8.-6

I propose to meet the convenience of investors in our war loans by affording them facilities for the conversion into inscribed stock of debentures issued under the authority of the Einance Act, 1916, War Purposes Loan Act, 1917, and Finance Act* 1918 (No. 2), Part IV. Loans falling due. The loans falling due during the seven years ending with the year 1927 are as follow :—

The necessary action is being taken in connection with the redemption or renewal of the large amount which matures during the current financial year, but in view of the higher rate of interest now payable it is estimated that the permanent charges will be increased by £45,000. Cost of eaising Loans. The percentage cost of raising the respective loans issued in New Zealand is shown in the following table :—

Comi'ulsoby Contributions to Wab Loans. The scrutiny of the lists of subscribers to the war loans, and of taxpayers, has been continued during the year, with the result that many of those who failed to contribute their fair proportion to the war loans have been compelled to do so. Tbeasuby Lodgments and Payments. As the following tables indicate, the work of the Treasury continues to increase both in volume and importance:— Lodgments to Credit of Public Account. Increase over 1913-14. £ £ 1913-14 17,120,240 1918-19 .... 72,440,211 55,319,971 1919-20 .... .... .... 87,098,113 69,977,873 Payments from, Public, Account. Number of Increase Amount. DC sni?> e 1 i Vouchers, over 1913-14. £ over 1913-14. 1913-14 .... 196,455 .... 17,106,489 1918 19.... 295,813 99,358 74,184,737 57,078,248 1919-20 .... 377,859 181,404 87,596,662 70,490,173

IV

Year ending 31st March, London. Australia. New Zealand. Total. 1921 1922 1923 1921 1925 1926 1927 ... £ 83,000 10,000 30,300 1,721,100 188,100 1,400 100 £ 551,200 914,100 666,850 29,700 212,200 £ 9,471,257 5,437,790 8,165,006 8,478,065 14,213,747 392,010 56,300 £ 10,105,457 6,361,890 8,862,156 10,228,865 14,614,047 393,410 56,400

Authority. Authority. Amounts raised to 31st March, 1920. Charges and Kxponse.". Cost per Cent. of raising Loans. Finance Act, 1915 (Aid to Public Works) Finance Act, 1916 War Purposes Loan Act, 1917 Finance Act, 1918 Finance Act, 1918 (No 2) .. £ .. ! 2,005,030 11,572,450 23,273,500 13,120,520 3,388.525 £ 5,030 54,067 103,540 20,552 14,209 s. d. 5 0| \) 518 10| 3 0J 8 4l