8.—6.

20

Public debt — £ Gross debt at 31st March, 1926 .. .. .. .. 238,855,478 Subdivided— £ Ordinary.. .. .. .. 125,992,741 War .. .. .. .. 75,333,648 State advances .. .. .. 27,771,153 Discharged soldiers settlement .. 9,757,936 £238,855,478 £ New loans raised during the year ~ .. 13,374,539 Loans paid off during the year .. .. 2,333,708 ■ £ Net increase on gross debt .. .. .. .. 11,040,831 Net annual charge at 31st March, 1926 .. .. .. 9,454,887 Assets held against debt increased by .. .. .. 13,875,734 Allocation of miscellaneous debt. £ Capital of Public Debt Redemption Fund .. .. .. 24,725, 645 sf-per-cent. loan for State Advances and other purposesReceipts to 31st March, 1926 .. .. .. .. 4,883,705 Imperial funded debt — £ Total amount funded 6th September, 1922 .. 27,532,164 Less paid off .. .. .. .. 1,275,142 Outstanding 31st March, 1926 .. .. .. .. £26,257,022 £ Nominal value of securities redeemed by Public Debt Commission .. 889,733 State Advances Office — Capital increased by .. .. .. .. .. 6,371,375 Total capital, 31st March, 1926 .. .. .. .. 33,148,274 Total current advances .. .. .. .. .. 30,296,837 ESTIMATES AND PROPOSALS, 1926-27. Consolidated Fund— Ordinary Revenue Account — £ Estimated revenue .. .. .. .. .. 24,266,200 Estimated expenditure .. .. .. .. 23,986,616 Available for supplementary estimates .. .. .. £279,584 £ Estimated Customs and excise revenue .. .. .. .. 8,280,000 Estimated stamp and death duties .. .. .. .. 3,189,250 Estimated land and income tax .. .. .. .. 4,500,000 5-per-cent. London Loan for Public Works issued at £98 10s. (oversubscribed) . . .. .. .. .. .. 6,000,000 Transfer to Public Works Fund up to .. .. .. 1,000,000 Increased provision for naval defence. Further facilities for temporary investment of surplus cash balances. Report of Royal Commission on rural credits. Consideration of legislation relative to long-term mortgage scheme. Assistance to large families. Continued application of surplus revenue to reduction of war debts. Position of certain secondary industries under investigation.