8.—6.

Accrued Sinking Funds. The sink'ng funds accrued are, — £ Public-debt extinction .. .. .. .. 2,961,289 War loans .. .. .. .. .. 4,082,452 Naval defence. . .. .. .. .. 1,017,144 State Advances Office .. .. .. .. 1,834,680 State-guaranteed advances— (Lands for Settlement Branch) .. .. 1,117,328 State-guaranteed advances—(Other branches) .. .. .. ■.. 19,317 Local bodies' loans .. .. .. .. 799,601 Old War and Defence Loans .. .. .. 192,691 New Zealand Loans Act, 1863 .. .. .. 2,207 State coal-mines .. .. .. .. 35,407 Westport Harbour .. .. .. .. 303,230 Nauru and Ocean Islands Account .. .. 7,227 Samoan Loan Account .. .. .. .. 1,455 £12,974,028 Assets. The following State assets and capital expenditure may be set off against the debt:— Interest-bearing— £ Advances made by Treasury (Schedule I) .. .. .. .. .. 21,964,675 Bank of New Zealand shares, nominal value .. .. .. .. .. 1,500,000 Cash in the Public Account and in the hands of officers of the £ Government* .. .. .. .. .. 3,264,287 Less liabilities outstanding, 31st March, 1924 .. .. 1,780,503 1,483,784 Crown lands—Estimated value (including settlement lands, Native lands, and education reserves) .. .. .. .. .. .. .. 29,620,060 Electric-power supply and development (capital cost).. .. .. .. 2,923,853 Investments of cash balances (Schedule II)* .. .. .. .. .. 6,430,685 Land-drainage schemes .. .. .. .. .. .. .. 1,363,900 Nauru and Ocean Islands .. .. .. .. .. .. .. 6C0,000 New Zealand Consols—lnvestments and cash .. .. .. .. 475,992 Railways (capital cost —including unopened lines and assets taken over from provinces) .. .. .. .. .. .. .. .. 48,265,377 Reserve fund securities, at cost .. .. .. .. .. .. 2,000,000 Sinking funds accrued .. .. .. .. .. .. .. 12,974,028 State advances —Mortgages and property held .. .. .. .. 22,007,586 State coal-mines .. .. .. ~ .. .. .. .. 227,600 Telegraph extension (capital cost) .. .. .. .. .. .. 6,219,411 Westport Harbour works, dredging-plant, &c. —Estimated value of assets taken over 800,000 £158,856,951 Not directly Interest-bearing— £ Lighthouses, harbour-works, &c. .. .. .. .. .. 1,194,893 Pubic buildings (including school buildings) .. .. .. .. .. 10,515,970 Recoverable advances (to other Governments and in respect of silver and bronze coin) .. .. .. .. .. .. .. .. 65,598 Samoan Crown Estates—Estimated value (pending complete valuation) of late enemy property taken over in Samoa .. .. .. .. .. 500,000 State forests —Estimated value of forests, reserves, plantations, and nurseries .. 37,000,000 Tou.ist and health resorts.. .. .. .. .. .. .. 336,880 £49,613,341 Indirectly Productive— £ Development of mining .. .. .. .. .. .. .. 882,975 Immigration .. .. .. .. .. .. .. .. 2,689,075 I.ligation and water-supply .. .. .. .. .. .. 493,217 Lands improvement .. .. .. .. .. .. .. 195,505 Roads (including roads on Crown lands) .. .. .. .. .. 16,001,855 Timber-supply, sawmills, &c. .. .. .. .. .. .. 34,706 Waihou and Ohinemuri Rivers improvement .. .. .. .. 380,695 £20,678,028 Total .. .. .. .. ..f£229,148,320

* Does not inolude local bodies', deposits funds, sinking funds, Loans Redemption Account, or New Zealand Consols Account. t Stores and supplies on hand not included.

XXVI