,000 96,713 .. 7,713 687,790 679,988 23,589 15,787 Defence — —— Naval Defence .. .. .. .. .. 400,800 344,674 56,126 Defence .. .. .. .. .. 230,000 182,974 47,026 630,800 527,648 103,152 Maintenance— — Public Buildings .. .. .. .. 52,000 41,683 10,317 Maintenance and Repairs to Roads .. . 9,000 9,917 .. 917 Maintenance of Irrigation Works, &c. .. .. 12,500 12,818 .. 318 73,500 64,418 10,317 1,235 Development of Primary and Secondary Industries— Lands and Survey .. .. .. .. 158,907 164,861 .. 5,954 Agriculture .. .. .. .. .. 537,652 463,867 73,785 Industries and Commerce, Tourist, and Publicity .. 118,716 122,954 j .. 4,238 Scientific and Industrial Research .. .. 46,120 52,285 | .. 6,165 Mines .. .. .. .. .. •• 23,536 18,679 J 4,857 Transport .. .. .. 12,000 4,813 j 7,187 896,931 827,459 85,829 16,357 Social Services — ■ ; — Health.. .. .. .. .. .. 679,838 839,532 .. 159,694 Mental Hospitals .. .. .. .. 260,000 264,427 .. 4,427 Education .. .. .. .. .. 2,700,000 2,977,085 .. 277,085 Pensions .. .. .. .. .. 3,139,924 3,200,127 .. 60.203 National Provident and Friendly Societies .. 90,356 99,429 .. 9,073 6,870,118 7,380,600 .. 510,482 Services not provided for .. .. .. .. .. 18,698 ! .. 18,698 Emergency Expenditure Account .. .. .. .. 374,473 j .. 374,473 Total —Annual appropriations .. .. 10,562,409 {11,046,326 567,757 1,051,674 j 708,050 3,061,160 708,050 Totals .. .. .. .. 22,507,442 24,860,552 .. f'ls 2,353,110 * Owing to the control of Niue Island and the X.Z.G.M.V. "Maui Pomare" being transferred from Cook Islands Department to Department of External Affairs the following amounts expended last year under vote " Cook Islands" are shown under vote " External Affairs" : Niue Island, £4,169 ; N.Z.G.M.V. "Maui Pomare," £2,966. t Westport Harbour Account abolished as from 1st April, 1932. Provision for expenditure on account of Westport Harbour now made under vote " Marine." For purposes of comparison the amount expended last year under vote " Westport Harbour " was £20,296. X For comparative purposes votes rearranged on the basis of this year's Estimates.

8.—6.

Table No. 11. Statement showing how Accumulated Surpluses have been applied. £ £ By Transfers to— £ £ To Accumulated surpluses at 31st March, 1932 .. 30,395,817 Discharged Soldiers Settlement Account— Less— 1920-21 .. .. .. .. 13,330,000 Ordinary revenue— 1921-22 .. .. .. .. 170,000 To balance revenue and expenditure— £ 13,500,000 1921-22 .. .. 279,831 Less— 1928-29 .. .. 577,252 Written off on account £ 1930-31 .. .. 1,639,111 of revaluations .. 2,650,000 1931-32 .. .. 278,601* Transferred to Ordinary 2,774,795 Revenue Account, Written off or retransferred to Ordinary 1931-32 .. 350,000 Revenue Account, as per contra— 3 000 000 Discharged Soldiers Settle- 10 500 000 ment Loans Act 1920 De- £ Discharged Soldiers Settlement Loans Act preciation Fund Account 200,000 1920 Depreciation Fund Account— Discharged Soldiers Settle- 1920-21 .. .. .. .. 50,000 ment Account.. .. 3,000,000 1921-22 .. .. .. .. 50^000 Reserve Fund Account .. 636,076 1922-23 .. .. .. 50 000 3.836,076 1923-24 .. .. .. .. 50^000 6,610,871 200,000 Less— Transferred to Ordinary Revenue Account, 1931-32 .. .. 200,000 Public Works Fund— 1920-21 .. .. .. .. 500,000 1923-24 .. .. .. .. 1,000,000 1924-25 .. .. .. .. 1,000,000 1925-26 .. .. .. .. 500,000 1927-28 .. .. .. .. 250,000 3,250,000 Reserve Fund Account— For purchase of securities, 1920-21 .. 1,200,000 For redemption of loan, 1922-23 .. 800,000 2,000,000 Less— Transferred to Ordinary Revenue Account, £ 1931-32 .. .. 550,000 Net loss on realization of securities .. 86,076 636,076 1,363,924 Loans redemption— 1921-22 .. .. . . . . 560,011 1922-23 .. .. .. .. 2,337,360 1923-24 .. .. .. .. 1,367.341 1924-25 .. .. .. .. 1,052,130 1925-26 .. .. .. .. 566,161f 1926-27 .. .. .. .. 588,868{ 1927-28 .... .. .. 95,980 1928-29 .. .. .. .. 50 6,567,901 Bank of New Zealand Shares Account — . 1926-27 .. .. .. .. 808,594 1927-28 .. .. .. .. 117,187 1928-29 .. .. .. .. 58,594 984,375 Education Loans Account, 1923-24 .. .. 100,000 Subsidies for relief of unemployment .. .. 531,415 Assistance towards earthquake services .. .. 33,226 Advance to State Forests Account .. .. 45,000 Advance to Rural Intermediate Credit Board .. .. .. .. .. 400,000 Advance to Westport Harbour Account .. .. 5,000 Charges and expenses of renewing loans .. .. 4,105 £23,784,946 £23,784,946

* Total deficit £2,140,819, balance of £1,862,218 met out of proceeds of part of £3,030,000 Revenue Treasury Hills outstanding at 31st March, 1932. f Includes £151,824 of reparation-moneys received from Germany. t Includes £73,710 reparation-moneys received from Germany.

ii—B. 6.

8.—(5.

Table No. 12. PUBLIC WORKS FUND. Statement showing the Net Expenditure under Appropriations for the Year ended 31st March, 1932, compared with the Year ended 31st March, 1931.

. Year ended Year ended WrM** DorrpaQp Yote - : 31st March, 1932. 31st March, 1931. Increase. Decrease. L £ j £ £ £ Public Works, Departmental .. .. 151,376 131,816 19,560 Railway-construction .. .. 590,543 1,478,689 .. 888,146 Additions to Open Lines .. .. ■ ■ 508,507 .. 508,507 Railways Improvement and Additions to 361,845 .. 361,845 Open Lines Public Buildings— General .. 33,226 100,927 .. 67,701 Courthouses .. .. 3,513 19,572 .. 16,059 Education Buildings .. .. 259,149 .. 259,149 Prison Buildings and Works .. 2,621 2,504 117 Police-stations .. .. •• 2,535 8,360 .. 5,825 Postal and Telegraph .. .. 104,505 138,670 .. 34,165 Agricultural .. .. • ■ • • ' ■ 509 .. 1,509 Mental Hospital Buildings .. .. 45,938 134,140 .. 88,20Health and Hospital Institutions .. 3,316 17,338 .. 14,022 Timber-supply and Sawmills, &c. .. 2,012 Gr. 2,271 4,283 .. Acquisition and Operation of Quarries 107 4,219 .. 4,112 Lighthouses .. .. ■■ 5,046 4,103 943 Harbour-works .. .. •• 6,987 6,742 245 Development of Tourist Resorts .. 87,609 60,288 27,321 Department of Immigration .. .. 5,266 33,544 .. -8,278 Roads, &c. .. . .. 1,078,270 1,379,810 .. 301,540 Roads to give Access to Outlying Districts 3,940 91,126 .. Roads on Goldfields .. ... .. .. 4,587 .. 4,587 Telegraph Extension .. • 249,978 419,756 .. 169,778 Contingent Defence .. .. .. 13,812 .. Lands, Miscellaneous .. .. 38,900 70,534 .. 31,634 Irrigation, Water-supply, and Drainage 37,749 62,614 .. -4,865 Plant, Material, and Stores .. .. Gr. 105,690 Or. 44,772 .. 60 ' 918 673,463 2,350,846 673,463 Totals .. .. .. 2,968,741 4,646,124 .. 1,677,383

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, 1932.

iii—B. 6.

WAYS AND MEANS. Loans £ s. d. £ ad Immigration and Public Works Loan, 1870 .. .. .. 4,000,000 0 0 Immigration and Public Works Loan, 1873 .. .. 0 0 Immigration and Public Works Loan, 1874 .. .. .. 0 0 General Purposes Loan Act, 1873 .. .. .. .. 0 0 New Zealand Loan Act, 1876 .. .. .. .. 750 qqO 0 0 New Zealand Loan Act, 1877 .. .. .. .. 0 0 New Zealand I,oan Act, 1879 .. .. .. .. ô' 000i000 0 0 New Zealand Loan Act, 1882 .. .. .. ,. 3 000 000 0 0 New Zealand Colonial Inscribed Stock Loan Act, 1882 .. .. 250000 0 0 North Island Main Trunk Railway Loan Act, 1882 .. .. 1 0 0 New Zealand Loan Act, 1884 .. .. .. .. j goo 000 0 0 New Zealand Loan Act, 1886 .. .. .. .. 1,'325'000 0 0 District Railways Purchasing Acts, 1885 and 1880 .. .. 7 11 New Zealand Loan Act, 1888 .. .. .. .. 0 0 Native Land Purchase Act, 1892 .. .. .. .. ' 149' 700 0 0 Lands Improvement and Native Lands Acquisition Act, 1894 .. 0 0 Aid to Public Works and Land Settlement Act, 1896 .. .. 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.. 0 0 Aid to Public Works and Land Settlement Act, 1899 .. .. 1,000,000 0 0 Aid to Public Works and Land Settlement Act, 1900 .. .. 1,011 '600 0 0 Aid to Public Works and Land Settlement Act, 1901 .. .. 1 0 0 Aid to Public Works and Land Settlement Act, 1902 .. .. 0 0 Aid to Public Works and Land Settlement Act, 1903 .. .. 0 0 Aid to Public Works and Land Settlement Act, 1904 .. .. 0 0 Aid to Public Works and Land Settlement Act, 1905 .. .. 1, 0 0 Aid to Public Works and Land Settlement Act, 1906 .. .. 0 0 Aid to Public Works and Land Settlement Act, 1907 .. .. 1,000' 000 0 0 Aid to Public Works and Land Settlement Act, 1908 .. .. l]250'000 0 0 Aid to Public Works and Land Settlement Act, 1909 .. .. liooo'ooo 0 0 Aid to Public Works and Land Settlement Act, 1910 .. .. 0 0 Aid to Public Works and Land Settlement Act, 1911 .. .. l'ō00!000 0 0 Aid to Public Works and Land Settlement Act, 1912 .. .. 0 0 Aid to Public Works and Land Settlement Act, 1913 .. .. 0 0 Aid to Public Works and Land Settlement Act, 1914 .. .. s'ooo.'ooo 0 0 Aid to Public Works and Land Settlement Act, 1921 .. .. 0 3 Aid to Public Works and Land Settlement Act, 1922 .. .. 12 3 Finance Act, 1909 .. .. .. .. .. .. l' 0 0 Finance Act, 1915, and New Zealand Loans Act, 1915 .. .. 2,000,000 0 0 Finance Act, 1916 .. .. .. .. .. 1,' 0 0 Finance Act, 1917 .. .. .. .. .. .. 850,000 0 0 Finance Act, 1918 (No. 2) .. .. .. .. .. 2, 0 0 Finance Act, 1919, Section 5 .. .. 750,000 0 0 Finance Act, 1920, Section 15 .. .. .. .. 2,500 000 0 0 Finance Act, 1921, Section 10 .. .. .. .. 2 673 111 10 11 Finance Act, 1923, Section 2 .. .. .. .. 17 6 Finance Act, 1924, Section 2 .. .. .. .. 2 \ 065 \ 883 12 6 • Finance Act, 1925, Section 2 .. .. .. 10 2 Finance Act, 1926, Section 2 .. .. .. g 220 134 10 7 Finance Act, 1927 (No. 2), Section 2 .. .. .. .. 4, 10 3 Finance Act, 1928, Section 2 .. .. .. .. 3]l85 132 14 *8 Finance Act, 1929, Section 2.. .. .. .. .. 119 4 6 Finance Act, 1930 (No. 2), Section 2 .. .. .. .. 3!000'000 0 0 Stock issued for Expenses of Conversion, .. .. 18 0 Post and Telegraph Act, 1908 .. .. .. .. 200 000 0 0 Midland Railway Petitions Settlement Acts, 1902 and 1903 .. 0 0 Paeroa-Waihi Railways Act, 1903 .. .. .. .. 75 000 0 0 Waikaka Branch Railway Act, .1905 .. .. .. .. ,50 000 0 0 Wellington and Manawatu Railway Purchase Act, 1908 .. .. 0 0 Appropriation Act, 1912 .. .. .. .. .. 15 000 0 0 Irrigation and Water-supply Act, 1912 .. .. .. 0 0 Balances transferred from Separate Account, 1931-32— £ s. d. Waihou and Ohinemuri Rivers Improvement 5,518 10 10 Account Education Loans Account .. .. .. 12,867 3 9 Railways Improvement Authorization Act 1914 420,783 17 4 Account 439,169 11 11 107,050,592 1 5 Receipts in Aid Amount transferred from Consolidated Fund .. .. .. 14,555,000 0 0 Contributions of Canterbury Province for Railways .. .. 56,000 0 0 Proceeds of Railway Material handed over to Cook County Council 4,963 7 4 Stamp Duties to 31st December, 1876 .. .. .. 264,'657 16 4 Transfer from Confiscated Lands Liabilities Account .. .. 19'963 1 3 Receipts under Section 16 of the Reserves and other Lands Disposal 21 4 5 and Public Bodies Empowering Act, 1912 Special Receipts under Section 9 of the Railways Construction Act, 60 616 3 0 1878 Special Receipts under the Ellesmere Lake Lands Acts, 1888 and 66 037 8 3 1893 Special Receipts under the Railways Authorization and Manage- 2,257 1 9 ment Act, 1891 Special Receipts under the North Island Main Trunk Railway Loan 114,550 19 6 Application Act, 1886 Sinking Funds released .. .. .. .. .. 506 ft]9 19 3 15,672,756 1 1 |£122,723,348 2 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, 1932—continued.

XII

NET EXPENDITURE. Expenditure on — £ s. d. £ s. d. Immigration .. .. •• .. .. •• 3,314,905 8 10 Public Works, Departmental .. .. .. .. .. 2,858,295 10 5 Railways, including Surveys of New Lines and Payment to Midland 57,049,531 19 6 Railway Bondholders Roads .. .. .. .. .. .. .. 21,416,463 11 7 Land-purchases .. .. .. •• •• 2,061,147 1 10 Development of Mining .. .. .. .. .. 881,065 0 11 Telegraph Extension .. .. .. .. .. .. 11,180,446 15 10 Public Buildings .. .. .. •• •• 11,543,772 15 10 Lighthouses, Harbour-works, and Harbour-defences .. .. 1,303,850 3 10 Contingent Defence .. .. .. .. .. .. 1,402,547 15 3 Rates on Native Lands .. •• .. . 68,671 16 10 Thermal Springs .. .. •• .. 14,599 13 2 Development of Tourist Resorts .. .. .. .. 664,231 9 11 Lands Improvement .. .. .. .. •• ■- 699,609 3 7 Plant, Material, and Stores .. .. .. .. .. 168,005 13 11 Charges and Expenses of raising Loans .. .. .. .. 3,811,842 1 10 Coal-mines .. .. •• •• •• •• 10,835 8 0 Interest and Sinking Fund .. .. .. .. ■■ 218,500 0 0 Irrigation and Water-supply .. .. .. .. .. 1,006,491 12 10 Timber Supply, Sawmills, &c. .. .. .. .. Or. 3,877 7 11 Acquisition and Operation of Quarries .. .. .. .. 9,743 4 0 Motor Transport Service .. .. .. .. - . 33,635 5 3 Transfer to Main Highways Account, Construction Fund .. . . 1,226,000 0 0 120,940,314 5 3 Balance on 31st March, 1931, — Cash in the Public Account .. .. .. .. .. 1,143,896 6 0 Imprests outstanding .. .. .. •• ■. 2,611 19 11 Investments.. .. .. .. -■ •• 636,525 11 4 1,783,033 17 3 £122,723,348 2 6

8.—6.

Table No. 14. Statement showing the available Financial Resources of the various Accounts on the 31st March, 1932, as compared with the 31st March, 1931.

XIII

1932. 1931. Account. Balance Liabilities Bal 0 a n nce Liabilities jXo'rity for 31st March, 31st March, 31st March, 31st March, I raising Loaii 1932. 1932. on 1931. 1931. j on \ S^ pri1 - Consolidated Fund — £ £ £ £ £ £ Ordinary Revenue .. .. 1,167,782 261,532 .. 278,601 261,203 Nauru and Ocean Islands .. .. 2,988 .. .. 3,056 Nauru and Ocean Islands Sinking Fund 65 .. .. 49 Public Works Fund — General Purposes .. .. .. 1,783,034 176,419 5,141,050 1,340,036 441,295 5,141,050 Waihou and Ohinemuri Rivers Im- .. .. .. 5,519 1,933 provement Electric Supply .. .. •• 9,225 139,638 1,533,990 150,009 134,835 2,533,990 Electric Supply Sinking Fund .. 62,059 .. .. 42,655 Bank of New Zealand Shares .. 1,859,375 .. .. 1,859,375 Discharged Soldiers Settlement .. 194,910 .. .. 259,532 23 Discharged Soldiers Settlement Loans .. . ■ . • 580,962 Act 1920 Depreciation Fund Education Loans .. .. •• •• 12,867 6,331 General Purposes Relief .. .. 23,872 .. .. 23,756 Hauraki Plains Settlement .. .. 44 1,839 .. 13,941 3,692 91,000 Hunter Soldiers'Assistance Trust .. 7,123 .. .. 6,837 Hutt Valley Lands Settlement .. 92 .. .. 139 Kauri-sum Industry .. .. •• •• •• 1,588 Land for Settlements .. .. 191,032 11,923 6,278,000 742,106 1,635 6,278,000 Loans Redemption .. . . • - 368,903 .. .. 344,182 Main Highway— Revenue Fund .. .. .. 398,859 99,725 .. 339,886 77,124 Construction Fund .. .. 99,675 42,341 690,400 102,637 57,018 1,070,400 Mining Advances .. .. .. 529 .. .. 362 4 50,000 Native Land Settlement .. .. 3,941 25,865 500,000 28,908 15,771 500,000 Public Debt Repayment .. .. 15,165 .. i 32 .. .. Railways Improvement Authorization .. .. .. I- 420,784 61,995 Act, 1914 Rangitaiki Land Drainage .. 10,797 392 .. 5,306 667 7,000 Reserve Fund •• •• 1,101,169 842,065 .. 2,068,563 Samoan Loan Suspense .. .. .. • ■ 4,800 .. .. 4,800 State Coal-mines .. .. .. 46,084 15,144 55,000 40,810 20,935 55,000 State Coal-mines Sinking Fund .. 7,990 .. .. 7,739 State Forests .. .. .. 11,488 5,390 851,225 31,103 5,374 1,051,225 Swamp Land Drainage .. .. 9,009 674 .. 6,338 2,617 150,000 Unemployment Fund .. •• 184,967 .. .. 69,115 Westport Harbour .. .. .. 478 258 .. 1,759 1,533 AVorkins Railways .. ■ • • • 816,963 240,746 .. 496,463 272,550 .. State Advances Loan .. .. 176 .. 10,452,620 40,002 .. 10,280,510 Additional Unexhausted Authorities for raising Loans. Government Accident Insurance Act, 1908 .. .. 23,000 .. .. 23,000 State Fire Insurance Act, 1908 .. .. •• 98,000 .. .. 98,000 Totals .. .. 8,377,794 1,863,951 25,628,085 9,325,017 1,366,535 27,333,975

8.—6.

Table No. 15. Statement showing the Amount charged to "Unauthorized" in each Financial Year from 1st April, 1921, to 31st March, 1932.

Table No. 16. Summary of the Public Debt and of the State Assets which may be set off against it, as at 31st March, 1932, together with Supporting Schedule showing Details of Assets. Debt. £ Ordinary debt .. . .. .. .. .. .. .. 167,719,008 War debt .. .. .. .. .. .. .. .. . ■ 66,876,165 State Advances debt .. .. .. .. .. .. .. .. 36,648,751 Discharged soldiers debt .. .. .. .. .. .. .. 7.668,876 Revenue bills outstanding, 31st March, 1932 .. .. .. .. .. 3,030,000 Surplus assets over debt .. .. .. .. .. .. .. 1,928,845 £283,871,645 Assets. Cash and investments (Reserve Funds, Bank of New Zealand shares, Public Debt £ Redemption Fund, &c.) .. .. .. .. .. .. .. 29,436,954 Sinking funds accrued .. .. .. .. .. .. .. .. 2,435,117 Loans and advances outstanding (Discharged Soldiers, State Advances, &c.) .. .. 45,756,471 Revenue Earning and Trading Accounts (Railways, Telegraphs, &c.) .. .. .. 84,203,290 Lands and forests (Crown lands, State forests, &c.).. .. .. .. 73,769,215 Indirectly productive expenditure— £ Roads and public buildings, &c. .. .. .. .. 44,955,693 Immigration .. .. .. .. .. .. 3,314,905 48,270,598 £283,871,645

XIV

Consolidated Fund.—Revenue Account. V w aiī Othee Public Works twat Financial Year. Accounts. Fund. Iotal. SerV vWed n for Pr0 ' Bxce8s of VoteB " Total " j0 s d £ s d £ s d £ s d £ s« d« £i s. d. 1921-1922.. .. 2,455 13 7 105,962 14 10 108,418 8 5 2,982 1 6 292,233 1 4 403,633 11 3 1922-1923.. .. 65,687 7 9 76,710 6 9 142,397 14 6 754 10 10 41 4 2 143,193 9 6 1923-1924.. .. 189,384 15 11 1,983 3 1 191,367 19 0 33,123 3 1 41,944 10 2 266,435 12 3 1924-1925.. .. 22,526 15 9 63,690 15 3 86,217 11 0 27,390 19 0 101,970 16 2 215,579 6 2 1925-1926.. .. 30,265 7 9 26,257 3 7 56,522 11 4 30,81119 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 1927-1928.. .. 15,942 15 4 51,560 10 5 67,503 5 9 10,740 8 2 49,604 6 11 127,848 0 10 1928-1929.. .. 7,959 7 3 43,312 14 4 51,272 1 7 11,89114 4 20,639 17 2 83,803 13 1 1929-1930.. .. 22,205 12 8 41,407 0 0 63,612 12 8 111,438 6 11 24,827 8 0 199,878 7 7 1930-1931.. .. 4,585 0 0 129,903 7 1 134,488 7 1 3,450 8 7 1,586 13 11 139,525 9 7 1931-1932.. .. 18,698 6 0 19,182 17 10 37,881 3 10 21,577 6 4 1,376 10 3 60,835 0 5

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 .. .. .. .. .. 871,160 fLess liabilities outstanding, 31st March, 1932 .. .. 1,839,247 Dr. 968,087 investment of cash balances .. .. .. .. .. 5,570,021 Post Office Savings-bank Reserve Fund .. .. .. .. 1,000,000 Bank of New Zealand shares (nominal value) .. .. .. 2,109,375 JPublic Debt Redemption Fund .. .. .. .. .. 21,725,645 29,436,954 Sinking funds accrued— State Advances debt .. .. .. .. .. .. 2,080,783 State Coal-mines .. .. .. .. .. .. 7 ; 990 Westport Harbour loans .. .. .. .. .. 261,828 Samoan loan .. .. .. .. .. .. .. 22,392 Nauru and Ocean Islands Sinking Fund Account .. .. .. 65 Electric Supply Sinking Fund Account .. .. .. .. 62,059 1 2,435,117 Loans and advances outstanding— Mining purposes .. .. .. .. .. .. 37 5 370 Local bodies (annuity value of interest receivable) .. .. .. 716,964 Samoan loan, less sinking fund .. .. .. .. .. 148,808 Repatriation advances outstanding, 31st March, 1932 .. .. 211,999 £ Discharged soldiers' mortgages and property held .. . .14,513,304 Less amount included in Public Debt Redemption Fund .. 10,500,000 4,013,304 State Advances—Mortgages and property held, less sinking funds and investments included elsewhere .. .. .. .. 40,195,417 General purposes relief—Advances outstanding .. .. .. 32,609 Rural Intermediate Credit Board—Advances outstanding .. .. 400,000 45,756,471 Revenue Earning and Trading Accounts— Railways (capital cost, including unopened lines and value of assets taken over from provinces, less capital written off to 31/3/32) .. 59,050,726 Telephones and Telegraphs (value of assets) .. .. .. 10,383,503 Electric-power supply and development (capital expenditure) . . 11,554,265 Westport Harbour-works (value of assets).. .. .. .. 472,275 Lighthouses and harbour-works (capital expenditure) .. .. 1,303.850 Tourist and health resorts (capital expenditure) .. .. .. 678,831 State coal-mines (value of assets) .. .. .. .. 185,153 Kauri-gum (trading capital) .. .. .. .. .. 9,647 Nauru and Ocean Islands (purchase price of rights).. .. .. 565,040 84,203,290 Lands and forests — Crown lands (estimated value, including settlement lands, Native lands, and education reserves) .. .. .. .. 31,230,811 Land-drainage schemes (capital invested) .. .. .. .. 1,932,263 Irrigation and water-supply (capital expenditure) .. .. .. 1,006,492 Waihou and Ohinemuri Rivers improvement (capital expenditure) . . 747,489 Lands improvement (capital expenditure) .. .. .. .. 699,609 New Zealand Reparation Estates (value of Dominion's interest) .. 684,661 Howard Estate .. .. .. .. .. . . 84,895 State forests (estimated value of forests, reserves, plantations, and nurseries) .. .. .. .. .. .. 37,382,995 73,769,215 Indirectly productive expenditure— Public buildings (including school buildings) .. .. .. 16,222,819 Roads (including roads on Crown lands and main highways).. .. 27,842,066 Quarries (acquisition and working) .. .. .. .. 9,743 Development of mining (capital expenditure) .. .. .. 881,065 Immigration (capital expenditure) .. .. .. 3,314,905 48,270,598 £283,871,645

* Does not include trust, deposit, or sinking funds, or certain other accounts included elsewhere. t After deducting £24,704, credits due from other Governments, from the total liabilities. i Includes £10,500,000 previously included under discharged soldiers' mortgages, and £11,225,645 of accumulated sinking funds.

B.—6.

Table No. 17 PUBLIC DEBT. Statement showing Loans falling due in the next Seven Years, ending with the Year 1939, excluding Imperial Debt Repayments.

Table No. 18. 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.

XVI

New Zealand. Q? a f London. Australia. Totals. 31st March, Government - D , t\ i. j. Public. Departments. £ £ £ £ £ 1933 .. .. 13,300 327,230 1,165,020 4,136,150 5,641.700 1934 .. .. 515,800 52,200 11,464,803 3.353,830 15,386,633 1935 .. .. 5,037,000 722,700 2,002,840 774,800 8,537,340 1936 .. 11.800 224,200 890,040 4,326,210 5,452,250 1937 . .. 68,500 674,840 2,238,100 7,712,290 10,693,730 1938 .. .. .. 107,400 1,125,500 8,580,015 9,812,915 1939 .. .. .. .. 948,540 21,050,620 21,999,160 Totals .. 5,646,400 2,108,570 19,834,843 49,933,915 77,523,728 S ry —' 69,768,758

Date Instalments paid. Interest. Principal. £ £ £ 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 1st June, 1927 .. .. .. 644,370 181,595 25,725,353 1st December, 1927 639,854 186,111 25,539,242 1st June, 1928 .. .. .. .. 635,225 190,740 25,348,502 1st December, 1928 630,481 195,484 25,153,018 1st June, 1929 .. .. .. .. 625,618 200,346 24.952,672 1st December, 1929 .. .. .. 620,635 205,330 24,747,342 1st June, 1930 .. .. .. .. 615,528 210,437 24,536,905 1st December, 1930 .. .. .. 610,294 215,671 24,321,234 1st June, 1931 .. 604,930 221,035 24,100,199 1st December, 1931f •• •• •• •• 24,100,199 * Includes £200,000 paid off the Naval Defence Loan in terms of the clause by which New Zealand has the right, on giving three months' notice, to repay at par any part of the principal. •f Following on the " Hoover " moratorium, the Imperial Government agreed to postpone the instalments of principal and interest duo in December, 1931, and June, 1932, only one half-yearly payment was therefore made in 1931-32.

8.—6.

Table No. 19. EDUCATION EXPENDITURE. Total Expenditure on Education out of Public Funds, including University, Primary, Secondary, and Higher Education, Technical and Special Schools, and Child Welfare, 1913-14 to 19 31-32 .

alld University colleges, derive direct income (amounting tor 1931-32 to £59,966) from reserves vested m them. The following amounts were also paid out of the Government Fire Insurance Funa for rebuilding school buildings destroyed by fire 1916-17 o ]97 :: :: • %z 1921-22 " 27 103 1922-23 ;; '• 8' 542 1923-24 I' 12=490 1924-25 .. .. . ' oq 1925-26 .. .. ;; •• 1926-27 .. = ]n 'oo 7 1927-28 ; ;; ;• 12 > 4 37 1928-29 ; ]2 ' ™ 1929-30 • . 6 ' „ 1930-31 .. .. " 'f„\ 1931-32 .. .. .. ;; 7 ; 768

XVII

n „ , Loan-money: Erection Consolidated Fund. of Sollool Buildings and Residences. •—> Per Head Year ' xt , Administra " Subsidies T , of National tion: _ to tal - Mean Special Endow- Vote, Revenue Teaoh . Public Education PopulaActs. ment Education, „ rom Suner- Works Loans 'tion. j Revenue. Salaries and Reserves. annuafa - on Eund. Account. j other Charges. Eund. 1913-14 .. 27,742 50,681 1,131,756 , nfooo 121*954 & , J qj, f * d 0 ' Q]-1P " I «?'o 39 1>207 ' 983 70,802 17,000 122,'940 1 Sg'992 6 2 loic IT " Ko'f \ 64,858 1 j329,166 84,390 17,000, 97,972 1 s \ O •• 58,408 60 ' 180 90,535 17,000 70,367 ! , 1'mS'S J o « 1Q18 1Q " K7'I 0,345 1,511,256 90,518 17,000 63,082 .. 1 811 563 1 11 t 1918-19 .. 57,716 76,177 1,602,995 92,095 43,000 115 656 l'w7'fiqq i il ? 1919-20 .. 79,747 78,988 2,031,825 99,352 43,000 195500 ." z Sz vtl I f il 1920-21 .. 101,972 70,313 2,460,116 100,758 43,000 244'722 214 571 3 2^' 9 11 a 1921-22 .. 96,217 71,737 2,580,562 105 448 43 000 2 469 563 4? ' 'S 8 1922-23 .. 90,393 66,610 2, 112 378* 68,000 ! KJ I'm'tL \ I 'o *2 923-24 .. 96,506 77,788 2,604,508 116,808* 68,000 295 681 S'IM'M? I I i? 1924-25 .. 128,844 86,746 2,752,2711 118,973* 68.000 469 212 I'lfAA I 8 " 925-26 .. 111,389 87,512 2,854,719f 119,978* 70,952 " 564 III , J'SJ'JS I o JJ I 926-27 .. 115,499 88,545 2,954,597f 11 9 ; 0 73* 71 452 550 954 s'm'm , 9 1 i? 1927-28 .. 127,289 90,518 2,974,615f 123,247* 71 497 369 134 5'S'S l ] 1928-29 ..137,233 94,934 3,067,296+ 127,444* 71 749 " 375'It I'mim l\l ! -• 1 4 0,561 87,420 3,193,828f 129,531*146,781 428 m 4'l26'885 Dim 1930-31 ..125,331 94,506 3,230,200J 106,405 46 907 491 974 40SI9S l V" 1931-32 .. 82,163 79,375 J 2,851,922 88,207 46,935 | 259,148 3i4071750 2 \ 11 * Net revenue after deducting expenses and cost of collection. " 7 ~ t included under that

8.—6.

Table No. 20. PENSIONS. Statement of Amounts paid on Account of Pensions for the Financial Years ended 31st March, 1928 to 1932.

Table No. 21. EXTERNAL TRADE. Statement showing Imports and Exports of the Dominion in each Financial Year ended 31st March, 1923 to 1932.

Isy Authority : W. A. G. Skinneb, Government Printer, Wellington.—l 932.

XVIII

Year ended 31st March, 1928. 1929. 1930. 1931. 1932. £ £ £ f £ War .. 1,146,955 1,178,646 1,204,422 1,245,499 1,261,778 Old-age* .. .. .. 1,007,722 1.059,039 1,105,069 1,158,788 1,277,107 Widows' .. .. .. 302,766 312,963 322,886 325,998 340,162 Miners' .. .. .. 45.083 48,102 51,676 58,441 69,785 Maori War .. .. .. 16,377 13,673 11,510 9,101 7,582 Epidemic .. .. .. 8,757 7.981 7,309 6,322 5,580 Civil Service Act, 1908 .. 13,206 12,192 10,547 9,251 7,861 Defence Act, 1909 .. .. 2,695 2,715 2,573 2,620 2,483 Judicature Act, 1908 .. 4,204- 3,429 3,333 2,285 1,833 Police .. .. .. 457 671 789 1,741 1,054 Blind .. .. .. 12,249 13,339 14,716 15,796 16,710 Family Allowance .. .. 37,515 54,815 60,876 63,608 90,100 Sundry .. .. .. 6,273 5,698 6,589 6,588 6,501 Totals .. .. 2,604,259 2,713,263 2,802,295 2,906,038 3,088,536 * Includes payments of old-age pensions paid out of national-endowment revenue.

Year ended 31st March, Imports. Exports. Exports* Import^ £ £ £ £ 1923 .. .. .. .. 36,975,583 45,548,700 8,573,117 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 L928 .. .. .. .. 44,419,357 54,962,031 10,542,674 1929 .. .. .. .. 45,105,865 57,154,343 12,048,478 1930 .. .. .. .. 49,167.914 49,045,817 .. 122,097 1931 .. .. .. .. 38,300,807 39,527,784 1,226,977 1932 .. .. .. .. 23,165,522 34,496,211 11,330,689 55.922.848 6,960,698 6,960,698 Totals 432,576,425 481,538,575 48,962,150

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FINANCIAL STATEMENT. (In Committee of Supply, 4th October, 1932.) BY THE RIGHT HON. G. W. FORBES, P.C., ACTING MINISTER OF FINANCE., Appendix to the Journals of the House of Representatives, 1932 Session I-II, B-06

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FINANCIAL STATEMENT. (In Committee of Supply, 4th October, 1932.) BY THE RIGHT HON. G. W. FORBES, P.C., ACTING MINISTER OF FINANCE. Appendix to the Journals of the House of Representatives, 1932 Session I-II, B-06

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FINANCIAL STATEMENT. (In Committee of Supply, 4th October, 1932.) BY THE RIGHT HON. G. W. FORBES, P.C., ACTING MINISTER OF FINANCE. Appendix to the Journals of the House of Representatives, 1932 Session I-II, B-06

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FINANCIAL STATEMENT. (In Committee of Supply, 4th October, 1932.) BY THE RIGHT HON. G. W. FORBES, P.C., ACTING MINISTER OF FINANCE. Appendix to the Journals of the House of Representatives, 1932 Session I-II, B-06

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FINANCIAL STATEMENT. (In Committee of Supply, 4th October, 1932.) BY THE RIGHT HON. G. W. FORBES, P.C., ACTING MINISTER OF FINANCE. Appendix to the Journals of the House of Representatives, 1932 Session I-II, B-06

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FINANCIAL STATEMENT. (In Committee of Supply, 4th October, 1932.) BY THE RIGHT HON. G. W. FORBES, P.C., ACTING MINISTER OF FINANCE. Appendix to the Journals of the House of Representatives, 1932 Session I-II, B-06

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FINANCIAL STATEMENT. (In Committee of Supply, 4th October, 1932.) BY THE RIGHT HON. G. W. FORBES, P.C., ACTING MINISTER OF FINANCE. Appendix to the Journals of the House of Representatives, 1932 Session I-II, B-06

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