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Capital expenditure on public works— £ £ Railways .. .. .. .. 2,369,912 Telegraphs and telephones . . . . . , 558,041 Hydro-electric supply .. .. .. 1,130,013 . Main highways and roads . . . . 1,154,967 Other .. ' .. .. .. 1,455,034 6,667,967 Gross public debt as at 31st March, 1927 .. .. .. £245,850,889 Subdivided — £ Ordinary .. .. .. .. 132,421,885 War .. .. .. .. 73,563,181 State advances .. .. .. 30,191,097 Discharged soldiers .. .. .. 9,674,726 £245,850,889 Public Debt Redemption Fund and accumulated Sinking Funds provide capital set off against debt amounting to .. .. 27,169,185 New loans raised during year — £ For public works .. .. .. .. 6,878,270 For State advances .. .. .. 2,400,935 For other purposes .. .. .. 348,176 9,627,381 Funds for debt-reduction during year— From statutory payments . . .. . . 1,289,305 From surpluses .. .. .. .. 515,158 From reparations and miscellaneous war credits 735,760 From other sources .. .. .. 91,747 —— 2,631,970 Debt-reductions during year — War debt .. .. .. .. 1,770,467 Ordinary .. .. .. .. 778,293 Discharged soldiers .. .. .. 83,210 2,631,970 Net increase in debt for year .. .. .. .. .. 6,995,411 War debt reduced by £8,280,362, or 10 per cent., in five years. London Loan, 1927 — £6,000,000 oversubscribed. Terms, 5 per cent, at £99 10s. — better than any other similar issue this year. Cost, including redemption of discount and expenses, £5 4s. 7d. per cent. In terms of prospectus proceeds to be expended on public works. State AdvancesLoans paid over during year .. .. .. .. 6,185,970 Loans paid over in last four years on urban £ and suburban securities .. .. 12,096,502 On rural securities .. .. .. 11,803,437 — 23,899,939 Rural Advances Act — Commenced operations on Ist April last. Loans authorized to 18th July .. .. .. .. 387,965 Legislation being brought down to organize intermediate credit for farmers. Local Government Loans Board — Commenced operations on Ist April last. State Departments on a commercial basis have in the main experienced a successful year.

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