8.—6.

INDEX. PAGE Allocation of Consolidated Stock .. .. .. .. .. .. 8 Bank of New Zealand Shares .. .. .. .. .. .. .. 4 Capital Expenditure .. .. .. .. .. .. .. .. 6 Conclusion .. .. .. .. .. .. • • • • • • .. 14 Customs — Beer Duty .. .. .. .. • • • • • • • • 1 Revenue, 1926-27 .. .. .. .. .. .. .. .. 1 Estimated, 1927-28 .. .. .. .. .. .. .. 14 Death Duty Stock .. .. .. .. .. .. .. .. 9 Debt — Domicile of .. .. .. .. .. .. •. .. .. 9 Free of Income-tax Securities .. .. .. .. .. .. 9 Funded .. .. .. .. • ■ •. • • • • • • 7 Funds for Debt-reduction .. .. .. .. .. .. .. 7 Reduction of War Debt .. .. .. .. • • • • • • 8 Summary of Operations for Year .. .. .. .. .. .. 8 Discharged Soldiers Settlement .. .. .. .. .. .. .. .. 11 Economy in Public Expenditure .. .. .. .. .. .. 5 Effect of Recent Legislation on Accounts .. .. .. .. .. .. 1 Estimates — Expenditure, 1927-28 .. .. .. .. .. .. .. 14 Results, 1927-28 .. .. .. .. .. .. .. .. .. 14 Revenue, 1927-28 .. .. .. .. .. .. .. .. 14 Expenditure — 1926-27 .. .. .. .. .. •• •• •• ..2 British Authority on Reduction .. .. .. .. .. .. 6 Capital .. .. .. . ■ • • • • • • • • • • 6 Education .. .. .. • • • • • • • • • • 5 Estimated, 1927-28 .. .. .. .. .. .. .. 14 Main Services .. .. .. .. •. • • • • • • 5 Principal Increases in .. .. . • . • • • • • • • 2 Financial Position, Summary of .. .. .. .. .. . • .. .. 13 Free of Income-tax Securities .. .. .. .. .. • ■ • • 9 German Reparation-moneys .. .. .. .. •. • • • • 4 Government Life Insurance Department .. .. .. .. • • • • 11 Health .. .. .. •. .. • • • • • • • • .. 5 Housing .. .. .. .. • • • • • • • • • • .. 10 Interest — Allocation of .. .. . • • • • • • • • • • • ..2 Public Debt Redemption Fund .. .. .. •. • • •. 2 Railway Capital Liability .. .. .. .. • • • • • • 1 Intermediate Credit .. .. .... .. .. .. .. 10' Investment of Surplus Cash Balances .. .. .. •. .. .. 6 Legislation, Effect of, on Accounts .. .. .. .. .. .. 1 Loans — Falling due .. .. • • • • • • • • • • • • .. 9 Local Issue .. .. .. • ■ • • • • • • • • 7 London Issue, 1927 .. .. .. .. .. .. .. 10 New Loans raised .. .. .. • • • • • • • • • • .. 7 Paidofi 7 State Advances .. .. .. .. .. • • • • • • .. 7 Local Government Loans Board.. .. .. .. .. • • • • ..11

I—B. 6.