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SUMMAEY OF THE YEAE'S OPERATIONS. The transactions for the year resulted in a deficit, as follows : — Expenditure. £ £ Permanent appropriations .. .. .. 20,738,422 Less credits in reduction .. .. 3,702,559 17,035,863 Annual appropriations .. .. .. 9,063,321 Less credits in aid .. .. .. 1,391,142 ' 7,672,179 Net expenditure chargeable against revenue .. .. 24,708,042 Revenue. TaxationDirect .. .. .. .. 8,972,111 Indirect .. .. . . .. 9,627,869 18,599,980 Other receipts .. .. .. .. 4,468,951 23,068,931 Deficit .. £1,639,111 The following shows the year's results as reflected in the Ordinary Revenue Account of the Consolidated Fund :— £ Balance brought forward, Ist April, 1930 .. .. ..2,356,337 Less — £ Deficit, 1930-31 .. .. .. :. 1,639,111 Subsidy on expenditure out of Unemployment Fund .. .. .. .. 159,247 Subsidies to local authorities in respect of unemployment relief . . . . . . 116,768 Advances to Rural Intermediate Credit Board 127,900 Expenditure in connection with Hawke's Bay earthquake . . . . .. .. 29,536 Expenditure in connection with West Coast earthquake .. .. .. . . 174 Advance to Westport Harbour Account . . 5,000 2,077,736 Balance, 31st March, 1931 .. .. .. £278,601 This balance was made up as follows:— £ Cash 151,105 Imprests outstanding .. .. .. 127,496 £278,601 The subsidy on expenditure out of the Unemployment Fund is payable in terms of the Unemployment Act passed last year. The Act provides for the payment of a subsidy equivalent to £l for £l on expenditure out of the fund. In addition to subsidizing the Unemployment Fund, the Consolidated Fund also provided subsidy to the extent of £116,768 in connection with unemploymentrelief works undertaken by local authorities. This expenditure represents charges incurred prior to the coming into force of the Unemployment Act. Advances totalling £127,900 were made to the Rural Intermediate Credit Board to provide capital moneys for the purpose of enabling advances to be made to farmers. These advances to the Board represent the last instalment of the total advance of £400,000 authorized in terms of the Rural Intermediate Credit Act, 1927.

Summary of year's operations.

Result in funds of Ordinary Revenue Account.

Subsidies on account of unemployment relief.

Rural Intermediate Credit Board.

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