A.—4

22

TABLE VI. NEW ZEALAND NAVAL ESTIMATES.

Approximate Annual Payments into Sinking Fund and as Interest on Instalments for Liquidating the Loan-moneys raised for the Gift of the Battlecruiser "New Zealand."

Item. 1920-21. 1921-22. 1922-23. 1923-24. 1924-25. 1925-26. Remarks. Maintenance of New Zealand Division. Administration Training and reserves (including maintenance of training ship and naval depot) Provision and storage of fuel reserves £ 211.300 (1 light cruiser) 5,800 40,000 £ '303,000 (1 submarine and 1 submarine parentship added) 5.800 50,000 £ • £ £ £ 369,400 680,700 780,300 891,600 (2 more sub- (1 more light (3 more sub- (Unit complete) (1 marines cruiser marines more light cruiser added) added) added) added) 6,800 7,800 8.800 8.800 55.000 57,200 59,200 61,200 It is assumed that the whole New Zealand Division and its reserve of ammunition and stores are initially a gift. 50,000 50,000 20,000 10,000 10,000 67.300 68,100 69.000 49.000 Then £10,000 annually until 1927-28, by which time fuel reserve will be complete. (Vide Sec. IV, Chap. Ill, Vol. II.) For details, see Table A, at end of Chap. VII of Vol. II. Naval wireless expenses, harbour defence ; first cost and maintenance (including upkeep of harbour-defence auxiliary craft) Upkeep of anti - submarine flotillas (" P " boats or old destroyers) I 55,000 56.250 112.500 112.500 112,500 112.500 33,000 33,000 33,000 33.000 ! A gift of eight " P " boats or old T.B.D.s in 1921-23 is assumed. (See preamble to Table A at the end of Chap. VII, Vol. II.) For details, see Chap. II of Vol. II. Establishing and maintaining naval air school 100,000 70,000 - \ Totals 357, 100 ! 590,050 694,000 979.300 1,072,800 1,166,100 Note. —(i.) No account has been taken in Table VI of any payments in connection with the gift of the battle-cruiser " New Zealand," for which liability still remains, as shown in Table VII. (ii.) The sum for the maintenance of the New Zealand Division can be reduced by about £100,000 a year for each of the light cruisers placed in reserve instead of in full commission. course could be adopted, (iii.) No provision has been made in Table VI for Naval works. This Ti A _>T TJ 1 TTTT

Year. Amount of Sinking Approximate Interest Fund payable. on Instalments. Total Yearly Accretions. Year. , Amount of Sinking Fund payable. Approximare Interest on Instalments. Total Yearly Accrc'iions. 1920-21 1921-22 1922-23 1923-24 1924-25 £ 71,807 71,807 71,807 71,807 71.807 £ 32,400 36,900 41,400 45,900 50,400 £ 104,207 108,707 113,207 117,707 122,207 1925-26 1926-27 1927-28 1928-29 £ 71.807 71.807 71.807 71.807 £ 54.900 59,400 63,900 68,400 £ 126,707 131,207 135,707 140,207 The sinking fund will equal capital sum owing approximately in the year 1928-29.