8.—6

III

Whilst the wealth of the Dominion is sufficient to support any reasonable burden, the immense cost of the war, and the further expenditure that will be involved, render it imperative that economy should be exercised in every Department of State, and that the sources of national wealth should be augmented by every means possible. SIJIU'LUS. The surplus for the year amounted to £2,299,416, and is arrived at as follows: — £ £ Bevenue .... .... .... 20,081,340 Expenditure .... .... 23,781,924 —■ 2,299,410 Add accumulated surplus at the end of the financial year 1918-19 .... .... .... 15,239,501 Total accumulated surplus £17,538,977 EIJBLK! WoBKS EuND. The expenditure upon public works amounted to £2,021,153, or £813,232 over the expenditure of the year 1918-19. The prosecution of several important works has been retarded owing to the fact that the supply of labour and materials has not proved equal to the demand. Statement showing the Position of the Public Works fund, as at the 31st March, 1920. ' Balance brought forward on Ist April, 1919 .... .... .... 186,199 Beceipts,— Loan-money — Finance Act, 1918 (No. 2), section 29 (Aid to £ Public Works) 1,940,000 Other receipts .... .... .... .... 114,456 2,054,456 Expenditure- . 2,240,655 Under appropriation .... .... .... .... 2,020,714 Other expenditure .... .... .... .... 439 ■ 2,021,153 Balance at 31st March, 1920 £219,502* * Notr.—The balance on 31st March, 1920, is made up as follows : — £ Cash ih Public Account ... ... ... ... ... 218,76b' Imprests in the hands of officers of the Government ... ... 736, £219,502 Redemptions and Benewals. Apart from the liability to the Imperial Government for war expenditure, the total debt falling due during the year amounted to £3,767,945 ; and of this amount £3,530,245 was renewed, £232,100 was redeemed with funds borrowed from the Post Office, and £400 was redeemed by the transfer from Consolidated Fund of sinking funds, leaving a balance of £5,200 represented by unpreseuted debentures. Conversions. During the year sixty-seven investors took advantage of the conversion scheme authorized by the New Zealand Inscribed Stock Act, 1917. The total sum of £169,250 was'converted into inscribed stock, maturing 15th November, 1938, and bearing interest at 4-| per cent, free of income-tax. Seventy-seven investors converted 5-per-cent. Post Office war bonds to the value of £21,300 into 5-per-cent. Bost Office war-loan inscribed stock maturing 15th November, 1927.