8.—6

XII

I subjoin a comparison of the last two loans, showing the purposes for which the moneys were, when raised, devoted.

Comparison of the Last Two Loans borrowed on London Market, showing Purposes to which the Loans were applied.

Allocation of £3,000,000 Loan. The following is the allocation showing the purposes to which the recent loan of £3,000,000 was applied :— State Coal-mines Account .. .. .. 50,000 Public Works Fund .. .. .. .. 1,448,200* Advances to settlers .. .. .. .. 200,000 Advances to workers .. .. . . .. 150,000 Land for settlements .. . . . . .. 300,000 Local authorities .. .. . . . . 400,000 Redemption of debentures .. .. .. 451,800 £3,000,000 * Includes £205,300 raised for redemption of debentures, but not being required for that purpose was subsequently added to the original Public Works Fund allocation. Loans falling due. The loans falling due during the next seven years are as follows :—

The £9,830,865 due in 1915 includes the whole of the £4,500,000 loan of 1911 and £3,142,600 of the £5,000,000 loan of 1910 not converted. It will be seen that a very large amount of loan-money has to be met during the year ending the 31st March, 1915. This matter largely occupied my attention during my recent visit to London, and I fully anticipate that satisfactory arrangements will be made when the proper time arrives for raising the money The reserve securities held by the Government in London amount to £800,000, and these are at the present time earning interest and are unpledged.

Loan. I Repayment '. of Advances obtained in _ , . Anticipation of Date raised. Loa £ or in Payment of Maturing Debentures. Expenditure B f a^ ce . j n ; available tor • London Expenditure in (Naval Defence). ™- e . Dominion. ■ £4,500,000 loan of 1911 £3,000,000 loan of 1912 £ June 7, 1912 .. 2,785,500 Feb. 13, 1913 .. ! 451,800 ■ £ £ 283,500 1,431,000 Nil 2,548,200

Year ending 31st March. London. Australia. New Zealand. Total. 1914 (from 1st July) ... 1915 1916 1917 1918 1919 1920 £ 230,400 8,145,200 848,900 225,200 40,700 134,350 38,000 £ 352,100 127,550 1,087,800 84,400 60,000 26,800 £ 68,400 1,333,565 3,283,252 572,240 3,266,456 1,302,465 572,480 £ 298,800 9,830,865 4,259,702 1,885,240 3,391,556 1,496,815 637,280 9,662,750 1,738,650 10,398,858 21,800,258