THE PUBLIC ACCOUNTS FOR THE Financial Year 1947-1948 Certified to by the Controller and Auditor-General under the Public Revenues Act, 1926

Appendix to the Journals of the House of Representatives, 1948 Session I, B-01-part01

1948 NEW ZEALAND

THE PUBLIC ACCOUNTS FOR THE Financial Year 1947-1948 Certified to by the Controller and Auditor-General under the Public Revenues Act, 1926

PRESENTED TO PARLIAMENT IN ACCORDANCE WITH THE PUBLIC REVENUES AGT, 1926, AND THE NEW ZEALAND CONSTITUTION ACT, 1852

This publication is one of a series of three statements dealing with the Public Accounts, as under : B-l [Pt. I].—The Public Accounts with Supplementary Statements, including Statement of the Public Debt and Transactions in connection therewith previously incorporated in B-l [Pt. lII]. B-l [Pt. ll].—Report of Controller and Auditor-General. B-l [Pt. IV].—Balance-sheets and Statements of Account of various Government Departments.

THE PUBLIC ACCOUNTS : Receipts and Expenditure,— Consolidated Fund— page Ordinary Revenue Account .. .. .. .. .. .. 4,6 Deposits Account .. .. .. .. .. .. .. 28 Other Accounts — Bank op New Zealand Shares Account .. .. .. .. 32 Earthquake and War Damage Fund .. .. .. .. .. 32 Electric Supply Account .. .. .. .. .. .. 32 Land por Settlements Account .. .. .. .. .. 34 Loans Redemption Account .. .. .. .. .. .. 36 Main Highways Account .. .. .. .. .. .. 40 National Development Loans Account .. .. .. .. 40 Public Debt Repayment Account .. .. .. .. .. 42 Public Works Account .. .. .. .. .. .. 42 Remittances to London Account .. .. .. .. .. 42 Reserve Fund Account .. .. .. .. .. .. 44 Social Security Fund .. .. .. .. .. .. .. 44 State Coal-mines Account .. .. .. .. .. .. 44 State Forests Account .. .. .. .. .. .. 46 War Expenses Account .. .. .. .. .. .. 46 Working Railways Account .. .. .. .. .. .. 48 Summary op Cash and Imprest Balances .. .. .. .. 50 Summary of Investments .. .. .. .. .. .. 51 DEPOSITS ACCOUNT:— Receipts and Disbursements under the Trustee Act, 1908 .. .. .. 52 ISSUES COMPARED WITH THE SUMS VOTED UNDER APPROPRIATION ACT, 1947 54 UNAUTHORIZED EXPENDITURE ACCOUNT:— Consolidated Fund, — Ordinary Revenue Account .. .. .. .. .. .. 57 Electric Supply Account .. .. .. ~ .. .. .. 60 Public Works Account .. .. .. .. .. .. .. 60 Social Security Fund .. .. .. .. .. .. .. .. 61 State Coal-mines Account .. .. .. .. .. .. .. 61 Post Office Account .. .. .. .. .. .. .. .. 61 Maori Trustee's Account .. .. .. .. .. .. .. 61 Iron and Steel Industry Account .. .. .. .. .. .. 61 Summary .. .. .. .. .. .. .. .. .. 62 Statement of corporation investments held at 31st march, 1948 .. 63 THE PUBLIC DEBT:— The Public Debt of New Zealand Outstanding on 31st March, 1948 .. .. 64 Statement of Advances by the Reserve Bank to the Government by way of Overdraft Outstanding on 31st March, 1948 .. .. .. .. 69 Statement of Transactions in connection with the Public Debt in the Year ended 31st March, 1948 .. .. .. .. .. .. .. .. 70 Statement of Loans guaranteed by the Government .. .. .. .. 71 1*

CONTENTS

B—l [Ft. I]

SUMMARY OF THE RECEIPTS AND EXPENDITURE OF THE ORDINARY REVENUE RECEIPTS Taxation — £ s. d. £ s. d. Customs .. .. 24,390,880 18 3 Beer duty 4,404,050 16 1 Sales tax .. .. 15,945,812 18 8 Film-hire tax 111,155 9 7 Highways 3,543,953 19 6 Stamp duty 9,382,554 10 1 Land-tax 854,456 6 10 Income-tax 36,632,580 16 8 National Security Tax 772,028 19 5 Miscellaneous 61,678 0 2 96,099,152 15 3 Interest recoveries from trading activities, &c. 5,002,727 12 6 Profits of trading undertakings .. 2,171,755 9 6 Departmental receipts 13,840,709 9 8 Bank of New Zealand Act, 1945, section 8 : Stock issued .. 1,770 0 0 £117,116,115 6 11 £ s. d. Balance Ist April, 1947 9,120,958 0 5 Surplus 1947-48 1,785,712 10 9 £10,906,670 11 2

4

B —l [Pt. I]

CONSOLIDATED FUND FOR THE YEAR ENDED 31st MARCH, 1948 ACCOUNT EXPENDITURE Permanent appropriations— £ s. d. £ s. d. Civil List 101,723 17 1 Debt servicesInterest and manage- £ s. d. ment .. 18,035,115 17 9 Repayments .. 8,577,223 2 6 26,612,339 0 3 Other special Acts .. .. .. 2,607,188 17 1 29,321,251 14 5 Annual appropriations— Social services .. 35,533,623 1 8 Other votes .. 50,475,528 0 1 86,009,151 1 9 115,330,402 16 2 Surplus .. 1,785,712 10 9 £117,116,115 6 11 Transfer to War Expenses Account (being surplus for year 1946-47) .. .. 4,611,018 2 11 Balance 31st March, 1948 6,295,652 8 3 £10,906,670 11 2

5

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948

6

RECEIPTS £ s. d. £ s. d. £ s. d. Balances at beginning of year — Cash 574,701 5 9 Investments 8,000,000 0 0 Imprests outstanding 546,256 14 8 Q 120 0 5 t7 j JL Ld\J y iJrJO V/ w TAXATION Customs 24,390,880 18 3 Beer duty 4,404,050 16 1 Sales tax 15,945,812 18 8 Film-hire tax 111,155 9 7 Highways | 3,543,953 19 6 *t Stamp and death duties— Adhesive stamps 199,915 8 8 Duty on instruments 579,674 6 5 Estate duty 4,071,151 4 3 Succession duty 1,160,910 19 1 Grift duty 434,109 18 11 Fines and penalties 2,399 6 10 Impressed stamps 322,919 2 0 Licences to companies 107,866 0 0 Sharebrokers' licences 6,425 18 6 Duties payable by racing clubs 2,198,208 19 6 Amusements-tax 221,209 5 2 Lottery duty 27,360 8 3 Overseas passenger duty 46,133 3 1 Miscellaneous 2,460 19 5 Receipts under section 4, Mortgagees' Indemnity (Workers' Charges) Act, 1927 1,809 10 0 Q 382 fif»4 10 1 «/ j 004 9 t/t/T XV/ X Land-tax 854,456 6 10 Income-tax .. 36,632,580 16 8 National security tax 772,028 19 5 Miscellaneous 61,678 0 2 Total, Taxation 96,099,152 15 3 INTEREST On Capital Liability— Postal and Telegraph (interest as determined under section 95 of the Post and Telegraph Act, 1928, at £4 per cent, on the amount of the capital liability as at 1st April, 1947, together with interest at the rate of £2 per cent, on the net amount transferred from the National Development Loans Account during the financial year)— Year 1947-48 746,316 0 0 Carried forward 746,316 0 0 105,220,110 15 8 * Rebates in respect of motor-spirits used otherwise than as fuel for motor-vehicles in terms of section 6 of the Customs Amendment Act, 1939, amounted to £447,830 12s. 7d. f £768,898 3s. 7d. of this amount consists of fees, fines, &c., which are not taxation.

B—l [PT. 1]

ORDINARY REVENUE ACCOUNT

7

EXPENDITURE PERMANENT APPROPRIATIONS £ s. d. £ s. d. £ s. d. Under Special Acts of the Legislature CIVIL LIST {Presented in terms of Section 65 of the New Zealand Constitution Act, 1852, Imperial) Civil List Act, 1920 . i Part I His Excellency the Governor-General— Sir B. C. Freyberg, V.C., K.C.M.G., K.C.B., K.B.E., D.S.O.— Salary, 1st April, 1947, to 31st March, 1948 .. Allowance. 1st April, 1947, to 31st March, 1948 5,000 0 0 5,000 0 0* 10,000 0 0 Part II Establishment of the General Government — Prime Minister, &c — Right Hon. P. Fraser— Salary, 1st April, 1947, to 31st March, 1948 1,800 0 0 Minister of Finance, &c. — Right Hon. W. Nash— Salary, 1st April, 1947, to 31st March, 1948 House allowance, 1st April, 1947, to 31st March, 1948 1,170 0 0 200 0 0 1 I Minister of Industries and Commerce, &c.— Hon. D. G. Sullivan— Salary, 1st April, 1947, to 8th April, 1947 House allowance, 1st April, 1947, to 8th April, 1947 26 0 0 4 8 11 Minister of Justice, &c. — Hon. H. G. R. Mason— Salary, 1st April, 1947, to 31st March, 1948 1,170 0 0 Minister of Railways, &c.— Hon. R. Semple— Salary, 1st April, 1947, to 31st March, 1948 House allowance, 1st April, 1947, to 31st March, 1948 1,170 0 0 200 0 0 Carried forward 5,740 8 11 10,000 0 0 * See also £3,649 3s. 3d. under " Other Special Acts, Miscellaneous," section 15. Appropriation Act, 1926,

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948—continued

8

RECEIPTS £ s. d. £ *. d. £ s. d. Brought forward 746,316 0 0 105,220,110 15 8 INTEREST —continued On Capital Liability—continued Under section 6 of the National Development Loans Act, 1941, as follows- — Electric Supply Account— Year 1946-47 (balance) 266,100 2 9 Year 1947-48 (on account) 886,926 17 8 Housing Account — Year 1946-47 (balance) 135,133 7 1 Year 1947-48 (on account) 353,799 14 3 Housing construction — Year 1947-48 .. 49,184 14 4 Land for Settlements Account — Year 1945-46 (balance) 137,082 6 9 Year 1946-47 (on account) 162,917 13 3 Linen Flax Corporation of New Zealand— Year 1st January, 1947, to 31st December, 1947 6,092 1 1 New Zealand National Airways Corporation— Period 2nd September, 1946, to 31st March, 1947 5,786 6 0 Nauru and Ocean Islands Account —- Year 1941-42 .. 1,537 17 10 Year 1942-43 .. 8,085 8 10 Year 1943-44 (on account) 5,288 0 8 ■ 2,764,250 10 6 On the Public Debt Redemption Fund, — New Zealand Loans Amendment Act, 1947, section 18— Interest earned by the capital moneys of the Public Debt Redemption Fund 300,723 17 1 On other Public Money— State Advances Corporation stock 1,149,013 13 8 State's contribution to General Reserve Fund of State Advances Corporation (section 35 (2), State Advances Corporation Act, 1934) 106,040 5 8 Investments made in respect of the— Ordinary Revenue Account 344 3 5 Deposits Account 95,322 8 0 Public Account Cash Balance Investment Account 326,241 13 4 Amount due in terms of section 38 (3), Maori Land Amendment Act, 1936, on account of Maori land development (on account) 20,675 5 4 Carried forward 1,697,637 9 5 3,064,974 7 7 105,220,110 15 8

B—l [PT. I]

ORDINARY REVENUE ACCOUNT—continued

9

EXPENDITURE Brought forward £ s. 5,'740 8 d. 11 £ 10,000 s. d. 0 0 £ s. d. PERMANENT APPROPRIATIONS—ctd. CIVIL LIST—continued Civil List Act, 1920—continued Part II—continued Establishment of the General Government—continued Minister of Internal Affairs, &c.— Hon. W. E. Parry— Salary, 1st April, 1947, to 31st March, 1948 House allowance, 1st April, 1947, to 31st March, 1948 1,170 0 200 0 0 0 Minister of Defence, &c.— Hon. F. Jones— Salary, 1st April, 1947, to 31st March, 1948 1,170 0 0 Minister of Lands, &c.— Hon. C. F. Skinner — Salary, 1st April, 1947, to 31st March, 1948 1,170 0 0 Minister of Industries and Commerce, &c. — Hon. A. H. Nordmeyer— Salary, 1st April, 1947, to 31st March, 1948 House allowance, 12th April, 1947, to 31st March, 1948 1,170 0 193 17 0 9 Minister of Labour, &c.— Hon. A. McLagan— Salary, 1st April, 1947, to 31st March, 1948 House allowance, 1st April, 1947, to 31st March, 1948 1,170 0 200 0 0 0 Minister of Agriculture, &c — Hon. E. L. Cullen — Salary 1st April, 1947, to 31st March, 1948 House allowance, 1st April, 1947, to 31st March, 1948 1,170 0 200 0 0 0 Postmaster-General, &c. — Hon. F. Hackett— Salary, 1st April, 1947, to 31st March, 1948 House allowance, 1st April, 1947 to 31st March, 1948 1,170 0 200 0 0 0 Carried forward 14,924 6 8 10,000 0 0 1

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948—continued

10

RECEIPTS £ s. d. £ s. d. £ s. dBrought forward 1,697,637 9 5 3,064,974 7 7 105,220,110 15 S INTEREST —continued On other Public Money—continued Capital moneys received from sale of Crown lands and paid into Land for Settlements Account (section 13, j Land Laws Amendment Act, 1926) ,. 83,702 3 5 On accumulated funds of the Cheviot Estate Account, in terms of section 19 (4) of the Finance Act, 1930 (No. 2) .. 37,186 11 8 On value of Crown lands declared to be subject to the Land for Settlements Act, 1925, and former Lands for Settlements Acts (Land Laws Amendment Act, 1929, section 47) 16,955 4 0 On advances to local bodies under Main Highways Act, 1926 955 3 1 Loans to local bodies under Local Bodies' Loans Act, 1908 20,829 13 0 Loan to Taieri River Trust in terms of section 3, Taieri River Improvement Amendment Act, 1939 3,037 10 0 Loans under section 26, Agriculture (Emergency Powers) Act, 1934 1,014 1 8 Capital value Rehabilitation Department 68 9 3 plant on loan On miscellaneous advances — New Plymouth High School 1,910 17 0 Timaru High School 427 16 0 Maori Land Settlement Account: Survey liens 970 11 7 | Cook Islands Fruit Account 864 11 4 • Niue Island Fruit Account 77 11 8 Eastbourne Borough Council for drainage-works 162 1 7 Mines Department for housing loans 17 0 3 Mines Department for various mining 295 19 1 enterprises Catchment Boards 1,988 5 9 Hospital Boards 12,052 15 5 Land Settlement Associations 10,608 9 8 Lower Clutha River Trust 65 17 0 Maori Land Boards, under section 340 Maori Land Act, 1931 13 0 0 Rotorua Golf Club 44 1 7 Small-farm Plan 39,923 8 1 Village-homestead Settlement Scheme 106 4 0 Miscellaneous interest on— Balance of Post Office Savings-bank accounts used by Child Welfare Branch, Education Department .. 5 17 4 Debentures under the Hutt Road Act, 1915 .. 1,869 0 0 Deposits by High Commissioner 43 15 0 Carried forward 1,932,833 7 10 3,064,974 7 7 105,220,110 15 S

B—l [PT. 1]

ORDINARY REVENUE ACCOUNT—continued

11

EXPENDITURE Brought forward £ s. 14,924 6 d. 8 £ 10,000 s. d. 0 0 £ s. d. PERMANENT APPROPRIATIONS —ctd. CIVIL LIST—continued Civil List Act, 1920 —continued Part II—continued Establishment of the General Government —continued Minister of Transport, &c. — Hon. J. O'Brien — Salary, 1st April, 1947, to 28th September, 1947 579 0 2 Minister of Health, &c.— Hon. M. Howard— Salary, 29th May, 1947, to 31st March, 1948 House allowance, 29th May, 1947, to 31st March, 1948 984 8 168 5 9 7 Minister of Education, &c.— Hon. T. H. McCombs — Salary, 18th October, 1947, to 31st March, 1948 House allowance, 18th October, 1947, to 31st March, 1948 531 10 90 17 8 2 . Member of the Executive Council representing the Maori Race Hon. E. T. Tirikatene— Salary, 1st April, 1947, to 31st March, 1948 House allowance, 1st April, 1947, to 14th April, 1947 990 0 7 15 0 7 Member of the Executive Council without Portfolio — Hon. D. Wilson — House allowance, 18th June, 1947, to 31st March, 1948 157 4 5 Civil List Act, 1920, and Civil List Amendment Act, 1936, Section 6 Parliamentary Under-Secretaries — T. H. McCombs— Salary, 1st April, 1947, to 17th October, 1947 House allowance, 1st April, 1947, to 17th October, 1947 436 11 109 2 2 10 Carried forward 18,979 3 0 10,000 0 0 -

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948—continued

12

RECEIPTS £ s. d. £ s. d. £ s. d. Brought forward 4 * 1,932,833 7 10 3,064,974 7 7 105,220,110 15 8 INTEREST—continued On other Public Money—continued Miscellaneous interest on—continued Purchase-moneys in connection with sales of land and buildings— Agriculture Department 3 19 8 Lands and Survey Department .. 54 10 6 Public Works Department 22 4 1 Public Works Department: pur-chase-money in connection with sales of plant 2,664 16 5 Crown's proportion of Greymouth Harbour Board special coal rate : Credited as interest on sums of £114,439 Is. and £27,000 in terms of section 12 of the Greymouth Harbour Board Act, 1884 2,174 6 5 1,937,753 4 11 Total, Interest 5,002,727 12 6 OTHER RECEIPTS Profits of trading undertakings— Bank of New Zealand — i Final dividend, year 1946-47, and interim dividend, 1947-48 397,530 18 5 New Zealand Woolpack and Textiles, Ltd.— Dividends received in terms of Finance Act, 1940, section 15 6,154 12 6 Maori Trust Office— One-third of profits credited in terms of section 49, Maori Trustee Act, 1930: 1945-46 1,440 2 1 Post and Telegraph Department— Post Office Savings-bank profits received from the Post Office Account in terms of section 95 (1) (c), Post and Telegraph Act, 1928 : for year 1944-45 279,176 3 5 Profits other than Post Office Savingsbank profits received from the Post Office Account in terms of section 95 (1) (d), Post and Telegraph Act, 1928— For year 1943-44 (balance) 500,000 0 0 For year 1944-45 389,638 5 0 Public Trust Office— Proportion of profits received in terms of section 24 of Finance Act, 1929 : for year 1945-46 4,126 16 7 Carried forward 1,578,066 18 0 1 110,222,838 8 2

B—l [PT. I]

ORDINARY REVENUE ACCOUNT—continued

13

EXPENDITURE Brought forward £ s. 18,979 3 d. 0 £ 10,000 s. 0 d. 0 £ s. d. PERMANENT APPROPRIATIONS—ctd. CIVIL LIST—continued Civil List Act, 1920—continued Part II—continued Parliamentary Under-Secretaries —contd. H. E. Combs— Salary, 7th November, 1947, to 31st March, 1948 House allowance, 7th November, 1947, to 31st March, 1948 320 0 80 0 0 0 A. G. Osborne— Salary, 1st April, 1947, to 31st March, 1948 .. House allowance, 1st April, 1947, to 31st March, 1948 800 0 " 200 0 0 0 M. Moohan— Salary, 18th April, 194-7, to 31st March, 1948 House allowance, 18th April, 1947, to 31st March, 1948 .. 762 4 190 11 5 1 D. W. Coleman— Salary, 1st April, 1947, to 31st March, 1948 .. House allowance, 1st April, 1947, to 31st March, 1948 800 0 200 0 0 0 22,331 18 A u Part III Section 16—Salaries, Speakers of both Houses and Chairmen of Committees Allowance to Chairman of Committees of House of Representatives under Finance Act (No. 3), 1944, section 25 (2) .. 2,846 10 148 15 7 0 Section 17 — Salaries, Members of the Legislative Council Salaries, Members of the House of Representatives Allowance to Members of House of Representatives under Finance Act (No. 3), 1944, section 24 (2) 12,395 18 30,117 16 15,021 0 0 2 7 60,530 0 4 Carried forward 92,861 18 10

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948—continued

14

RECEIPTS £ s. d. £ s. d. £ s. d. Brought forward 1,578,066 18 0 110,222,838 8 2 OTHER RECEIPTS —continued Profits of trading undertakings—continued Reserve Bank of New Zealand— Profits credited in terms of section 36 (c), Reserve Bank of New Zealand Act, 1933: for year 1946-47 581,784 2 1 State Advances Corporation— Profits credited in terms of section 41 (1), State Advances Corporation Act, 1936 : for year 1946-47 8,394 8 2 Tasman Empire Airways, Ltd. — Interim dividend on shares for year I ended 31st March, 1947 3,510 1 3 9 171 Q fi dU 9 ± t ± 9 1 OO V u Departmental receipts— Agriculture Department— Meat Act, 1939 64,297 0 8 Contributions from pig and poultry industries 10,263 6 8 Farm areas field crops, seed-testing, &c 57,681 18 0 For services rendered t o other Departments 30,755 9 11 Milk Marketing Division receipts 40,568 4 1 Journal of Agriculture 19,439 4 4 Recoveries from dairy factories and produce grading 53,775 5 5 | Stations and farms 20,021 12 8 i Te Kauwhata 22,413 11 6 I | General 66,441 19 0 Air Department 356,860 7 6 ! Army Department 202,418 19 10 Audit Department 42,006 3 0 Crown Law Office 359 5 10 Customs Department — Expenses of collecting petrol-tax and export levies 19,311 10 10 Customs Act, 1913 21,855 14 0 General 18,318 10 3 Education Department— Section 30, (2), Education Reserves Act, 1928— Transfer from Primary Education Endowments Deposit Account 100,000 0 0 Institutional maintenance fees, sales of produce, recoveries, &c. 30,749 19 4 Examination fees 13,987 12 7 Fire-insurance moneys recovered on account of school buildings 15,502 5 7 General 44,391 12 6 Electoral Department 1,013 9 5 External Affairs Department 40,875 12 3 Printing and Stationery Department .. 509,120 8 7 Carried forward 1,802,429 3 9 2,171,755 9 6 110,222,838 8 2

B—l [Pt. I]

ORDINARY REVENUE ACCOUNT—continued

15

EXPENDITURE £ s. d. £ s. d. £ s. d. Brought forward •• 92,861 18 10 PERMANENT APPROPRIATIONS—ctd. CIVIL LIST —continued Civil List Act, 1920 —continued Pabt V Maori Affairs— Transfer to vote, " Health," being Civil List contribution towards — Maori medical services 3,000 0 0 Medical services : Maori nurses 600 0 0 Contribution towards expenses of Maori Scouts attending Boy Scout's World Jamboree 150 0 0 Contribution towards cost of artificial limbs 15 17 11 Contribution towards cost of roads and bridges 36 10 0 Fares for Maoris 35 4 0 Flags for Maoris 9 19 0 Flood relief 2 2 0 Food, clothing, &c., supplied to Maoris 2 18 0 Grant towards cost of communal baths 100 0 0 Grant for Maori welfare activities 1,050 0 0 Grants towards costs of improvements 537 7 2 to Marae burial-grounds and other tribal property Maori meeting expenses 40 2 2 Maori hostels 3,277 12 4 Sundry health and medical expenses .. 4 5 8 8 861 18 3 Total, Civil List 101,723 17 1 DEBT SERVICES Interest — London 4,540,361 9 8 London (paid in New Zealand) 117,259 16 2 Australia 44,902 10 0 New Zealand 13,122,527 16 2 17,825,051 12 0 Amortization of debt— Transfer to Loans Redemption Account — New Zealand Loans Amendment Act, 1947— Section 11 (c) .. 4,200,000 0 0 Section 14 4,377,223 2 6 Administration and management — New Zealand Loans Act, 1932, section 62 (3)— Stamp duty on transfers of New Zealand Consolidated Stock 28,689 5 11 Carried forward 28,689 5 11 26,402,274 14 6 101,723 17 1

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948—continued

16

RECEIPTS £ s. d. £ s. d. £ s. d. Brought forward 1,802,429 3 9 2,171,755 9 6 110,222,838 8 2 OTHER RECEIPTS —continued Departmental receipts—continued 571 9 Census and Statistics Department 4 Health Department— Nurses and Midwives Registration Act, 1925 2,641 12 1 Institutional recoveries, Queen Mary Hospital, Hanmer 6,094 7 10 Sales of sera, textiles, &c. 106,342 10 6 Local bodies' contributions for sanitary inspection service 16,939 9 6 Recoveries in connection with nursing services 12,771 1 2 Sales of reserve stocks of drugs, &c. 69,133 8 2 General 32,978 5 6 Housing Department— 11,976 Rents, royalties, &c., from lands 3 8 6 General 5 0 Industries and Commerce Department— Other salaries and administrative costs 18,024 16 0 Fees, levies, and sales 474,627 17 11 Recoveries of costs jute corn-sacks . .. 20,039 1 3 General 37,617 8 11 Internal Affairs Department— Auctioneers' licences 19,951 5 0 Contributions to cost-of-living bonus to annuitants 40,098 14 4 Deer-destruction 10,511 7 8 Fees, &c., Maori Land Amendment Act and Maori Land Claims Adjustment Act, 1926 4,706 0 1 Recoveries on account of refugees .. 8,032 5 5 Services rendered to other Departments 91,764 17 1 General 97,411 4 3 Island Territories Department— New Zealand Reparation Estates .. 419,213 9 3 Export of bananas from Samoa 48,439 6 1 " Maui Pomare " 23,489 3 10 General 154 15 8 Justice and Prisons Department— Births, deaths, and marriages 30,220 4 8 Court fees, fines, and bankruptcy commission 199,660 2 6 Patents, Designs, and Trade-marks Act, 1921-22 .. .. 22,665 6 6 Receipts from institutional activities 112,955 13 11 General 21,592 19 3 Labour and Employment Department — 16 6 Accommodation receipts 120,607 Factories Act, 1946 7,274 12 6 Home Aid Service 8,498 12 0 Weights and Measures Act, 1925 11,982 18 2 Carried forward 3,911,422 10 9 2,171,755 9 6 110,222,838 8 2

B—l [FT. I]

ORDINARY REVENUE ACCOUNT —continued

17

EXPENDITURE £ s. d. £ s. d. £ s. d. Brought forward 28,689 5 11 26,402,274 14 6 101,723 17 1 PERMANENT APPROPRIATIONS —ctd. DEBT SERVICES—continued Administration and management—contd. New Zealand Loans Act, 1932, section 61 : Charges and expenses of raising and repaying loans — New issues 104,428 10 3 Renewals, conversions, and redemptions 5,620 18 8 New Zealand Loans Act, 1932, section 24 (1)Amount paid to Bank of England for year ended 31st October, 1947, for management of New Zealand Government loans: consolidated stock 29,043 7 1 Amount paid to the Reserve Bank of New Zealand for year ended 31st March, 1948, for management of New Zealand Government loans .. 42,282 3 10 910 0R4- Q Total, Debt Services 26,612,339 0 3 OTHER SPECIAL ACTS 1 Highways Payments to boroughs, &c. 219,281 1 7 Advances to other Governments Finance Act, 1930 (No. 2), section 7— Balances outstanding at 31st March, 1948. £ S. d. 713 10 6 Canada Cr. 746 6 8 291 19 0 Ceylon .. 51 13 11 Commonwealth of 40,104 19 6 Australia 3,542 5 1 Federated Malay 27 2 8 States 20 16 8 Cr. 5,447 3 3 Fiji Cr. 3,858 2 11 14 16 0 Hong Kong 14 16 0 Imperial Govern108,309 15 3 ment.. Cr. 112,493 15 10 217 4 0 India Cr. 747 6 2 7 8 7 Kenya .. 7 7 0 Carried forward Cr. 114,208 12 11 219,281 1 7 26,714,062 17 4

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948—continued

18

RECEIPTS £ s. d. £ s. d. £ s. d. Brought forward 3,911,422 10 9 2,171,755 9 6 110,222,838 8 2: OTHER RECEIPTS—continued Departmental receipts—continued Labour and Employment Department— continued Immigration receipts 1,484 4 6 General 7,185 12 11 Land and Income Tax Department— Unclaimed money under Unclaimed Moneys Act, 1908, section 6 11,232 10 7 General 1,641 7 4 Lands and Survey Department— Rents, royalties, &c., from lands— Crown lands 345,069 7 0 Hauraki Plains lands 1,103 16 3 Scenery preservation receipts 1,295 12 9 Small Farms Scheme 24,612 17 6 Swamp-drainage lands 426 6 6 Miscellaneous fees 1 18 1 Hauraki Plains Act, 1926— Rates 3,520 15 1 Miscellaneous receipts 3,950 17 9 Rangitaiki Land Drainage Act, 1910— Rates 24,111 17 1 Miscellaneous receipts 6,008 15 1 Swamp Drainage Act, 1915— Rates 7,876 2 8 Miscellaneous receipts 6,399 18 10 Managers' salaries, development blocks 24,533 10 11 Administration expenses of sundry accounts 16,867 13 2 Services rendered to Lands and Deeds Department 22,542 7 1 General 54,343 0 2 Legislative Department 2,037 5 4 Marine Department— Charter of lighthouse tender 15,465 18 1 Inspection of Machinery Act, 1928 .. 26,701 17 10 Rents of foreshores, royalties, &c. .. 2,355 14 11 Sale of oysters 9,238 4 4 Shipping and Seamen Act, 1908 77,768 9 4 Westport Harbour 39,744 1 10 Barque " Pamir " 11,582 18 2 General 31,100 0 3 Mental Hospitals Department— Board of attendants and nurses 55,000 0 0 Sale of farm produce, live-stock, &c. 23,226 15 11 General 19,128 1 0 Mines Department— Rents, royalties, &c., from lands 13,673 2 4 Hire of drills, &c. 5 0 0 Prospecting and search of minerals 21,637 5 10 Rescue-station levy 2,642 0 2 General 3,637 14 0 Carried forward 4,830,575 11 4 2,171,755 9 6 110,222,838 8 2

B—l [Pt. I]

ORDINARY REVENUE ACCOUNT—continued

19

EXPENDITURE £ s. d. £ s. d. £ s. d. Brought forward Gr. 114,208 12 11 219,281 1 7 26,714,062 17 4 PERMANENT APPROPRIATIONS —ctd. OTHER SPECIAL ACTS—continued Advances to other Governments — continued Finance Act, 1930 (No. 2), section 7—ctd. Balances outstanding at 31st March, 1948. £ s. d. 110 Nigeria 1 1 0 Palestine Gr. 113 4 10 110 Sarawak 110 Gr. 218 4 10 Tonga 116 3 8 110 Uganda 1 1 0 Union of South 1,559 4 0 Africa Gr. 1,457 15 5 34,536 0 0 Western Pacific .. 9,999 9 8 £180,119 14 5 Total, Advances Cr. 105,660 16 10 War Expenses Account War Expenses Act, 1939, section 2 (4) (e) — Transfer to War Expenses Account .. 2,055,000 0 0* Miscellaneous Appropriation Act, 1925, section 15 — Payments to Imperial War Graves Commission 10,766 5 0 Appropriation Act, 1926, section 15 — Travelling-expenses of His Excellency the Governor-General and staff in excess of amount provided under the Civil List Act, 1920 3,649 3 3 Bank of New Zealand Act, 1945, section 7— Costs, charges, and expenses of acquiring Bank of New Zealand shares 383 13 9 Purchase of Bank of New Zealand shares 35,583 3 9 Finance Act (No. 3), 1934, section 8— Interest on income-tax paid in advance 38,173 4 3 Finance Act (No. 2), 1935, section 17 — Refunds to racing clubs of proportion of totalizator duty 59,597 15 11 Finance Act (No. 2), 1942, section 3— Government Railways Superannuation Fund 81,500 0 0 Public Service Superannuation Fund .. 82,000 0 0 Teachers' Superannuation Fund 36,500 0 0 Carried forward 348,153 5 11 2,168,620 4 9 26,714,062 17 4 * This amount is in addition to £4,611,018 2s. lid. shown as transferred on page 27.

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948—continued

20

RECEIPTS £ s. d. £ s. d. £ s. d. Brought forward 4,830,575 11 4 2,171,755 9 6 110,222,838 8 2S OTHER RECEIPTS—continued Departmental receipts—continued Maori Affairs Department— Fees collected in stamps under pro1 visions of the Maori Land Act, ! 1931 .. 7,070 3 11 Administration expenses— Maori Land Boards 7,380 5 0 Maori Trustee 12,200 0 0 General 4,311 3 0 Navy Department 166,407 12 0 Police Department— Arms Act, 1920 4,907 11 0 Proceeds of sales of goods (Police Act, 1947, subsection 2) 437 5 8 Recoveries for services rendered by police 2,252 13 0 General 7,805 4 2 Prime Minister's Department— Sale of photographs and films 10,876 17 2 General 352 8 7 Public Service Commission 1,649 6 11 Public Works Department— Farm workers' accommodation 39,404 8 8 Receipts from maintenance of public works and services 3,936,635 11 7 Receipts from highways maintenance 167,482 7 4 Receipts from water-supply and irrigation schemes 40,021 16 8 Rents of buildings .. 99,201 4 11 Rents, royalties, &c., from lands 854 5 0 General .. .. 26,765 17 0 Rehabilitation Department .. 5,696 12 6 Scientific and Industrial Research Department — Recoveries on account of research .. 30,904 5 4 Recoveries, Dominion Physical Laboratory 30,857 9 7 General 26,491 12 3 Social Security Department— Refunds and recoveries of war and other pensions 15,374 2 1 Recoveries of allowances to evacuees 17,091 0 10 General 2,412 4 0 Stamp Duties Department— Land Registry and Deeds Register Office fees 77,262 14 2 General 499 4 7 State Forests Service— Forests Act, 1921-22, section 39 (2) 16,023 5 9 General 0 1 11 Carried forward 9,589,204 5 11 2,171,755 9 6 110,222,838 8 2

B—l [PT. I]

ORDINARY REVENUE ACCOUNT —continued

21

EXPENDITURE £ s. d. £ s. d. £ s. d. Brought forward 348,153 5 11 2,168,620 4 9 26,714,062 17 4 PERMANENT APPROPRIATIONS —ctd. OTHER SPECIAL ACTS—continued Miscellaneous—continued Finance Act (No. 2), 1943, section 24— Superannuation allowance, retired Judge of Compensation Court 33 6 8 Finance Act (No. 2), 1943, section 7— Disbursements made on behalf of diplomatic institutions 320 12 4 Finance Act, 1946, section 20— Salary of Controller and Auditor-General 1,500 0 0 Finance Act, 1946, section 19 (1) — Salaries of Judges of the Supreme Court 25,869 7 7 Industrial Conciliation and Arbitration Act, 1925, section 64— Salaries, Judges of the Arbitration Court 4,492 0 6 Industrial Conciliation and Arbitration Amendment Act, 1947, section 2— Salaries, Deputy Judges of the Arbitration Court 1,688 8 10 Judicature Act, 1908, sections 12-14— Superannuation allowances, retired Judges of the Supreme Court 4,397 1 10 Land Act, 1924, sections 139 and 358— Amount paid by Receivers of Land Revenue into Local Bodies' Deposit Accounts for payment to local authorities in respect of rents, royalties, &c. (" thirds," " fourths," and " halves ") 3,916 4 11 Local Government Commission Act, 1946, section 4— Salary of Chairman of Commission 2,156 5 0 Maori Purposes Act, 1931 — | Section 51 — Annual payment to Arawa District Trust Board for the benefit of the Arawa Tribe 6,000 0 0 Section 54— Annual payment to Tuwharetoa Trust Board for benefit of Tuwharetoa Tribe 3,000 0 0 Ngaitahu Claim Settlement Act, 1944, section 2 — Annual payment in respect of settlement of claim for £300,000 10,000 0 0 Public Revenues Act, 1926, section 151— Free issue of official postage-stamps to members of the House of Representatives and to members of the Legislative Council 3,326 0 0 Carried forward 414,852 13 7 2,168,620 4 9 26,714,062 17 4

B—l [Ft. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948—continued

22

RECEIPTS £ s. d. £ s. d. £ s. d. Brought forward 9,589,204 5 11 2,171,755 9 6 110,222,838 8 2 OTHER RECEIPTS —continued .Departmental receipts—continued Tourist and Health Resorts Department — Tourist and Health Resorts Control Act, 1908 246,783 8 9 General 17,211 2 8 Transport Department— Transport Licensing Act, 1931 66,078 3 0 Services of officers controlling traffic 24,550 2 8 General 2,193 6 1 Treasury Department— Exchange, commission, and discount 131,863 15 5 Unclaimed moneys 11,258 3 2 Recovery of Public Service Superannuation Fund administrative expenses 10,312 18 0 Services rendered by Government Actuary's Office 6,959 11 6 Stabilization subsidies (including recoveries in respect of expenditure on subsidies previously paid out of War Expenses Account) 3,611,220 12 10 Net surpluses from special marketing accounts 29,452 10 1 General 29,082 8 4 Valuation Department— Valuation of Land Act, 1925 60,049 17 11 General 482 2 8 State Hydro-electric Department 4,007 0 8 13,840,709 9 8 Bank of New Zealand Act, 1945, section 8— Stock issued 1,770 0 0 Total, Other Receipts •• 16,014,234 19 2 Total, Revenue 117,116,115 6 11 Carried forward 1 " 126,237,073 7 4

B—l [PT. I]

ORDINARY REVENUE ACCOUNT —continued

23

EXPENDITURE £ s. d. £ s. d. £ s. d. Brought forward 414,852 13 7 2,168,620 4 9 26,714,062 17 4 PERMANENT APPROPRIATIONS —ctd. OTHER SPECIAL ACTS—continued Miscellaneous—continued Public Service Amendment Act, 1946 — Section 4— Salaries of Public Service Commission 5,040 9 6 Section 24 (2) — Salaries of Assistant Commissioners 920 15 11 Servicemen's Settlement and Land Sales Act, 1943, section 5— Salary of Judge of Land Sales Court .. 2,250 0 0 Servicemen's Settlement and Land Sales Amendment Act, 1946, section 4(3)Refunds of excess consideration 2,838 0 0 Taranaki Maori Claims Settlement Act, 1944, section 2— Annual payment to Taranaki Maori Trust Board 5,000 0 0 Waihou and Ohinemuri Rivers Improvement Act, 1910, section 17 (4) (d), and Appropriation Act, 1916, section 27— Contributions towards interest and cost of administration and maintenance of Waihou and Ohinemuri Rivers Improvement Works : on account of year 1946-47 1,666 13 4 Waikato-Maniapoto Maori Claims Settlement Act, 1946— Tainui Maori Trust Board — Annual payment under section 3 (1) 5,000 0 0 Annual payment under section 3 (2) (b) 1,000 0 0 Total, Miscellaneous 438,568 12 4 Total, other Special Acts 2,607,188 17 1 Total, Permanent Appropriations .. 29,321,251 14 5 ANNUAL APPROPRIATIONS £ s. d. £ s. d. £ s. d. Legislative 152,506 2 4 Prime Minister's Department 156,966 4 7 External Affairs 673,908 10 10 Finance — Treasury 309,710 7 10 Stabilization 14,621,917 0 4 Customs 272,086 5 4 Land and Income Tax 560,749 0 1 Stamp Duties 169,458 6 10 Audit 104,310 16 6 . 16,038,231 16 11 Carried forward 17,021,612 14 8

B—l [Pt. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948—continued

24

RECEIPTS £ s. d. £ s. d. £ s. d. Brought forward 1 1 126,237,073 7 4 i I i j | i i j ! ! Carried forward •• •• 126,237,073 7 4

B—l [PT. 1}

ORDINARY REVENUE ACCOUNT—continued

25

EXPENDITURE £ s. d. £ s. d. £ s. d. Brought forward 17,021,612 14 8 ANNUAL APPROPRIATIONS—continued General Administration — Public Service Commission 63,872 0 1 Internal Affairs 3,184,824 12 3 Island Territories 652,875 7 9 Printing and Stationery 669,450 12 2 Marine 434,282 12 8 Labour and Employment 935,873 7 3 Maori Affairs 463,806 15 9 Valuation 171,276 3 3 Electoral 35,256 18 6 Census and Statistics 75,556 11 11 Rehabilitation 373,330 3 9 7 AfiO 40~, K 4. t 9 VUU 2 AVV U tfc Law and Order— Justice and Prisons.. 554,872 8 0 Crown Law 12,970 18 7 Police 968,835 10 11 x ? wuU,U1O ±4 V Defence— Navy 1,736,627 5 6 Army 3,470,244 19 10 Air 4,175,218 11 5 Q 282 0Q0 16 9 «7 j UOA/j Vi7v JL Xf *7 Maintenance — Maintenance of Public Works and Services 6,405,233 18 0 Highways Maintenance 3,404,081 2 8 Q ftOQ 21ft 0 8 ajOVt/jUly V o Development of Primary and Secondary Industries— Lands and Survey 1,184,257 18 1 Agriculture 1,609,709 3 3 Scientific and Industrial Research 745,004 9 10 Mines 107,166 2 1 Transport 220,848 18 1 Industries and Commerce 1,276,855 8 2 Tourist and Health Resorts 452,738 9 10 *J 9 tJisU 9 *7 T Carried forward •• 50,406,683 4 3 ••

B—l [Pt. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948—continued

26

RECEIPTS £ s. d. £ s. d. £ s. d. Brought forward I 126,237,073 7 4 Total £126,237,073 7 4

B—l [PT. IJ

ORDINARY REVENUE ACCOUNT—continued

27

EXPENDITURE £ s. d. £ s. d. £ s. di Brought forward 50,406,683 4 3 ANNUAL APPROPRIATIONS—continued Social Services — Health. 4,718,732 18 2 Mental Hospitals 1,243,332 1 4 Education 8,883,245 19 5 War and other Pensions 4,688,312 2 9 Social Security (transfer to Social Security Fund) 16,000,000 0 0 ok coo coo 1 o OO ,OuO 9 \jjuo 1 o Unauthorized Expenditure— Services not provided for 68,844 15 10 Total, Annual Appropriations 86,009,151 1 9 Total, Permanent Appropriations .. 29,321,251 14 5 Tin O*P \iIOiU ptigc &0) " , 1 — 1 £ s. d. £ s. d. £ s. d~ Total, Expenditure 115,330,402 16 2 War Expenses Act, 1939, section 2 (4) (e) — Transfer to War Expenses Account 4,611,018 2 11* Balances at end of year— Cash 1,256,083 3 1 Investments 4,000,000 0 0 Imprests outstanding— Consolidated Fund— Ordinary Revenue Account — Vote — Prime Minister's Department 2,589 0 0 External Affairs 28,690 0 0 Stabilization 37,257 0 0 Customs 398 4 3 Island Territories 149,727 6 6 Printing and Stationery 89,761 0 0 Marine 4,003 3 8 Labour and Employment 88,569 3 11 Maori Affairs 7 2 6 Valuation 532 5 11 Justice and Prisons 261 11 6 Police 19 1 6 Navy 86,505 1 2 Army Gr. 116,382 5 4 Air 95,764 0 11 Agriculture 218 6 6 Scientific and Industrial Research 361 5 11 Mines .. .. 699 7 0 Industries and Commerce 112,844 0 0 Tourist and Health Resorts .. 2,231 11 5 Health 27,889 6 6 Mental Hospitals 2,629 17 9 Education 9,952 6 8 War and other Pensions 150,238 16 10 General imprest 120,281 19 4 General services 144,520 10 9 i MQ 5 2 1 jVOojuUt; 6,295,652 8 3 Total .. .. .. j £126,237,073 7 4 * A further amount of £2,055,000 transferred to War Expenses Account is included under heading " Other Special Acts."

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948—continued

28

RECEIPTS £ s. d. £ s. d. Balances at beginning of year— Cash 682,285 12 2 Investments 9,374,738 9 0 Imprests outstanding 368,873 5 4 10,425,897 6 6 Balances on Receipts 1st April, 1947. and Transfers. £ s. d. £ s. d. Royal New Zealand Air Force 38,855 16 6 336 8 2 Anderson Gift Trust Account 806 2 9 6,749 11 11 Canteen Profits 6,543 16 8 5,603 0 0 Commercial Gardens Registration Act, 1943 581 7 0 2,684 19 1 Cook Islands Fruit Account 4,055 19 11 47,162 5 3 Deposits on Contracts 427 10 0 295 0 0 Education Reserves Act, 1928— Sales and Acquisition of Land under section 27— Primary-education endowments 63,816 11 8 5,402 3 0 Secondary-education endowments — Auckland Provincial District 6,776 0 1 1,845 0 0 Taranaki Provincial District 269 14 0 Hawke's Bay Provincial District 24 7 2 Otago Provincial District 381 0 0 Westland Provincial District 75 0 0 75 0 0 Primary Education Endowment Deposit Account 4,247 8 0 110,079 1 4 Secondary Education Endowment Deposit Account — Auckland Provincial District 1,349 7 9 3,857 11 9 Taranaki Provincial District 614 14 0 1,269 19 0 Wellington Provincial District 1,518 3 3 4,007 0 9 Hawke's Bay Provincial District 856 16 3 1,907 10 2 Nelson Provincial District 237 8 10 658 15 6 Marlborough Provincial District 34 0 6 64 6 0 Otago Provincial District 662 9 10 1,753 5 10 General Assembly Library Fund 25 0 0 General Purposes Relief Account .. .. 227,869 12 1 6,952 10 1 Gold Duty Suspense Account .. .. .. 359 4 4 350 5 10 Greymouth and Hokitika High Schools Act, 1883 111 18 8 261 15 7 Hides Emergency Regulations 90,150 17 1 1.060,869 8 4 Honey-export Control Act, 1924.. 3 8 9 72 0 8 Hospitals and Charitable Institutions Act, 1926 1,058 10 5 1,785 18 1 Hunter Soldiers' Assistance Trust Account 4,859 9 8 630 9 7 Immigration Restriction Act, 1908 78,530 2 6 8,279 18 6 Imperial Pensions 167,895 11 11 341,715 19 10 Income-tax, Deferred Maintenance 1,379,624 5 10 240,685 0 3 Interest on Cash Balance Investment Account 17,979 9 0 336,116 14 11 King George V Memorial Fund .. .. .. v 69,485 1 2 4,244 11 4 Land Agents Act, 1921-22 505 5 0 Linen Flax Growers' Insurance Fund 6 9 7 Local Bodies Account —- Goldfields revenue 3,631 4 3 11,431 0 8 Gold duty 237 1 4 3,348 6 1 Fees and fines 10,484 10 0 19,627 0 0 Endowments of land 5,120 9 4 3,819 15 7 Carried forward 2,190,046 5 1 2,233,966 13 1

B—l [FT. I]

DEPOSITS ACCOUNT

29

EXPENDITURE Payments and Balances on Transfers. 31st March, 1948. £ s. d. £ s. d. Royal New Zealand Air Force 39,192 4 8 Anderson Gift Trust Account 95 0 0 7,460 14 8 Canteen Profits 6,988 10 0 5,158 6 8 Gardens Registration Act, 1943 2,697 0 9 569 5 4 Cook Islands Fruit Account 41,123 10 0 10,094 15 2 Deposits on Contracts 712 10 0 10 0 0 Education Reserves Act, 1928 — Sales and Acquisition of Land under section 27— Primary-education endowments 333 0 5 68,885 14 3 Secondary-education endowments— Auckland Provincial District 35 0 0 8,586 0 1 Taranaki Provincial District 269 14 0 Hawke's Bay Provincial District 24 7 2 Otago Provincial District 381 0 0 Westland Provincial District 150 0 0 Primary Education Endowment Deposit Account 105,891 10 6 8,434 18 10 Secondary Education Endowment Deposit Account — Auckland Provincial District 3,228 17 2 1,978 2 4 Taranaki Provincial District 1,226 1 9 658 11 3 Wellington Provincial District 3,036 8 3 2,488 15 9 Hawke's Bay Provincial District 1,444 12 2 1,319 14 3 Nelson Provincial District 675 10 4 220 14 0 Marlborough Provincial District 63 7 0 34 19 6 Otago Provincial District 1,413 11 3 1,002 4 5 General Assembly Library Fund 25 0 0 General Purposes Relief Account 1,915 8 8 232,906 13 6 Gold Duty Suspense Account 359 4 4 350 5 10 Greymouth and Hokitika High Schools Act, 1883 283 7 3 90 7 0 Hides Emergency Regulations 1,065,343 10 10 85,676 14 7 Honey-export Control Act, 1924.. 39 2 5 36 7 0 Hospitals and Charitable Institutions Act, 1926 2,184 6 8 660 1 10 Hunter Soldiers' Assistance Trust Account 961 16 3 4,528 3 0 Immigration Restriction Act, 1908 69,430 1 0 17,380 0 0 Imperial Pensions 376,815 18 10 132,795 12 11 Income-tax, Deferred Maintenance 208,734 18 4 1,411,574 7 9 Interest on Cash Balance Investment Account 334,589 16 11 19,506 7 0 King George V Memorial Fund 15,232 16 3 58,496 16 3 Land Agents Act, 1921-22 505 5 0 Linen Flax Growers' Insurance Fund 6 9 7 Local Bodies Account — Goldfields revenue 10,454 16 8 4,607 8 3 Gold duty 2,600 6 9 985 0 8 Fees and fines 19,635 10 0 10,476 0 0 Endowments of land 5,154 13 3 3,785 11 8 Carried forward 2,321,917 8 8 2,102,095 9 6

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the CONSOLIDATED FUND for the Year ended 31st March, 1948—continued

30

RECEIPTS Balances on Receipts and 1st April, 1947. Transfers. £ s. d. £ s. d. Brought forward 2,190,046 5 1 2,233,966 13 1 Marine Insurance (War Risks) Fund 452,430 15 3 Meat Act, 1939 3,130 0 3 7,923 18 3 Mining Act, 1926 106 0 6 115 17 4 Miscellaneous 1,044,522 0 2 1,900,978 4 6 Money-order Settlement Account 94,937 14 1 75,571 13 8 Navy Office Deposit Account 3,173 14 11 7,365 16 7 Nelson Rifle Prize Fund 1,342 12 0 30 0 0 New Zealand Reparation Estates 223 16 2 7,348 14 8 New Zealand University Endowment— Westland .. 5,723 8 1 216 14 4 Niue Island Fruit Account 3,340 8 10 North Island Experimental Dairy School 11,519 11 0 621 8 O Official Assignees' Balances 4,155 0 0 1,350 0 0-Orchard-tax Act, 1927 217 1 0 1,976 16 2' Payments through the High Commissioner 141,765 6 4 953,801 12 3 Promotion of Health Fund 11,573 5 2 39,650 17 0' Public Service Association Account 105 3 5 1,321 7 6 Receipts by the High Commissioner for Payment in New Zealand ! 27,464 12 11 672,443 4 T Receiver-General's Deposit Account 400,000 0 0 365,150 0 0 Regimental Funds 22,320 2 7 415,259 5 0 Regimental Funds Government Grants Trust Account 1,461 7 5 Remittances from R.N.Z.A.F. Personnel 4,839 19 6 17,794 16 2 Remittances from Soldiers Overseas .. .. 1,678 5 10 54,690 3 0 Remittances to Immigrants 5 0 0 Remittances to R.N.ZA.F. Personnel .. .. 1,055 16 10 2,ioo 11 6 Remittances to Soldiers 9,381 8 6 3,366 17 5 Reserve Bank Investment Account 1,203,325 0 0 R.N.ZA.F. Central Deposits Account 27,980 12 6 R.N.Z.A.F. Welfare Deposits Account 23,010 12 3 Rural Reticulation Fund 23,398 16 7 25,669 19 2 Samoan Notes Security Account 61,400 0 0 10,000 0 0 Samoan Treasury Account 459,345 14 3 374,165 0 6 Scientific and Industrial Research Department 6,341 8 9 Silver and Bronze Coin Account 2,202,648 6 8 780,180 0 0 State Advances Corporation Investment Account 890,418 9 0 Taranaki Scholarships Endowment Account 400 12 0 928 14 10 Tauranga Educational Endowment Reserves Act 632 6 3 Tobacco Research Association Account 1,280 5 0 Trustee Act, 1908 7,999 3 6 48 5 0Unclaimed Earnings 2,063 9 11 2,415 3 3: United States Property Educational and Cultural Fund 1 1,131,487 11 7 204,069 3 11 Unpresented Cheques 5,602 17 0 6,760 3 1 Victoria College Endowment Deposit Account 7 2 6 20 0 0> War Assets Realization Fund Deposit Account 15,254 5 0' Wheat Research Levies .. .. .. i 2 8 1,038 12 5 £10,425,897 6 6 8,241,558 17 11 Balance brought forward .. .. ,. 10,425,897 6 6 Total £18,667,456 4 5-

B—l [PT. I]

DEPOSITS ACCOUNT —continued

31

EXPENDITURE Payments and Balances on Transfers. Slst March, 1948. £ s. d. £ s. d. Brought forward .. .. 2,321,917 8 8 2,102,095 9 6 Marine Insurance (War Risks) Fund 452,430 15 3 Meat Act, 1939 9,966 18 5 1,087 0 1 Mining Act, 1926 88 18 4 132 19 6 Miscellaneous 1,425,380 1 3 1,520,120 3 5 Money-order Settlement Account 128,734 2 10 41,775 4 11 Navy Office Deposit Account 7,033 6 8 3,506 4 10 Nelson Rifle Prize Fund 20 0 0 1,352 12 0 New Zealand Reparation Estates 6,252 5 10 1,320 5 0 New Zealand University Endowment — Westland 4 15 7 5,935 6 10 Niue Island Fruit Account 507 11 8 2,832 17 2 North Island Experimental Dairy School Official Assignees' Balances 613 16 4 11,527 2 8 450 0 0 5,055 0 0 Orchard-tax Act, 1927 1,668 10 1 525 7 1 Payments through the High Commissioner 826,465 8 0 269,101 10 7 Promotion of Health Fund 11,573 5 2 39,650 17 0 Public Service Association Account 1,248 4 8 178 6 3 Receipts by the High Commissioner for Payment in New Zealand 692,783 11 11 7,124 5 7 Receiver-General's Deposit Account 110,150 0 0 655,000 0 0 Regimental Funds 417,920 8 0 19,658 19 7 Regimental Funds Government Grants Trust Account 1,461 7 5 Remittances from R.N.Z.A.F. Personnel 22,489 14 9 145 0 11 Remittances from Soldiers Overseas 54,690 3 0 1,678 5 10 Remittances to Immigrants 5 0 0 Remittances to R.N.Z.A.F. Personnel 2,765 4 3 391 4 1 Remittances to Soldiers 8,863 10 11 3,884 15 0 Reserve Bank Investment Account 1,203,325 0 0 R.N.Z.A.F. Central Deposits Account 2,902 7 4 25,078 5 2 R.N.Z.A.F. Welfare Deposits Account 528 19 6 22,481 12 9 Rural Reticulation Fund 640 10 6 48,428 5 3 Samoan Notes Security Account 71,400 0 0 Samoan Treasury Account 187,003 8 10 646,507 5 11 Scientific and Industrial Research Department 5,727 10 11 613 17 10 Silver and Bronze Coin Account 21,657 16 4 2,961,170 10 4 State Advances Corporation Investment Account 890,418 9 0 Taranaki Scholarships Endowment Account 889 18 4 439 8 6 Tauranga Educational Endowment Reserves Act 632 6 3 Tobacco Research Association Account 1,280 5 0 Trustee Act, 1908 170 11 3 7,876 17 3 Unclaimed Earnings 2,925 6 0 1,553 7 2 United States Property Educational and Cultural Fund 25 0 0 1,335,531 15 6 Unpresented Cheques 8,015 5 1 4,347 15 0 Victoria College Endowment Deposit Account 10 10 0 16 12 6 War Assets Realization Board 541 8 4 14,712 16 8 Wheat Research Levies 1,039 15 1 8,378,694 7 10 £10,288,761 16 7 Balances at end of year — Cash 247,234 10 7 Investments .. .. .. 9,632,345 0 0 Imprests outstanding 409,182 6 0 10,288,761 16 7 Total £18,667,456 4 5

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the SEPARATE

32

BANK OF NEW RECEIPTS [This account was abolished as from 1st April, 1947„ EARTHQUAKE AND WAR Balances at beginning of yearCash Investments Imprests outstanding £ s. d. 30,708 12 6 5,207,500 0 0 3 8 11 £ s. d. 5,238,212 1 5Premiums 482,644 19 6Interest on investments 121,789 12 3 Total £5,842,646 13 2 ELECTRIC SUPPLY Balances at beginning of yearCash Imprests outstanding 1 £ s. d. 136,437 9 0 27,216 7 7 £ s. d.. 163,653 16 7 Transfers from National Development Loans Account 5,500,000 0 0' State Supply of Electrical Energy Act, 1917, section 8— Sales of electrical energy Miscellaneous receipts 3,128,609 18 3 250,625 5 2 3,379,235 3 5 Portion of interest earned on investments Public Account cash balance 83 6 8 Total £9,042,972 6 8

B—l [FT. I]

ACCOUNTS for the Year ended 31st March, 1948

33

ZEALAND SHARES ACCOUNT EXPENDITURE in terms of Section 4 of the Finance Act, 1947.] DAMAGE FUND Annual appropriation — Vote —Earthquake and War Damage Earthquake and War Damage Act, 1944— Insurance expenditure under section 12 (1) Balances at end of year— Cash Investments Imprests outstanding Total .. . - - • • • • • £ s. d. 52,833 13 8 5,770,000 0 0 6 0 0 £ s. d. 15,392 19 7 4,413 19 11 5,822,839 13 8 £5,842,646 13 2 ACCOUNT Annual appropriation — Vote —Electric Supply Unauthorized expenditure— Services not provided for Interest on capital liability Income-tax Social security charge Transfer to Loans Redemption Account for redemption of securities Balances at end of year — Cash Imprests outstanding Total £ s. d. 6,899,848 18 0 42,488 18 6 £ s. d. 6,942,337 16 6 1,153,027 0 5 144,076 13 4 21,683 15 7 173,741 15 1 608,105 5 9 483,504 2 6 124,601 3 3 1 £9,042,972 6 8 2—B 1 [Pt. I]

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the SEPARATE ACCOUNTS for the Year ended 31st March, 1948—continued

34

RECEIPTS Balances at beginning of year— £ s. d. £ s. d. Cash 513,002 14 9 Imprests outstanding 29,623 0 11 542,625 15 8 Transfers from National Development Loans Account ! 1,700,000 0 0 Sales and. capital receipts— Sales of land— Estates and developed areas 163,608 S 0 Land Act, 1924, section 20 : Crown lands 149,768 1 0 Land Act, 1929, section 208 : Capital value of land 2,914 8 1 Land Subdivision in Counties Act, 1946, section 14 (1): Public Reserves 5,588 4 9 Repayment of advances .. .. .. 23,000 3 3 ■ 344,879 5 1 Rents and interest- — Rents, &c. — Receipts derived from estates and developed areas 371,172 15 10 Interest on advances 7,722 2 1 i S78 8Q4 17 11 OlOjOt;! X 4 XX Sales of produce, live-stock, and miscellaneous receipts 8,078 18 7 Development of small farms : Capital receipts i 684,997 17 9 Receipts under Maori Housing Act, 1935 58,971 11 3 Receipts from development schemes— Small farms 1,438,005 15 10 Maori land settlement 890,192 17 2 •> 098 1Q8 IS 0 Xt/O JLu u Transfers from Consolidated Fund— Subsidies for development of marginal lands— i j Small farms development 9,942 0 0 1 Maori land settlement 160,000 0 0 | For meeting losses arising from development of land for rehabilitation purposes — Small farms development 300,000 0 0 469,942 0 0 Miscellaneous receipts 130,210 16 4 Carried forward 6,646,799 15 7

B—l [FT. I]

LAND FOR SETTLEMENTS ACCOUNT

35

EXPENDITURE Annual appropriationsVote — Land for Settlements Small Farms Development Maori Land Settlement Interest on capital liability— National Development Loans Act, 1941, section 6 (5) — Transfer to Consolidated Fund in respect of interest payable on capital liability Other interest charges— Land Laws Amendment Act, 1926, section 13 — Interest on amount paid into Land for Settlements Account as capital proceeds from sales of Crown lands Land Laws Amendment Act, 1929, section 47 — Interest on Crown lands declared to be subject to the Land for Settlements Act, 1925, and the former Land for Settlements Acts Finance Act, 1930 (No. 2), section 19 (4) — Interest on Cheviot Estate accumulated funds paid to Consolidated Fund Expenditure charged on proceeds of sales of land— Crown lands : Sales under Land Act, 1924, section 20— Finance Act, 1931 (No. 4), section 24 (1) — Payment to Public Works Account of value of lands set aside or required for the purposes of the Post and Telegraph Department, but no longer required for such purpose Finance Act, 1932 (No. 2), section 6— £ s. d. Payment in respect of land and buildings acquired for disposal under section 40 of Statutes Amendment Act, 1945 .. .. 19,600 0 0 Payment in respect of land and buildings acquired for disposal under the Land Act, 1924 .. 4,859 10 0 Transfer from Crown Lands Account to Small Farms Account of the value of Small Farms lands declared Crown lands .. .. 3,128 18 0 £ s. d. 47,127 11 1 4,039,625 4 8 1,195,452 3 8 £ s. d. 5,282,204 19 5 300,000 0 0 83,702 3 5 16,955 4 0 37,186 11 8 304 16 0 i | j I j 27,588 8 0 ! 1 43,744 3 0 | C'r. 17 3 4 j 167 5 6 ! 80 4 5 I 295 0 0 Land Act, 1924, section 20 (3)— Payment in respect of land obtained for Government works now deemed to be Crown lands Land Act, 1924, section 139 — " Thirds " and " fourths " paid to Local Bodies' Deposit Account from proceeds of sales of Crown lands Land Laws Amendment Act, 1930, section 15 (3) — Land for Settlements Act, 1925, section 49 (1) — Settlement lands converted into ordinary Crown lands Maori Purposes Act, 1934, section 3 (2) — Acquisition of Maori land Public Reserves, Domains, and National Parks Act, 1928, section 41 (2) — Improvements and developments of domains from proceeds of sale of areas Carried forward 72,162 13 7 5,720,048 18 6 2*

B—l [P T . I]

STATEMENT of the RECEIPTS and EXPENDITURE of the SEPARATE

36

LAND FOR SETTLEMENTS RECEIPTS £ s. d. £ s. d. Brought forward | 6,646,799 15 7 Total £6,646,799 15 7 LOANS REDEMPTION Balances at beginning of year— £ s. d. £ s. d. Cash 2,019,717 0 3 Cash transferred from Public Debt Repayment Account as at 1st April, 1947 229,694 18 3 2,249,411 18 6 New Zealand Loans Amendment Act-, 1947 — Section 11 {a) — Moneys raised for the purpose of repaying loans— Securities issued in conversion and in renewal of loans — Stock— To mature— 15th October, 1957 6,065,650 0 0 15th February, 1955-58 1,123,291 0 0 15th November, 1958 7,854,262 0 0 15th March, 1962 14,000,000 0 0 15th April, 1960-63 200 0 0 15th July, 1962-64 3,044,275 0 0 32,087,678 0 0 Section 11 (b) — Annual contribution from Consolidated Fund in respect of the defined portion of the public debt— One-half per centum of the total amount of the defined portion of the public debt outstanding at 31st March, 1947 2,713,395 18 6 Four per centum of the total amount of the defined portion of the public debt repaid or redeemed to 31st March, 1947 1,663,827 4 0 A Q77 99Q O (V-fc Carried forward 38,714,313 1 0 * Previously shown in Public Debt Repayment Account, closed as at 31st March, 1947.

B—l [PT. I]

ACCOUNTS for the Year ended 31st March, 1948—continued

37

ACCOUNT—continued EXPENDITURE £ s. d. £ s. d. Brought forward 72,162 13 7 5,720,048 18 6 Expenditure charged on proceeds of sales of land—continued Crown lands: Sales under Land Act, 1924, section 20 — Reserves and other Lands Disposal Act, 1934, section 14 (2)Acquisition of land for public domains 370 0 0 j. 79 9 1 7 4JZ/ 9 *JOA lO 1 Payments under section 14 (2) (d) of the Land Subdivision in Counties Act, 1946 10 16 8 Finance Act, 1932 (No. 2), section 6— Transfer to Small Farms Account of the value of Crown land utilized for Small Farms purposes 3,656 17 4 Balances at end of year— Cash .. .. .: 804,094 2 6 Imprests outstanding— Vote— £ s. d. Small Farms Development .. 39,606 17 10 Maori Land Settlement .. .. 6,849 9 2 46,456 7 0 am kka q « oo\j, oov y u Total .. £6,646,799 15 7 ACCOUNT £ s. d. £ s. New Zealand Loans Amendment Act, 1947 — Section 12 (a) — Repayment of loans from moneys received under section 11 (®) — Stock and debentures — To mature— 15th September, 1947 4,143,360 0 0 1st November, 1947 14,027,011 0 6 15th April, 1946-49 200 0 0 loth February, 1949-50 1,355,650 0 0 15th April, 1949-51 5,080,000 0 0 15th June, 1952-55 410,000 0 0 15th February, 1955-58 609,381 0 0 15th November, 1958 4,614,262 0 0 15th December, 1958 347,813 19 6 30,587,678 0 0 Treasury bills — To mature — Various 1,500,000 0 0 "H9 087 (V78 ft ft Oju 9 \J O 4 9 U / O If \J Carried forward .. .. .. •• 32,087,678 0 0

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the SEPARATE ACCOUNTS for the Year ended 31st March, 1948—continued

38

RECEIPTS £ s. d. 1 £ s, d. Brought forward .. .. .. .. ! 38,714,313 1 0 New Zealand Loans Amendment Act, 1947—continued Section 11 (c) — Amounts received for redemption of loans — From — Electric Supply Account .. .. .. 173,741 15 1 Housing Account .. .. .. 470,000 0 0 j Miscellaneous sources .. .. .. 12,211 16 5 National Development Loans Account .. 2,121,940 0 0 | Ordinary Revenue Account .. .. 4,200,000 0 0 1 Reparations, World War II, 1939-45 50,000 0 : 0 Repayment of mining advances .. .. . . ; 8,465 7 10 State Coal Mines Account .. .. 49,004 0 0 War Expenses Account .. .. .. j 3,300,000 0 0 Amount received from the British Government and applied to redemption of War Loan securities 5,000,000 0 0 Premiums received on redemption of securities before maturity 6 19 3 iK aac QftQ iq 7 1V • j vvi/ lO 1 Section 19— Moneys received from the Public Debt Redemption Fund : 11,287,987 16 2 1 j Carried forward 65,387,070 15 9

B—l [Pt. I]

LOANS REDEMPTION ACCOUNT—continued

39

EXPENDITURE . £ s. d. ! £ s. d, Brought forward .. .. _.. . • j ; 32,087,678 0 0 New Zealand Loans Amendment Act, 1947—continued j Section 12 (b) — i Redemption of securities determined by the Public j Debt Commission — ] Securities redeemed before maturity— Stock1 To mature — 15th September, 1947 .. .. 3,970 0 0 i 15th May, 1948 .. .. .. 3,630 0 0 : 30th November, 1948 .. .. 900 0 0 1 15th June, 1947-49 .. . - 20,090 0 o : 15th February, 1949-50 .. .. 10,500 0 o 1 15th April, 1950-51 3,550 0 0 1 1st October, 1953 31,690 0 0 i 1st August, 1951-54 14,350 0 o | 15th June, 1952—55 475 0 0 [ 15th September, 1952-55 28,905 0 0 I 15th May, 1953-56 .. .. 22,690 0 o ! 15th December, 1953-56 .. .. 66,865 0 15th February, 1955-58 57,115 0 o ; 15th April, 1956-59 40,850 0 o j 15th September, 1957-60 .. .. 8,060 0 o 1 15th April, 1960-63 965 0 0 i 15th July, 1962-64 34,835 0 0 349,440 0 0 1 Securities redeemed at maturity— Stock and debentures— To mature — 15th February, 1943-46 300 0 0 1 15th September, 1947 4,095,000 0 0 I 15th April, 1946-49 .; > i 11,540 ! 0 0 i 4,106,840 0 o ' Section 12 (c) — i ! 4. 280 0 0* T •, Tt/U A/OV v Redemption of loans in terms of section 58 of New | Zealand Loans Act, 1932 — Securities redeemed before maturity— Stock and debentures— To mature — 15th May, 1948 .. .. .. 20 0 0 I 15th June, 1947-49 .. .. 11,050 0 0 1 15th September, 1949 .. .. 9 15 10 ! 15th February, 1949-50 .. .. .. I 50,000 0 o : 15th April, 1949-51 170,000 0 o j 15th April, 1950-51 .. .. 500 0 0 i 15th January, 1953-57 500,000 0 o ! 15th July, 1957 ! 3,500,000 0 0 . 15th October, 1957 2,303,650 0 0 15th November, 1957 52,275 0 0 15th November, 1958 1,390,000 0 0 j 15th December, 1958 352,186 0 6 1 15th April, 1960-63 12 3 io ! 15th July, 1961-63 i 6,200 0 0 i Treasury bills — | 8,335,903 0 2 ! To mature— 21st November, 1947 j 5,000,000 0 0 j Carried forward ,13,335,903 0 2 I 36,543,958 0 0 * Previously shown in Public Debt Repayment Aceount, closed as at 31st March, 1047.

B—l [Pt. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the SEPARATE

40

LOANS REDEMPTION RECEIPTS Brought forward Total £ s. d. | i £ s. d, 65,387,670 15 & £65,387,670 15 9 MAIN HIGHWAYS [This account was abolished as from 1st April, 1947, NATIONAL DEVELOPMENT New Zealand Loans Act, 1932 — National Development Loans Act, 1941, section 3— 3-per-cent. stock issued maturing 15th July, 1962-64 .. 3-per-cent. stock issued maturing 15th July, 1963-65 .. 1-per-cent. Treasury bills Total £ s. d. 15,921,700 0 0 3,525,240 0 0 6,500,000 0 0 £ s. d. 25,946,940 0 0 £25,946,940 0 0

B—l [PT. I]

ACCOUNTS for the Year ended 31st March, 1948—continued

41

ACCOUNT —continued EXPENDITURE £ s. d. £ s. d. Brought forward j 13,335,903 0 2 36,543,958 0 0 New Zealand Loans Amendment Act, 1947 —continued Section 12 (c) —continued Redemption of loans in terms of section 58 of New New Zealand Loans Act, 1932—continued Securities redeemed at maturity— Interest-free stock— To mature— Various .. .. .. .. 5,985 0 0 Section 19— i 34-1 888 0 2 I0j0xl 5 000 \) <4 Redemption of securities determined by the Public Debt • Commission— Stock — To mature— 15th February, 1949-50 594,350 0 0 15th June, 1952—55 372,650 0 0 15th January, 1953-57 3,015,850 0 0 15th February, 1955-58 776,300 0 0 15th April, 1960-63 3,388,837 16 2 15th July, 1961-63 1,600,000 0 0 15th July, 1962-64 1,540,000 0 0 Balances at end of year— 11,287,987 16 2 Cash 213,836 19 5 Investments 4,000,000 0 0 4,213,836 19 5 Total £65,387,670 15 9 ACCOUNT in terms of section 3 of the Finance Act (No. 2), 1947.] LOANS ACCOUNT National Development Loans Act, 1941— Transfers to — £ s. d. £ s. d. Electric Supply Account 5,500,000 0 0 Land for Settlements Account 1,700,000 0 0 Public Works Account 11,400,000 0 0 State Coal-mines Account 1,560,000 0 0 State Forests Account 1,050,000 0 0 Working Railways Account 1,650,000 0 0 Iron and Steel Industry Account 173,000 0 0 nnn o o •» \JOO 9 uUv U u Finance Act, 1946, section 3— Purchase of shares in British Commonwealth Pacific Airlines, Ltd. 297,000 0 0 Finance Act (No. 2), 1946, section 3— Purchase of shares in the British Petroleum Company of New Zealand, Ltd. 255,000 0 0 New Zealand National Airways Act, 1945, section 25— Transfer to New Zealand National Airways Corporation 240,000 0 0 New Zealand Loans Amendment Act, 1947, section 11 (c) — Transfer to Loans Redemption Account for redemption ' i of securities .. .. .. .. •• 2,121,940 0 0 Total .. . . .. .. .. .. £25,946,940 0 0

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the SEPARATE

42

PUBLIC DEBT RECEIPTS TJhls account was abolished as from 1st ApriS 3 1947, in terms of and is now incorporated in PUBLIC WORKS Balances at beginning of year— I £ s. d. £ s. d. Gash 317,776 10 1 Cash transferred from Main Highways Account as at 1st April, 1947 . 2,873 2 2 Imprests outstanding 119,781 13 5 440 431 5 8 rt. "TV y JL tJ Transfers from National Development Loans Account 11,400,000 0 0 Agriculture (Emergency Powers) Act, 1934, section 26— 1,974 8 11 Repayment of loans Finance Act, 1932, section 7 (4) — Proceeds from the sale of lands subject to the Hauraki Plains Act, 1926 5,805 0 10 Finance Act, 1932, section 11 (3) (a) — Recoveries of capital moneys expended on railway-line, 14,750 0 0 Petone to Waterloo Sale of linen-flax factories and equipment 142,910 10 10 Miscellaneous receipts— 52,105 19 10 Education Department Labour and Employment Department 10 17 6 Police Department 30 0 0 Public Works Department — Departmental receipts— 8,669 14 2 General .. .. . ■ Highways construction 22,226 2 7 Housing construction 673,507 6 3 Irrigation, water-supply, and drainage 72,992 3 11 Lands, miscellaneous 93,218 10 6 Lighthouses and harbour-works 4,465 8 1 Public buildings 359,718 12 5 Railway-construction 37,444 0 5 Roads, &c. 7,721 14 6 Soil conservation and rivers control 75,180 4 5 Instalment on loans to— Eastbourne Borough Council 207 0 9 Lower Clutha River Trust 81 4 10 1,407,579 0 2 Total .. .. . • • • • • £13,413,450 6 5 L... .. . , REMITTANCES TO £ s. d. £ s. d. Amounts credited to New Zealand Public Account, London, being amounts remitted from Public Account, Wellington 27,015,934 8 0 Total £27,015,934 8 0

B—l [PT. 1]

ACCOUNTS for the Year ended 31st March, 1948—continued

43

REPAYMENT ACCOUNT EXPENDITURE section 10 (2) of the New Zealand Loans Amendment Act, 1947, Loans Redemption Account.! ACCOUNT Annual appropriations— . Vote — Railway-construction .. .. .. Housing Construction .. .. .. Public Buildings .. .. .. .. Education Buildings .. .. .. .. i Lighthouses and Harbour-works .. .. Roads, &c. .. .. .. .. Soil Conservation and Rivers Control .. Irrigation, Water-supply, and Drainage .. Highways Construction .. .. .. Unauthorized expenditure— Services not provided for Finance Act (No. 2), 1939, section 2— Tasman Empire Airways, Ltd. Finance Act, 1940, section 15— New Zealand Woolpack and Textiles, Ltd. Balances at end of year— Cash Imprests outstandingVote— £ s. d. Housing Construction .. .. 15,958 3 0 Soil Conservation and Rivers Control 2,936 7 6 General services .. .. 245,309 14 9 Total .. £ s. d. 122,775 18 10 6,638,991 11 5 2,136,421 19 2 1,065,870 9 4 9,802 15 11 325,534 4 1 326,913 15 10 417,311 18 1 1,333,302 15 4 £ s. d. 12,376,952 4 3 117,002 0 0 150,000 0 0 769,496 2 2 12,376,925 8 0 26 16 3 505,291 16 11 264,204 5 3 £13,413,450 6 5 LONDON ACCOUNT Amounts withdrawn from Public Account, Wellington, for remittance to New Zealand Public Account, London Total £ s. d. £ s. d. 27,015,934 8 0 £27,015,934 8 0

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the SEPARATE

44

RESERVE FUND RECEIPTS Balances at beginning of year — Cash Investments Hawke's Bay earthquake— Repayments of loans made to earthquake sufferers Repayments of loans made to local authorities Interest on investments Miscellaneous receipts Total £ s. d. 13,429 4 6 2,475,000 0 0 £ s. d. 2,488,429 4 6 31,611 0 0 74,081 19"''1 18 19 8 25,321 8 0 6,289 12 0 £2,594,141 3 3 SOCIAL Balances at beginning of year — Cash Investments Imprests outstanding Social security charge Miscellaneous receipts Transfer from Consolidated Fund Interest on investments Total .. .. .. £ s. d. 1,227,836 2 11 4,000,000 0 0 183,140 7 11 1 £ s. d. 5,410,976 10 10 26,273,957 12 11 16,000,000 0 0 109 11 10 26,176,634 10 2 97,323 2 9 £47,685,043 15 7 STATE COALBalances at beginning of year — Cash Imprests outstanding Transfers from National Development Loans Account Rents, royalties, subsidies, sale of coal, coke, wood, &c. Housing and other loans — Repayment of principal and interest Miscellaneous receipts Portion of interest earned on Public Account cash balance investments Total .. £ s. d. 39,664 1 8 2,766 3 11 £ s. d. 42,430 5 7 1,560,000 0 0 2,862,314 11 10 14,628 1 0 9,767 5 0 83 6 8 £4,489,223 10 1

B—l [PT. I]

ACCOUNTS for the Year ended 31st March, 1948 —continued

45

ACCOUNT EXPENDITURE Hawke's Bay earthquake— Administration expenses Balances at end of year — Cash Investments Total £ s. d. 4,116 16 7 2,590,000 0 0 £ s. d. 24 6 8 2,594,116 16 7 £2,594,141 3 3 SECURITY FUND Annual appropriations— Vote — Administration Expenses and Emergency Benefits Medical, Hospital, &c., Benefits Social Security Act, 1938, section 108 (1)— Monetary benefits — Age-benefits Invalids' benefits Widows' benefits Sickness benefits Family benefits Miners' benefits Orphans' benefits Maori War benefits Unemployment benefits Universal superannuation Social Security Amendment Act, 1943, section 13 (8) (c) — Payment of balance of maintenance moneys Balances at end of year— Cash Investments Imprests outstanding Total £ s. d. 935,740 6 0 7,021,487 8 7 £ s. d. 7,957,227 14 7 32,485,471 3 1 426 14 2 7,241,918 3 9 12,976,285 9 7 1,367,299 17 10 1,709,626 7 1 897,092 13 9 13,798,648 0 5 110,106 3 5 24,187 7 10 110 10 0 8,357 8 0 1,593,757 5 2 1,342,700 12 6 5,000,000 0 0 899,217 11 3 £47,685,043 15 7 MINES ACCOUNT Annual appropriation— Vote—State Coal-mines Unauthorized expenditure— Services not provided for Transfer to Loans Redemption Account for redemption of securities Balances at end of year— Cash Imprests outstanding Total .. £ s. d. 4,074,566 3 4 142,382 19 9 £ s. d. 4,216,949 3 1 49,004 0 0 223,270 7 0 217,563 18 6 5,706 8 6 £4,489,223 10 1

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the SEPARATE

46

STATE FORESTS RECEIPTS Balance at beginning of year — £ s. d. £ s. d. Cash .. .. 26,997 3 2 Transfers from National Development Loans Account 1,050,000 0 0 State forests revenue 712,762 7 0 Miscellaneous receipts 67,976 16 8 Total .. £1,857,736 6 10 WAR EXPENSES Balances at beginning of year— £ s. d. £ s. d. Cash 405,757 19 11 Imprests outstanding 3,225,663 1 11 3,631,4-21 1 10 War Expenses Act, 1939, section 2 (4) (e) — 4,611,018 2 11 Transfer from Consolidated Fund (surplus, 1946-47) Transfer from Consolidated Fund 2,055,000 0 0 Disposal of surplus assets 5,425,622 5 0 Miscellaneous receipts— Navy 496,487 3 1 Army 1,883,862 16 7 Air 141,513 3 11 Donations 6,710 18 0 General 31,279 12 7 Military currency issued to occupation troops, Japan 45,696 1 5 Recovery of expenditure, Armed Forces foodstuffs 885,343 6 7 Disposal of assets acquired under German reparations, World War II 5,738 7 0 3 4-Q6 Q 2 U)TCl/Uy VUi «7 M Rehabilitation —• 1,135,817 2 2 Repayment of advances Miscellaneous receipts 294,228 4 8 Repayment of supplementary loans 4,175 0 0 1 990 a 10 Total £20,653,913 5 9

B—l [FT. I]

ACCOUNTS for the Year ended 31st March, 1948—continued

47

ACCOUNT EXPENDITURE Annual appropriation— Vote —State Forest Service Forests Act, 1921-22, section 39 (2) — Payment to Consolidated Fund of National Endowment Revenue Payments under section 24 (1) and (2), Finance Act, 1936 .. s. d. I £ s. i ,693,779 2 16,023 5 4,329 6 d. 4 9 9 Balances at end of year— Cash. Imprests outstanding 142,218 1,386 3 8 4 8 143,604 12 0 Total .. .. .. -. .. £1,857,736 6 10 ACCOUNT War Expenses Act, 1939 —- £ s. d. £ s. d. Subdivision I: Navy 1 2,271,198 3 2 Subdivision II: Army I 5,584,196 18 »> Subdivision III: Air 685,861 16 5 Subdivision IV: Ancillary Or. 409,029 4 8 Subdivision V: Rehabilitation 5,148,443 13 1 Subdivision VII: Gratuities ! 1,049,795 13 11 Subdivision VIII: Loss on Devaluation Occupation Currency Transfer to Loans Redemption Account for redemption of securities 63,359 6 3,300,000 0 3 0 Balances at end of year — Cash Imprests outstanding 796,015 2,164,071 8 10 6 11 2,960,086 19 i ' i | 't Total £20,653,913 5 9

B—l [PT. I]

STATEMENT of the RECEIPTS and EXPENDITURE of the SEPARATE ACCOUNTS for the Year ended 31st March, 1948—continued

48

RECEIPTS Balances at beginning of year — Cash Investments Investments held on behalf of Railway Employees' Sick Benefit Fund Imprests outstanding Transfers from National Development Loans Account Railway revenue Stabilization subsidy Interest on investments Railway Employees' Sick Benefit Fund— Subsidy from Working Railways Account Interest on investments Miscellaneous receipts Total £ s. d. 433,523 15 8 2,000,000 0 0 7,169 9 9 141,473 16 1 £ s. d. 2,582,167 16 1,650,000 0 0 16,468,948 0 4 640,024 16 7 37,534 10 7 7,713 4 1 2,129,731 8 0 7,500 0 0 213 4 1 •' £23,516,119 1 1

B—l [PT. I]

WORKING RAILWAYS ACCOUNT

E. L. Greensmith, Acting Secretary to the Treasury. A. B. Taylor, Accountant to the Treasury. The Treasury, Wellington, 28th June, 1948. The foregoing accounts have been examined and found correct. J. P. Rutherford, Controller and Auditor-General. 27th July, 1948. Audit Office Note This certificate is given subject to the final audit of many vouchers which under the postaudit system provided for by the Public Revenues Act, 1926, cannot be completely audited before the date at which the Public Accounts are required by the Act to be certified.

49

EXPENDITURE Annual appropriations— Vote — Working Railways Improvements and Additions to Open Lines £ s. 19,830,315 15 1,717,785 19 d. 8 7 £ s. d. 21,54.8,101 15 3 Subsidy to Railway Employees' Sick Benefit Fund 7,500 0 0 Balances at end of year — Cash Investments Imprests outstanding 726,357 16 800,000 0 434,159 9 3 0 7 1,960,517 5 10 Total £23,516,119 1 1

B—l [PT. I]

SUMMARY of CASH and IMPREST BALANCES at 31st MARCH, 1948

50

Account. 1 Cash. I Imprests. Total. Consolidated Fund :— Ordinary Revenue Account Deposits Account Earthquake and War Damage Fund Electric Supply Account Land for Settlements Account Loans Redemption Account Public Works Account Reserve Fund Account Social Security Fund State Coal-mines Account State Forests Account Suspense Account War Expenses Account Working Railways Account Totals £ s. d. 1,256.083 3 1 247,234 10 7 £ s. d. 1,039,569 5 2 409,182 6 0 £ s. d. 2,295,652 8 3 656,416 16 7 1,503,317 13 8 1,448,751 11 2 2,952,069 4 10 52,833 13 8 483,504 2 6 804,094 2 6 213,836 19 5 505,291 16 11 4,116 16 7 [,342,700 12 6 217,563 18 6 142,218 3 4 336,109 14 0 796,015 8 6 726,357 16 3 6 0 0 124,601 3 3 46,456 7 0 264,204 5 3 899,211 11 3 5,706 8 6 1,386 8 8 2,164,071 10 11 434,159 9 7 52,839 13 8 608,105 5 9 850,550 9 6 213,836 19 5 769,496 2 2 4,116 16 7 2,241,918 3 » 223,270 7 0 143.604 12 0 336,109 14 0 2,960,086 19 5 1,160,517 5 10 7,127,960 18 4 5,388,560 15 7 12,516,521 13 11

B—i [PT. rj

SUMMARY of INVESTMENTS held at 31st MARCH, 1948

51

Account. Government Other Securities. | Securities. Total Investments. Consolidated Fund :— Ordinary Revenue Account Deposits Account Earthquake and War Damage Fund Loans Redemption Account Reserve Fund Account Social Security Fund Working Railways Account Totals £ s. d. 4,000,000 0 0 8,482,345 0 0 £ s. d. 1,150,000 0 0 £ s. d. 4,000,000 0 0 9,632,345 0 0 12,482,34-5 0 0 1,150,000 0 0 13,632,345 0 0 4,270,000 0 0 4,000,000 0 0 5,000,000 0 0 800,000 0 0 1,500,000 0 0 2,590,000 0 0 5,770,000 0 0 4,000,000 0 0 2,590,000 0 0 5,000,000 0 0 800,000 0 0 26,552,345 0 0 5,240,000 0 0 *31,792,345 0 0 * Against these Investments there is a Loan Liability of £26,552,345 corresponding to the amount of Investments in Government Securities.

B—l [Pt. I]

PUBLIC ACCOUNTS, 1947-1948

STATEMENT of RECEIPTS and DISBURSEMENTS under the Trustee Act, 1908, to the 31st March, 1948, with Particulars of the BALANCE at CREDIT

52

RECEIPTS £ s. d. £ s. d. Balance on 1st April, 1947 7,999 3 6 Various .. Estate of John Atkinson 48 5 0 Total £8,047 8 6

B—l [Px. I]

PUBLIC ACCOUNTS, 1947-1948

in the DEPOSIT ACCOUNT on that Date. (Published in Terms of Section 72 of the Trustee Act, 1908.)

53

DISBURSEMENTS 1947 £ s. d. £ s. d. 14 August Estate of Hannah Isabelle Parker 170 11 3 Balances on 31st March, 1948 — Estate of — Susan Smallwood 93 10 0 J. Matheson and H. Gracie 414 3 3 Mary McKay 43 3 10 William Tattley 45 1 5 Barthia Wilkie 287 11 1 Robert Miller 22 4 7 Paora Parau and W. R. Miller 23 0 0 Francis Humphreys Heighway 46 12 5 George Moore 2,414 0 0 Richard Galway .. 836 13 9 John Burk 74 7 10 Geoffrey Arthur Harney 4415 3 John Hewitt 162 12 0 Mark Earl.. 150 0 0 Edward Thurlow Field 24 8 1 Martha Robinson 38 17 11 John Bealy 49 17 1 Ernest Groome Gresham 23 1 8 Bartholomew Hannan 185 2 10 Patrick O'Rourke 191 3 1 William Patrick Molloy 103 3 0 William A. Chandler 1 19 1 George Brown 46 10 8 George Baker 737 11 2 Duncan McLean 168 0 11 John Stephen Barrett 20 18 5 Eliza Birrell 18 2 10 Joseph Newzil 293 3 7 Margaret Pilling 23 1 6 John Gray 144 2 8 Julia Sarah Major 47 16 4 Harold Oliver Pine 2 6 0 Harriet Elizabeth Shakespear 26 3 6 McMullin and Brown 8 8 4 William Seyb 21 4 11 Edward John Samuel 152 9 6 John Atkinson 199 2 9 A. A. Mclntyre 50 0 0 B. Foster 20 5 7 Moanatairi Extended Gold-mining Co. 16 7 8 Direct Supply Co., Ltd., Auckland (in liquidation) 33 5 10 Wellington-Manawatu Railway Co., Ltd. 95 9 8 Inglewood Oil-boring and Prospecting Co., Ltd. .. 21 5 0 Southland Woollen Mills, Ltd. (in liquidation) 38 2 4 William Baker Fisher Bush Nursing Fund Trust .. 417 9 11 7 876 17 3 Total £8,047 8 6

B—l [PT. I]

PUBLIC ACCOUNTS, 1947-1948

STATEMENT showing the AMOUNTS appropriated under the Appropriation Act, 1946, and the ISSUES in respect thereof from the CONSOLIDATED FUND for the FINANCIAL YEAR ended 31st March, 1948.

54

(Under Section 86 of the Public Revenues Act, 1926) Balances £ (+ means Amount Account and Vote. Annual Vote. Expenditure. issued in Excess; o • — means Amount > unissued). Ordinary Revenue Account £ s. d. £ s. d. £ s. d. 1 Legislative .. 146,877 0 0 152,506 2 4 +5,629 2 4 2 Prime Minister's Department 146,608 0 0 156,966 4 7 + 10,358 4 7 3 External Affairs 595,200 0 0 673,908 10 10 +78,708 10 10 4 Treasury 337,993 0 0 309,710 7 10 -28,282 12 2 5 Stabilization 14,105,201 0 0 14,621,917 0 4 +516,716 0 4 6 Customs 277,645 0 0 272,086 5 4 -5,558 14 8 7 Land and Income Tax660.125 0 0 560,749 0 1 -99,375 19 11 8 Stamp Duties 202,586 0 0 i 169,458 6 10 -33,127 13 2 9 Audit 113,252 0 0 104,310 16 6 -8,941 3 6 10 Public Service Commission 67,750 0 0 63,872 0 1 -3,877 19 11 11 Internal Affairs 3,021,616 0 0 3,184,824 12 3 + 163,208 12 3 12 Island Territories 614,603 0 0 652,875 7 9 +38,272 7 9 13 Printing and Stationery 569,484 0 0 669,450 12 2 +99,966 12 2 14 Marine 477,874 0 0 i 434,282 12 8 —43,-591 7 4 15 Labour and Employment 1,184,424 0 0 935,873 7 3 -248,550 12 9 16 Maori Affairs 561,757 0 0 463,806 15 9 -97,950 4 3 17 Valuation 171,494 0 0 171,276 3 3 -217 16 9 18 Electoral 36,785 0 0 35,256 18 6 -1,528 1 6 19 Census and Statistics 81,400 0 0 75,556 11 11 ] -5,843 8 1 20 Rehabilitation 430,037 0 0 373,330 3 9 —56,706 16 3 21 Justice and Prisons 537,372 0 0 554,872 8 0 + 17,500 8 0 22 Crown Law 13,231 0 0 12,970 18 7 -260 1 5 23 Police 1,048.893 0 0 ! 968,835 10 11 -80,057 9 1 24 Navy .. .. .. 1,902,853 0 0 1,736,627 5 6 | -166,225 14 6 25 | Army .. .. .. 3,756,000 0 0 3,470,244 19 10 -285,755 0 2 26 ! Air 4,512,928 0 0 4,175,218 11 5 ! -337,709 8 7 27 ; Maintenance of Public Works and Services 5,357,835 0 0 6,405,233 18 0 + 1,047,398 18 0 28 i Highways Maintenance 3,427,089 0 0 3,404,081 2 8 -23,007 17 4 29 ! Lands and Survey 1,195,664 0 0 1,184,257 18 1 — 11,406 1 11 30 ; Agriculture 1,885,550 0 0 1,609,709 3 3 -275,840 16 9 31 i Scientific and Industrial Research .. 743,005 0 0 745,004 9 10 + 1,999 9 10 32 i Mines 134,375 0 0 107,166 2 1 -27,208 17 11 33 ! Transport 230,072 0 0 220,848 18 1 -9,223 1 11 34 ! Industries and Commerce 1,309,690 0 0 1,276,855 8 2 -32,834 11 10 35 ; Tourist and Health Resorts 499,810 0 0 452,738 9 10 -47,071 10 2 36 : Health 5,133,709 0 0 4,718,732 18 2 -414,976 1 10 37 Mental Hospitals 1,264,557 0 0 1,243,332 1 4 -21,224 18 8 38; Education 8,777,001 0 0 8,883,245 19 5 + 106.244 19 5 39 ; War and other Pensions 4,797,317 0 0 4,688,312 2 9 -109,004 17 3 40 | Social Security 16,000,000 0 0 16,000,000 0 0 Services not pro- £ s. d. vided for .. 251,278 0 0 Less amounts recoveredor transferred to votes .. 182,433 4 2 68,844 15 10 Totals 86,329,662 0 0 86,009,151 1 9

B—l [PT. I]

PUBLIC ACCOUNTS, 1947-1948

STATEMENT showing the AMOUNTS appropriated under the Appropriation Act, 1946, and the ISSUES in respect thereof from the SEPARATE ACCOUNTS for the FINANCIAL YEAR ended 31st March, 1948.

55

(Under Section 86 of the Public Revenues Act, 1926) o tm > 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Account and Vote. Annual "Vote. Expenditure. Balances (+ means Amount issued in Excess; — means Amount unissued). Earthquake and War Damage Fund Earthquake and War Damage Electric Supply Account Electric Supply Services not provided for Totals Land for Settlements Account Land for Settlements Small Farms Development Maori Land Settlement Totals Public Works Account Railway-construction Housing Construction Public Buildings Education Buildings Lighthouses and Harbour-works Roads, &c. Soil Conservation and Rivers Control Irrigation, Water-supply, and | Drainage .. .. .. 1 | Highways Construction Services not provided for Totals .. .. Social Security Fund Administration Expenses and Emergency Benefits Medical, Hospital, &c., Benefits Totals State Coal-mines Account State Coal-mines Services not provided for Totals State Forest Service State Forest Service Working Railways Account Working Railways Improvements and Additions to Open ! Lines £ s. d. 15,775 0 0 £ s. d. 15,392 19 7 £ s. d. -382 0 5 7,500,000 0 0 6,899,848 18 0 42,488 18 6 -600,151 2 0 7,500,000 0 0 6,942,337 16 6 76,090 0 0 5,678,150 0 0 1,296,300 0 0 47,127 11 1 4,039,625 4 8 1,195,452 3 8 -28,962 8 11 -1,638,524 15 4 -100,847 16 4 7,050,540 0 0 5,282,204 19 5 ! 145,000 0 0 7,490,622 0 0 2,400,000 0 0 1,250,000 0 0 32,000 0 0 412,000 0 0 400,000 0 0 400,000 0 0 947,000 0 0 122,775 18 10 6,638,991 11 5 2,136,421 19 2 1,065,870 9 4 9,802 15 11 325,534 4 1 326,913 15 10 417,311 18 1 1,333,302 15 4 1 26 16 3 -22,224 1 2 -851,630 8 7 -263.578 0 10 -184,129 10 8 -22,197 4 1 -86,465 15 11 -73,086 4 2 + 17,311 18 1 + 386,302 15 4 13,476,622 0 0 12,376,952 4 3 1,011,472 0 0 6,662,800 0 0 935,740 6 0 7,021,487 8 7 -75,731 14 0 +358,687 8 7 7,674,272 0 0 7,957,227 14 7 4,276,935 0 0 4,074,566 3 4 142,382 19 9 -202.368 16 8 4,276,935 0 0 4,216,949 3 1 1,969,490 0 0 1,693,779 2 4 —275,710 17 8 20,522,689 0 0 3,000,000 0 0 19,830,315 15 8 1,717,785 19 7 -692,373 4 4 -1,282,214 0 5 Totals .. .. j 23,522,689 0 0 21,548,101 15 3

B—l [PT. I]

PUBLIC ACCOUNTS, 1947-1948

STATEMENT showing the AMOUNTS appropriated under the Appropriation Act, 1946, and the ISSUES in respect thereof from ACCOUNTS OUTSIDE THE PUBLIC ACCOUNT for the FINANCIAL YEAR ended 31st March, 1948.

E. L. Greensmith, Acting Secretary to the Treasury. A. B. Taylor, Accountant to the Treasury. The Treasury, Wellington, Examined and found correct. 28th June, 1948. J. P. Rutherford, Controller and Auditor-General. 27th July, 1948.

56

(Under Section 86 of the Public Revenues Act, 1926) Vote No. Account and Vote. Annual Vote. Expenditure. Balances (+ means Amount issued in excess; — means Amount unissued). 61 62 63 64 65 66 67 68 69 69 69 70 71 Post Office Account Post and Telegraph Working-expenses Telegraph Extension Services not provided for Totals Public Trustee's Account Public Trust Office Maori Trustee's Account Maori Trust Office Services not provided for Totals Government Insurance Account Government Insurance Public Service Superannuation Fund Account Public Service Superannuation Fund Office State Fire Insurance Account State Fire Insurance Government Accident Insurance Account Government Accident Insurance Dairy Industry Account Export Marketing Meat Industry Account Export Marketing Sundry Products Account Export Marketing Internal Marketing Account Internal Marketing Broadcasting Account Broadcasting £ s. d. 8,777,154 0 0 1,120,000 0 0 £ s. d. 8,771,539 10 9 1,005,840 6 2 1,099 14 7 £ s. d. -5,614 9 3 -114,159 13 10 9,897,154 0 0 9,778,479 11 6 536,426 0 0 502,284 0 0 -34,142 0 0 17,770 0 0 16,406 7 8 126 10 0 -1,363 12 4 17,770 0 0 16,532 17 8 284,755 0 0 251,400 5 8 -33,354 14 4 14,570 0 0 14,059 13 .2 -510 6 10 131,047 0 0 121,555 16 4 -9,491 3 8 84,670 0 0 81,738 2 9 -2,931 17 3 14,115 0 0 13,952 12 10 -162 7 2 49,200 0 0 46,483 2 2 -2,716 17 10 33,650 0 0 33,183 1 7 -466 18 5 189,572 0 0 137,432 18 0 -52,139 2 0 819,782 0 0 557,356 13 7 -262,425 6 5 Iron and Steel Industry Account 72 I Iron and Steel Industry 174,444 0 0 1 174,846 9 10 +402 9 10

B—l [PT. 1]

PUBLIC ACCOUNTS, 1947-1948

ABSTRACT of the UNAUTHORIZED EXPENDITURE ACCOUNT for the FINANCIAL YEAR ended 31st March, 1948

57

(Under Section 58 of the Public Revenues Act, 1926) £ s. d. £ s. d. £ s. d. CONSOLIDATED FUND Ordinary Revenue Account FOR SERVICES NOT PROVIDED FOR Air Department— Ex gratia payment to William Oscar James Mason in full and final settlement of all claims against the New Zealand Government for injuries sustained in an accident 1,575 0 0 Payment of compensation to Mr. A. Hazelman on account of injuries received whilst employed by the R.N.ZA.F. in Fiji 74 9 5 1,649 9 5 Education Department— Expenses i'n connection with the printing, &c., of copies of Correspondence School assignments required on account of the poliomyelitis epidemic 2,669 7 8 Special grant to reimburse the Mangorie School Committee for amounts misappropriated by the Hon. SecretaryTreasurer 165 9 10 O QOJ. 17 « &,OOI Id O Health Department— Ex gratia payment to Mr. F. McQuillan in respect of an accident 35 0 0 Ex gratia payment to Mr. T. F. Carey on account of hospital expenses incurred as a result of an accident on the Auckland waterfront, March, 1943 .. 100 0 0 Grant to Mr. D. Robb to cover all disbursements in connection with his visit to the United States of America to study the " blue baby " operation technique 1,250 0 0 Grant towards the expenses of Dr. Rowan Nicks attending the Centennial of the American Medical Association as respresentative of the New Zealand Government 31 1 2 1 4.1 A 1 O 1 y HU JL & Industries and Commerce Department— Hospital fees and funeral expenses of officer who died as a result of injuries sustained whilst on duty 31 12 3 Legal costs arising out of radio patents action brought by overseas patentees 4,835 13 9 4,867 6 0 Carried forward 10,767 14 1

B—l [PT. 1]

PUBLIC ACCOUNTS, 1947-1948

ABSTRACT of the UNAUTHORIZED EXPENDITURE ACCOUNT—continued

58

Brought forward £ s. d. 10,767 14 d. 1 £ s. d, COMSOLIDATED FUND—continued Ordinary Revenue Account —continued FOR SERVICES NOT PROVIDED FOR—continued Internal Affairs Department— Expenses in connection with State funeral of the late Hon. Mark Fagan Grant to Girl Guides Association Special grant to Lady Statham, widow of the late Speaker of the House of Representatives 134 1,000 250 6 0 0 5 0 0 1,384 6 739 8 189 4 5 1 Justice and Prisons Department— Ex gratia payment to Mr. J. A. E. Strong in full settlement of claim for wrongful detention (see also Police Department) Ex gratia payment to former Stipendiary Magistrate, Mr. W. R. Kean, on account of travelling-expenses incurred but not claimed during period December, 1925, to December, 1926 Expenses in connection with Committee of inquiry into patent law Payment to widow of late Mr. E. C. Levvey, S.M. equivalent to six months' furlough due but not taken.. 110 51 28 550 0 7 1 0 0 8 1 0 9 10 Labour and Employment Department— Compassionate grant to the widow of a deceased officer Lands and Survey Department— Expenses of Mr. R. E. Gilmour, representing the New Zealand Government at a conference of Empire survey officers in the United Kingdom Purchase of site for re-erection of a cottage, Rangitaiki Plains Drainage Works .. 32 35 6 0 4 0 67 6 100 0 4 0 Legislative Department— Grant to Assistant Law Draftsman in lieu of accrued annual leave Maori Affairs Department— Grant towards cost of sanitation, Bledisloe Park Domain Board Proportion of cost of training rural field cadets (see also Valuation Department) .. .. .. 125 227 0 15 0 3 352 15 3 Carried forward .. 13,600 15 8 !

B—l [Pt. I]

PUBLIC ACCOUNTS, 1947-1948

ABSTRACT of the UNAUTHORIZED EXPENDITURE ACCOUNT—continued

59

Brought forward £ s. d. £ 13,600 s. 15 d. 8 1 £ s. d. CONSOLIDATED FUND—continued j 1 Ordinary Revenue Account—continued FOR SERVICES NOT PROVIDED FOR —continued Mental Hospitals Department— Payment for injuries received by an inmate of Porirua Mental Hospital .. 4,108 3 0 Police Department— Ex gratia payment to Mr. J. A. E. Strong in full settlement of claim for wrongful arrest (see also Justice and Prisons Department) 110 0 0 Prime Minister's Department— Cost of first-class passage, London to New Zealand, of officer appointed to the staff of the National Film Unit .. 136 11 3 Public Worlcs Department— Loss 011 imported cement to 31st March, 1947 Part-costs of funeral, demolition, and preparing model of building, fire at Ballantynes Ltd., Christchurch 33,039 1,228 13 9 7 6 34,867 70 16 3 1 11 Stamp Duties Department— Refunds of overpayments of death duty Tourist and Health Resorts Department— Expenses in connection with proposed purchase of Franz Josef Hotel 10,893 17 5 Transport Department— Expenses of petrol rationing 2,970 4 11 Treasury Department— Compassionate grant to the widow of a deceased officer Exchange on superannuation allowances paid to officers entitled to retire in the United Kingdom Loss incurred through revaluation of local currency, New Zealand Legation, Moscow Payment to Bank of New Zealand— unclaimed dividends for payment to legal representatives of shareholders : shares acquired by the Crown 510 235 979 134 0 8 3 16 0 0 6 10 1,859 8 4 Carried forward 68,617 0 7 ! |

B—l [PT. I]

PUBLIC ACCOUNTS, 1947-1948

ABSTRACT of the UNAUTHORIZED EXPENDITURE ACCOUNT —continued

60

Brought forward £ s. d. £ s. 68,617 0 d. 7 £ s. d. CONSOLIDATED FUND—continued Ordinary Revenue Account—continued FOR SERVICES NOT PROVIDED FOR—continued Valuation Department— Proportion of cost of training rural field cadets (see also Maori Affairs Department) 227 15 3 FOR SERVICES IN EXCESS OF VOTES Vote 1—Legislative Vote 2—Prime Minister's Department .. Vote 3—External Affairs Vote 5 —Stabilization Vote 11—Internal Affairs Vote 12—Island Territories Vote 13—Printing and Stationery Vote 21—Justice and Prisons Vote 27—Maintenance of Public Works and Services Vote 31—Scientific and Industrial Research. Vote 38 —Education 5,629 10,358 78,708 516,716 163,208 38,272 99,966 17,500 1,047,398 1,999 106,244 2 4 10 0 12 7 12 8 18 9 19 4 7 10 4 3 9 2 0 0 10 5 68,844 15 2,086,003 5 10 6 2,154,848 1 4 SEPARATE ACCOUNTS Electric Supply Account FOR SERVICES NOT PROVIDED FOR Compassionate grant to the widow of a deceased officer Compensation payments awarded by the Lake Taupo Control Compensation Court Expenses in connection with visit of Power Board's Association delegates to Arapuni and Karapiro 108 42,355 24 15 13 10 0 6 0 ; 42,488 18 6 42,488 18 6 Public Works Account FOR SERVICES NOT PROVIDED FOR Expenses of farewell function to the retiring Director of Housing Construction Expenses of opening ceremony, Grey Avenue Flats, Auckland 9 17 8 8 3 0 26 16 3 Carried forward 26 16 3 2,197,336 19 10

B—l [PT. I]

PUBLIC ACCOUNTS, 1947-1948

ABSTRACT of the UNAUTHORIZED EXPENDITURE ACCOUNT—continued

61

Brought forward £ s. d. £ 26 s. 16 d. 3 £ s. d. 2,197,336 19 10 SEPARATE ACCOUNTS —continued Public Works Account —continued FOR SERVICES IN EXCESS OF VOTES Vote 53 —Irrigation, Water-supply, and Drainage Vote 54—Highways Construction 17,311 18 386,302 15 1 4 403,614 13 403,641 9 8 Social Security Fund FOR SERVICES IN EXCESS OF VOTE Vote 56—Medical, Hospital, &c., Benefits 358,687 8 7 State Coal-mines Account ! FOR SERVICES NOT PROVIDED FOR Fees and expenses of arbitrators and umpire's employed in connection with the purchase of Burke's Creek Colliery Operating expenses, Birchwood State Mine Purchase of shares and operating-exipenses, Kamo Coal-mine 705 11,815 129,861 i ' 19 6 14 3 1 5 142,382 19 9 ACCOUNTS OUTSIDE THE PUBLIC ACCOUNT | Maori Trustee's Account FOR SERVICES NOT PROVIDED FOR -Grant to New Zealand Federation of Tuberculosis Associations Grant towards travelling-expenses of Bishop F. A. Bennett attending Lambeth Conference 26 100 10 0 0 0 126 10 0 Post Office Account FOR SERVICES NOT PROVIDED FOR Ex gratia payment for dies of New Zealand stamps in possession of a private person Income-tax for year ended 31st March, 1945, in respect of tax-free pension to Mr. M. B. Esson Provision of railway siding at Dunedin for handling of mails 312 121 665 10 7 17 0 6 1 1,099 14 Iron and Steel Industry Account FOR SERVICES IN EXCESS OF VOTE Vote 72 —Iron and Steel Industry 402 9 10 Total £3,103,677 12 3

B—l [PT. I]

PUBLIC ACCOUNTS, 1947-1948

ABSTRACT of the UNAUTHORIZED EXPENDITURE ACCOUNT—continued

E. L. Green smith . Acting Secretary to the Treasury. A. B. Taylor, Accountant to the Treasury. The Treasury, "Wellington, 28th June, 1948. Examined and found correct. J. P. Rutherford, Controller and Auditor-General. 27th July, 1948.

62

SUMMARY Unauthorized Expenditure For all services Unauthorized Authority. (Section 7 of the Finance Act, 1947). Amount expended. £ s. d. £2,460,947 0 0 £ s. d. £3,103,677 12 3 i

B—l [Pt. I]

PUBLIC ACCOUNTS, 1947-1948

STATEMENT OF CORPORATION INVESTMENTS HELD AS AT 31st MARCH, 1948, AND SUBMITTED AS REQUIRED BY FINANCE ACT, 1947, SECTION 3

63

Bank of New Zealand— Nominal Value. Finance Act, 1926, section 8— £ s. d. £ s. d. Shares acquired 2,109,375 0 0 1,859,375 0 0 Bank of New Zealand Act, 1945— Shares acquired 4,210,817 0 0 10,145,340 14 3 6,320,192 0 0 12,004,715 14 3 British Commonwealth Pacific Airlines, Ltd. — Finance Act, 1946, section 3— Shares acquired : 300 £1,000 shares 300,000 0 0 British Petroleum Co. of New Zealand, Ltd.— Finance Act (No. 2), 1946, section 3 — Shares acquired : 1,275,000 £1 shares paid up to 5s. | 318,750 0 0 British Phosphate Commission— Finance Act, 1920, section 15— Capital advanced 483,899 15 3 Linen Flax Corporation— Linen Flax Corporation Act, 1945, section 13— Capital advanced | 190,000 0 0 New Zealand National Airways— New Zealand Airways Act, 1945, section 25 — Capital advanced 540,000 0 0 New Zealand Woolpack and Textiles, Ltd.— Finance Act, 1940, section 15— Shares acquired— 600,000 5s. shares paid up to Is. 30,000 0 0 600,000 5s. shares, calls in advance to 4s. # . 120,000 0 0 Reserve Bank of New Zealand— Reserve Bank of New Zealand Act, 1933, section 11 — General Reserve Fund 1,500,000 0 0 State Advances Corporation— State Advances Corporation Act, 1934-35, section 6, and State Advances Corporation Act, 1936, section 6 — Capital advanced 1,000,000 0 0 State Advances Corporation Act, 1934-35, section 33 (2) — State's contribution to General Reserve Fund . # 2,753,164 1 11 State Advances Corporation Act, 1934-35, section 38 — Stock issued in exchange for securities transferred to the Corporation 34,044,850 0 0 Tasman Empire Airways, Ltd. — Finance Act (No. 2), 1939, section 2— Shares acquired : 117,002 £1 shares .. 117,002 0 0 Westport Coal Co., Ltd. — Statutes Amendment Act, 1945, section 9— Shares acquired 890,204 0 0 Kamo Collieries, Ltd.— Statutes Amendment Act, 1945, section 9 — Shares acquired •• 104,000 0 0 Total £54,396,585 11 5

B—l [Pt. I]

THE PUBLIC DEBT OF NEW ZEALAND STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1948

64

Domicile of Principal. Due Date. Interest Charge. Remarks. Amount, in New Zealand Currency. New Zealand. | Australia. | London. London Debt, in Sterling. £ Interest in New Zealand Currency. £ s. d. £ £ s. d. £ s. d. 0/ /o £ 3,445 0 0 , , Various Overdue and unpresented. 4,802 0 0 Free 15* June, 1947* Option to repay £7,100,930 maturing 15th June, 1949. 1 Mar., 1948 Option to repay £24,031,831 5s. maturing 1st March, 1958. 3,761,485 0 0 15 May, 1948 2i 94,037 3,492,230 0 0 30 Nov., 1948 4 139,689 , , 1 Feb., 1949 Option to repay £9,153,223 15s. maturing 1st February, 1954. 15 Feb., 1949 Option to repay £9,721,750 maturing 15th February, 1950. 15 April, 1949 Option to repay £451,605 maturing 15th April, 1951. 15 May, 1949 Option to repay £12,479,080 maturing 15th May, 1952. 7,100,930 0 0 15 June, 1949 177,523 Repayable at the option of the Government at par on or after 15th June, 1947, on three months' notice. 311,994 16 3 15 Sept., 1949 2| Interest payable at maturity. 9,375,000 0 0 7,500,000 0 0 15 Dec., 1949 5 468,750 9,721,750 0 0 , , 15 Feb., 1950 21 243,044 Repayable at the option of the Government at par on or after 15th February, 1949, on three months' notice. .. 15 April, 1950 Option to repay £7,606,900 maturing 15th April, 1951. 779,000 1,562,500 0 0 1,250,000 0 0 1 Feb., 1951 128,783 451,605 0 0 15 April, 1951 2t 11,290 Repayable at the option of the Government at par on or after 15th April, 1949, on three months' notice. 7,606,900 0 0 15 April, 1951 2i 190,172 Repayable at the option of the Government at par on or after 15th April, I 1950, on three months' notice.

B—l [PT. I]

3—B 1 [PT. IJ

65

1 Aug., 1951 Option to repay £6,459,100 maturing 1st August, 1954. 12,479,080 0 0 15 May, 1952 4 499,163 Repayable at the option of the Government at par on or after 15th May, 1949, on three months' notice. 15 June, 1952 Option to repay £8,499,155 maturing 15th June, 1955. 1 July, 1952 | .. j Option to repay £15,000,000 maturing 1 1st July, 1955. 15 Sept., 1952 | .. Option to repay £9,907,450 maturing 15th September, 1955. 15 Jan., 1953 Option to repay £8,892,679 12s. 4d. maturing 15th January, 1957. 15 May, 1953 ; . . Option to repay £7,334,275 maturing 1 15th May, 1956. 9,067,940 14 2 ! 1 Oct., 1953 2\ i 241,699 15 Dec., 1953 Option to repay £17,614,635 maturing 15th December, 1956. 9,153,223 15 0 7,322,579 0 0 1 Feb., 1954 3| 320,363 Repayable at the option of the Government at par on or after 1st February, 1949, on three months' notice. 31 May, 1954 Option to repay £4,977,800 maturing 31st May, 1958. 6,459,100 0 0 * * .. 1 Aug., 1954 3 193,773 Repayable at the option of the Government at par on or after 1st August, 1951, on three months' notice. .. ,, 15 Feb., 1955 Option to repay £21,961,215 maturing 15th February, 1958. 8,499,155 0 0 ., 15 June, 1955 4 339,966 Repayable at the option of the Government at par on or after 15th June, 1952, on three months' notice. .. 15,000,000 0 0 12,000,000 0 0 1 July, 1955 3 450,000 Repayable at the option of the Government at par on or after 1st July, 1952, on three months' notice. 9,907,450 0 0 ► • 15 Sept., 1955 3 297,224 Repayable at the option of the Government at par on or after 15th Sep- ! tember, 1952, on three months' notice. •. ® • ! 15 Oct., 1955 ,. Option to repay £7,889,598 15s. maturing 15th October, 1960. «• • • 15 Jan., 1956 ., Option to repay £6,203,710 maturing 15th January, 1959. Carried forward 79,467,867 10 5 779,000 35,090,723 15 0 28,072,579 0 0 3,795,476 |

B—l [Pt. I]

THE PUBLIC DEBT OF NEW ZEALAND STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1948—continued

66

Domicile of Principal. Interest Charge. Amount, in New Zealand Currency. T _ . . . Due Date. Interest in Remarks. w ' m 1 New Zealand New Zealand. | Australia. London. K Currency. £ s. d. £ £ s. d. £ s. d. % £ Brought forward 79,467,867 10 5 779,000 35,090,723 15 0 28,072,579 0 0 3,795,476 7,334,275 0 0.. .. .. 15 May, 1956 3 220,028 Repayable at the option of the Govern- | ment at par on or after 15th May, | 1953, on three months' notice, i .. .. .. 15 April, 1956 .. .. Option to repay £8,484,595 maturing ■ 15th April, 1959. ; .. | . . 1 Nov., 1956 .. .. Option to repay £6,250,000 maturing 1st November, 1971. 17,614,635 0 0 ! 1 .. .. 15 Dec., 1956 3 528,439 Repayable at the option of the Government at par on or after 15th December, 1953, on three months' notice. 8,892,679 12 4 .. .. .. 15 Jan., 1957 3i 311,244 Repayable at the option of the Government at par on or after 15th January, 1953, on three months' notice. 36,900,000 0 0.. .. .. 15 July, 1957 2£ 922,500 42,270,000 0 0.. .. .. 15 Aug., 1957 2j 1,056,750 20,000,000 0 0.. .. .. 15 Sept., 1957 3 600,000 { .. .. .. 15 Sept., 1957 j .. .. Option to repay £14,424,015 maturing 15th September, 1960. 33,100,000 0 0.. .. .. 15 Oct., 1957 827,500 1,468,200 0 0.. .. •• 15 Nov., 1957 3 44,046 Tax-free non-transferable stock. 15 Nov., 1957 .. .. Option to repay £6,526,460 maturing 15th November, 1960. 21,961,215 0 0 .. .. 15 Feb., 1958 3 658,836 Repayable at the option of the Government at par on or after 15th Februj ary, 1955, on three months' notice. 24,031,831 5 0 19,225,465 0 0 1 Mar., 1958 4| 1,081,432 Repayable at the option of the Government at par on or after 1st March, 1948, on three months' notice. 4,977,800 0 0 •• •• •* 31 May, 1958 4 199,112 Repayable at the option of the Govern- | ment at par on or after 31st May, I 1954, on three months' notice.

B—l [Fr. I]

67

40,250,000 0 0 15 Nov., 1958 3 j 1,207,500 22,200,000 0 0 » «. 15 Dec., 1958 3 666,000 6,203,710 0 0 15 Jan., 1959 3i I 201,621 Repayable at the option of the Government at par on or after the 15th January, 1956, on three months' notice. 8,484,595 0 0 15 April, 1959 3 254,538 Repayable at the option of the Government at par on or after 15th April, 1956, on three months' notice. 1 Mar., 1960 Option to repay £9,174,570 maturing 1st March, 1964. 15 April, 1960 Option to repay £12,712,075 maturing 15th April, 1963. 264,950 0 0 • • 22 May, 1960 H 9,273 14,424,015 0 0 15 Sept., 1960 H 468,780 Repayable at the option of the Government at par on or after 15th September, 1957, on three months' notice. 7,889,598 15 0 6,311,679 0 0 15 Oct., 1960 H 276,136 Repayable at the option of the Government at par on or after 15th October, 1955, on three months' notice. 6,526,460 0 0 15 Nov., 1960 3 195,794 Repayable at the option of the Government at par on or after 15th Novem- ' ber, 1957, on three months' notice. .. 15 July, 1961 Option to repay £16,706,390 maturing 15th July, 1963. 14,000,000 0 0 ! 15 Mar., 1962 1 140,000 15 July, 1962 Option to repay £19,827,865 maturing 15th July, 1964. 1 Sept., 1962 Option to repay £21,547,733 15s. maturing 1st September, 1965. 12,712,075 0 0 • 15 April, 1963 3 381,362 Repayable at the option of the Government at par on or after 15th April, 1960, on three months' notice. 16,706,390 0 0 «, . 15 July, 1963 3 501,192 Repayable at the option of the Government at par on or after 15th July, 1961, on three months' notice. 15 July, 1963 Option to repay £3,525,240 maturing 15th July, 1965. 9,174,570 0 0 7,339,656 0 0 1 Mar., 1964 3* 321,110 Repayable at the option of the Government at par on or after 1st March, 1960, on three months' notice. Carried forward 415,758,867 2 9 779,000 76,186,723 15 0 60,949,379 0 0 14,868,669

B—l (Pt. I]

The above total securities charged on the public revenues and outstanding at 31st March, 1948, excludes debt as under:— - . __ |

THE PUBLIC DEBT OF NEW ZEALAND STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1948— continued

68

Domicile of Principal. Due Date. Interest Charge. Remarks. Amount, in New Zealand Currency. London Debt, in Sterling. oj Interest in H New Zealand Ph | Currency. New Zealand. Australia. | London. " £ s. d. Brouqhl forward 415,758,867 2 9 19,827,865 0 0 3,525,240 0 0 55,000,000 0 0 £ 779,000 £ s. d. 76,186,723 15 0 21,547,733 15 0 6,250,000 0 0 £ s. d. 60,949,379 0 0 17,238,187 0 0 5,000,000 0 0 15 July, 1964 15 July, 1965 1 Sept., 1965 1 Nov., 1971 Various % £ 14,868,669 3 594,836 3 105,757 3J 700,301 5 312,500 1 550,000 Repayable at the option of the Government at par on or after 15th July, 1962, on three months' notice. Repayable at the option of the Government at par on or after 15th July, 1963, on three months' notice. Repayable at the option of the Government at par on or after 1st September, 1962, on three months' notice. Repayable at the option of the Government at par on or after 1st November, 1956, on three months' notice. Treasury bills. 494,111,972 2 9 V 779,000 103,984,457 10 0 83,187,566 0 0 17,132,063 £598,875,429 12 9

New Zealand Currency. i London Debt in Sterling. Advances from Imperial Government funded in terms of section 8 of Finance Act, 1922 (interest suspended by agreement with Imperial Government from 1931 ; no maturity date attaches to loan) Debt raised for State Advances purposes (interest suspended by agreement with Imperial Government from 1931 ; loan matures 1st December, 1955) £ s. d. 30,125,249 8 3 2,613,636 7 2 £ s. d. 24,100,199 10 7 2,090,909 1 9 £32,738,885 15 5 £26,191,108 12 4

B—l [Ft. I]

J •By the New Zealand Loans Amendment Act, 1947 (re-enacting the Repayment of the Public Debt Act, 1925), means are provided whereby the- whole of the public debt other than that raised for State Advances purposes and other portions for which special statutory provision has been made will be extinguished in approximately sixty years from the time of coming under the provisions of the Act or, for subsequent loans, sixty years from the date of issue. The repayment scheme comprises an annual contribution from the Consolidated Fund of J per cent, of the debt coming within the provisions of the scheme, together with an additional 4 per cent, of the debt redeemed under the 1925 Act and under paragraph (b) of section 12 of .the 1947 Act. The total of loans coming within the repayment scheme under the provisions of section 14 of the New Zealand Loans Amendment Act, 1947, is £534,215,480 12s. Id.

ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31st MARCH, 1948

69

Authority for Advances. | Particulars of Advances. | Account. | Amount. 1 £ 8. d. Marketing Amendment Act, 1939, section 5 Advances in respect of primary products pur- Various Marketing Accounts .. J Nil. chased for export and sale

B—l |PT.. 11

TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31st MARCH, 1948

* Excludes debt due to the Imperial Government as per note on page 68. Details or above External debt— London— Decreases— Repayments from — £ s. d. £ 8. d. £ s. d. New issues in New Zealand .. 14,000,000 0 0 Loans Redemption Account .. 177,011 0 6 14,177,011 0 6 Australia— Decreases — Repayments from— Loans Redemption Account .. .. 82,300 0 0 Decrease .. .. .. 14,259,311 0 6 Internal debt— Increases — New issues for— Purchase of Bank of New Zealand shares .. .. .. 1,770 0 0 National development purposes — Stock .. .. .. 19,446,940 0 0 Treasury bills .. .. 6,500,000 0 0 Repayments in London .. .. 14,000,000 0 0 Repayments in New Zealand and Australia .. .. .. 12,021,828 0 0 51,970,538 0 0 Decreases — Repayments from— Loans Redemption Account— Stock and debentures .. .. 17,638,744 19 8 Treasury bills .. .. 6,500,000 0 0 National Development Loans Account .. .. .. 2,121,940 0 0 War Expenses Account .. .. 3,300,000 0 0 Public Debt Redemption Fund .. 11,287,987 16 2 40,848,672 15 10 Increase .. .. .. .. 11,121,865 4 2 Net decrease .. .. .. .. .. .. £3,137,445 16 4

70

— Outstanding 31st March, 1947 (New Zealand Currency). Outstanding 31st March, 1948 (New Zealand Currency). | -1- Increase. — Decrease. 1 External debt— London Australia.. .. Internal debt— Long-term debt Floating debt £ s. d. 118,161,468 10 6 861,300 0 0 427,990,106 18 7 55,000,000 0 0 £ s. d. 103,984,457 10 0 779,000 0 0 439,111,972 2 9 55,000,000 0 0 £ s. d. - 14,177,011 0 6 -82,300 0 0 + 11,121,865 4 2 602,012,875 9 1* 598,875,429 12 9* -3,137,445 16 4

B—l [Pt. I

LOANS GUARANTEED BY THE GOVERNMENT Contingent Liability outstanding on 31st March, 1948

j oq * -Repayable by half-yearly instalments. t The Audit Office does not audit the accounts of the State Advances Corporation. This amount has been accepted as correct I q on the certificate of the Corporation. §§ Section 6 of the Hutt Road Act, 1939, provides that the Wellington City Council shall be o kept indemnified out of the Consolidated Fund from all liability in respect of loans specified in »§ the First Schedule of the Act totalling £276,020. At 31st March, 1948, £150,600 was outstanding, ]?. T, (Tr p i?xr a mtttt 5* against which the Public Trustee held sinking funds totalling £120,161 Os. lid. > w Section 4 (3) of the Finance Act (No. 2), 1946, provides that if any loss is suffered by the Ap-Hna-Kprrp+arv +n flip Trpn qiitu }« Reserve Bank in respect of moneys advanced to Governments of other countries to finance the ® - «'" £ purchase of New Zealand produce, the amount of the loss shall be paid to the Reserve Bank out ?' of the Consolidated Fund. As at 31st March, 1948, credits granted to the Government of the French Republic for the purpose of financing purchases of wool and other produce of New » tj m . Zealand amounted to £1,512,119 12s. Id. A. r>. IAYLOR, Examined and found correct- Accountant to the Treasury. J. P. Kuthekfobd, Controller and Auditor-General. The Treasury, Wellington, 28th June, 1948, Audit Office, Wellington, 27th July, 1948.

By Authority: E. Y. Paul, Government Printer, Wellington. —1948. Price Is. 6d.]

71

Loans guaranteed. Authority for Government Guarantee. Amount outstanding. Due date. Rate. Accumulated Sinking Fund. Int. j S.F. Loans of Local Authorities Havelock North Town Board 1 Oamaru Harbour Board 8. • State Advances Corporation g Stock and Debentures — Special Series » >§ »> 11 ;; :: :: 3 » 1 „ .. g. Series " A " .. jf •• ::g;: •• i - 0 09 g Loans to industries — >g Cfj Local Bodies' Loans Act, 1913, Part IV Finance Act, 1937, sec. 42 .. Total, local authorities' loans State Advances Corporation Act, 1936, sec. 25 .. " »» 99 99 State Advances Corporation Act, 1936, sec. 29 Total, State Advances Corporation loans i £ s. d. 1,650 0 0 40,650 0 0* 1 July, 1948 1 April, 1952 0/ /o 5 4 % n Nil £ s. d. 1,728 6 7 42,300 0 0 1 Aug., 1960 1 Aug., 1963 1 Aug., 1966 1 Aug., 1969 1 Aug., 1972 1 Aug., 1975 1 Aug.. 1978 1 Sept., 1955-60 1 Aug., 1971 1 Aug., 1973 fVarious 3f 3| 3| 3f 3| 3| 3| 3| 3 3 7,744,850 0 0 6,500,000 0 0 6,500,000 0 0 6,500,000 0 0 6,500,000 0 0 6,500,000 0 0 7,000,000 0 0 477,740 0 0 6,000,000 0 0 4,800,000 0 0 58,522,590 0 0 89,061 17 9 58,611,651 17 9