FINANCIAL STATEMENT.

Hokitika Guardian, 4 July 1923, Page 1

FINANCIAL STATEMENT.

I Per Fnvo: ill' fhnermiK'ii!). S | In t !•<■ 111111 -1 * last evenin'' the llui |S : V. . !' \! ; y. .Minister of Kinawe J j ifi'lii i-r.-ii hi- Finaio-ia! Statement. | ! Mr ( hail in;;o. |j I have i In- i;«.i•.>i: r to submit the an Si find statement ni iii - tinnnces of tin 5 i l> -ii.mi.ni, am! in d*::t';r so desire ii | j (•.•inuraii '[<•■ < oini'iittcc upon tin sa i i-factory po nioii • ! ihe Coiis'di--3 I dated Fnini, (ii ■dm.try Keveime Ae--5 I '■"!!!:!, v.: o h a: i !,n end of the year ; j d elo-ed a surplus of revenue over cx|j i ere ■" nre aluoilllt in to tI,:U.Vi.(W. } I T!.i- yrai ifyino r<-sr:it is attributable Ito lie- u> - 1*i’rn 1 improvement in tho Ij •• ml:•.ion .slid prosp.-ei-! of the Po- | j inir-ioM. I r. ,y!o. idaiiii principally by j s ihe le-. ive! oi ihe nv r ; f.e demand for . I our ;noi 11:< and by teononiieal admin- | ; i -! ration. j ki:\' i.xri:. |i V. VI amoii.'ited so C2d.l’ol 1,000. : | v. ••! •. Aa- actual ainomu received tv as I !id 1:• el.:!'.'! 1 .!!:.! above tie j 1-! la.On, and Co ! '.o!i I less than that I < ;ilmeted dm .no 1:•:> | ajJ. iiNPCMin l'l;K. I Tit. total expenditure nut m iK* j I >r. ii nary ! leveut’v \i noun; a lauu ni ed | :■> A’:'u.7s: ll . li«*iii* ; - C'J.L'i!.'t.ii7> un;d .' I - ex|• 11<i11 lire .1 the previous ! amount appropriated hv I’a rliauienl, i The Idjlser raii-s ot interest are i mainly I lie reason tor the in. I'e.'i--- ol i C Inf.l'd 1 !. Inn t lie e-S lie.lieil expclidt- | 11: re undvt tills headino fol the curI .•.‘lit ve:tr Slain ;; tli-erea.se ol j | T*.e ih area so in expenditure in an - j iiuai appropriations and under special .N't', apart Irom ini o -t and siuUtny; > IJK-sr I.T OK Till-: Vk.MKS o!‘Kl!.\TlO Ns. l:iL>L>--j:t. i P.d.ime hroii;j,ht tonvaril. I i April. | I'. '. I .'. LT.'.'i! Ilevenne L'L* 7 .A 7 f l .- | !!.'!: exjiettdii tire I’erinaneut eh tiff'd

j an I appropriations, LLn.l’ii.'l.Ttil.'. lruvI in.-: a s;irj 1 1 11 s ot u 1 ,;iiA.itsT : total. ; {••;.- !7.da:>. I'ud.u ! Payment tu I .on lis Hedcmp- j ] linn ,ii i unlit tor redemption and can- j :■- lint i 11 ;i <■: Koettrilics. L.'t, l AD.Liin ; ; j 1 ran-ler in D'-charmtl Soldiers Settle-! ; umnl Dejirei datum Fund, .L'All.tlilU, j I LA y ih.i'.'it. Balance at Mare!:.' j i'•*..'Ci.":7.te. *<T. i:; ONDMIKS. ; I i vear when ian 1 1 niM:* llm pre- ; ; u'i'e's ot lim tconnmv poiiey itiiiialed ".irly in 1 ttave an estimate ot ; l : "! in de|i;'. it tiit'ii ta I rules and under! i -I A.m-'. Dm ui'e-s -avitifs. uiiii; | i■ 1 ! ur ji"iipuseii uuuitoiuius, were expeci - j jed in amount to L‘! .<f_’ -. ~t::t. Tim j inn 's uilt ei.e,[ las, year, the rootle-; ttutt o', .-r l lie period it Ter rod !• >! amount. in L".v.7.’*>A.n 18. Die ddlerone.' • l.fitut ehielly title In Ihe laet I lull lie'; i :i'i d tie ilit-t ii':i fioin the en-l oi In ill:.; ; I e 'll- or iiteiva.'t* ora met I In |u|liiie j i • urn wm, not made, j At : I M n.ATKD SnU'USFS. ; : Tii- be.lniae ot aeenmulalud sur : jilino- I lit ‘Hui. t cmvard on the I'M An; iI. I'.'-m. iimm.inted to LT.A.'tl ..Tin. PiTi.IC AYMMKS I TXn. ' ’ilm expenditure upon public works | amounted to LT.iip.’.s-si. or LI.AM.AiII j i less il.aii lim expendi I lire lor the vent j 1! ITim reouirnmeiUs ot the j ; Uiineil! year s|m t!. i !,.■ adct|liaU'ly tiff j . by I.hu loan el L.'bti!«‘.(Mttl reeeil 1I v j ! raised in l.nndoii and h Dm D'ansterj j 111 Ll.l' ::i.ii(.‘!i from Dm Surplus ){.*- i ■ FIVK I*ILI! C KNT WAR j I LOAN STOCK. The amount of Do- stock. Ifdee„|. j ; rtide .H par. bin imi-eh , -ed lor invest- | nielli |iUi'|u.sus^ ;ii LPA and I,eld bv^tliel The !)i 11 in.'led <•'. 1 ' ■■ inarkel a! I Dial call' v. ii.x L'lnj. A • Dm piii'elia-e j pi'icc v.;i" L-.-l-l I ..'i 'I!. lid-. repi e.-ent -j price. b'lU'lll:..; a ,;i'l invus.tlit 111' protii I’t LC'.r.Alii. ;II addilio , t„ Dm im,i'.si j eat tied al A per cent. I’KDK.M DTIONS AND BKNKWAI s. j Till' loans uTiic|i maiuret! ilunTi'y lh> j yea: ill lo LU'.lMi l.'.iStl. I.p which i mu-; be added '7o Inal 111,1 loan-'

iI ■ , •. |i.*r . .•.i? . TirKASU.’V !?(!,!,-. s«iry inii-. in am '••ipni i«■ i» o! r s unim n;:i-| <!• i-i Novrm! ;mi:’ i»-ik v, .•IV i nil I.; ||„' .*{ I (!:«• ♦■!»«! of i!m‘ iina;n ial \v;ir. !S; * * uw: La nil ranm into usu'iaiioii on i!n- :inl Non rnIKT. IfJI. in ■-pirils ami n.l, hi\4 <1 Mil Murk, uf t l,r-r u,„,|. lYoin Urn lannli <1 \\n ivliniisos. Tim ivmili Win 11:;; l , t!»!ri 11ir i! <• i tu-iva-ml ‘l’.iiios mi proof ,-pirit- an.oimt in x to, 'va> per trallon anti !n U >«! per poninl I ‘•II In'-man clifl nm tak;* I nil nflWi. Mii'v tlniv was, limycvr, ivah-ti! than rsc \

ine HI-! March, lfll’.l sfioivs that the stocks cleared ill alli leijuil ioll of a pl:-T

iii duty him- in a lathte measure been ! iiis|i!.-v.| (,i. steady ri-vi-iiin? o? i ii'auit L".iiiil,l)lii) ];<• c annum from spirit s J am! over L l .201),0dd jut aiiinmi I'roin I'liiiui'o. as compared with an av< rnye nt i'7'!i),non mi spirit- and L'‘.‘"ifi.!)iii) on tnhaeeo before the elm in.', a of la rill', is expected. Tim excise beer duly ] "pre-.-tit s a total of l2,dod.(l:iil iralions of reel' 1 1 re wed al an a venire duly per jralli:n of I I.old. The <|U«iutily brewed for ire previous financial year was 1d.d0!!.777 oniloiis. lAI I’OItTS AND liXl’Oiri'S. The values of 1 1.. imports and exports were. Import- CT7.112.77P; KxAn analysis of ihe value ol treed- regarded aeeordilijr to ori-lill shows I hat i the proportion received from Client I o.iiiiiii is T 2.2 per cent of tln* total. as atraiiist IS..a par cent last year ami | ■'*1 .0 per cent in ldll. The percentaio--11 the same basis received front I lie ! hiiied Smtes wap |Tel. as eompnroQ j a iih ! 1 .0 p r cent in I*l I. | Tie ' -iii.,;oe for the financial year i 111 is Customs revenue, C7,!H¥>.-

i iti; i>;;< ise boor C7'o,(i;Hl: timbor •x----i •■■ rt if;:! v ;;!n! otln'-r ivcei|iK l'7.')('0;! * i *i!tL'7.7-'i7.oi!o. ! | I.AN'I) TAX. ‘j T!i- If! in I lax r< ■ll>’ - i ninpaivil will: 'j I ..I I*.l-■_'!? -!i..!> n il.'t r. , ;iMi ul' INC'd.MK TAX. A' <•. .1111 >i! ift I with ihe ri‘( t‘i jit s fill' i lit* ir i<-ome tux u'iti w;l mj ’! i Ishows n til ! :: l'_, 171 ,uv>. I >TA M!* AND DKATIf DI'TI.:*. j T!k‘ lift iwonue d».M i\‘ ‘l itom t 11nj : S

1 :it h duties \v;is 1 i . or i i 1 in excess of the «-sl iniiitj S receipts. j Tie- . «ieoU. .! ~mm, lor the cti;WUUK I Nit UAH.WAYS. i 'i ce uro-s receipts ■ ruin \\ orkinu, j ilailwnys amounted i,i i increase ol <;s ).•_>! I mi 1 lie previous i i' - iilll«■ - . The V, orkille: expenses : i11...,mi1l ,| io The net • ■ re feme- is I llrrefuiv !.'! ,Wn,.T 1.1, reprrj eutiuir ii return of L'.'i n.s ldd per cent !ok i i : ,■ ckpiia 1 cost. The actual re-j i venue received was C-’f.'iit! in execs, i i t In' e-t inline. The improved tinnn- j ! Ctal position is the outcome 01 econo- ' mi. s effected dm it!l tie \ • ar. | A!i i . !!".|| there has bt'eli a silplil ini- j erovemem in I !:e revenue iluriim tie'' veil- tl.e 111 p.trtmeiu i.s Still eoiifroitl - ‘ i . An tttativ diilieuli ies. and the need; iof exent unt; field ei otteniv 'till re- j ! mains. The di'ust ton - flood - which : : have teeett.lv occurred ill (llaeo and; : (nt erhitrv wti! iiiiipie't iotiahiy have a , 1 tar-reae’iin t' elfeet on the tralfie tin I it.” South Island, lines for some lime: to come. The comb,’oat ion ol lhe-e i i| . lint- 1 niiees make n tivcoSstu v to be conservative in the mutter of estitnal-i iii:: the revenue lor I lie eit'iiinp year.! V. lie!:, for tha I reason. 1 place i !,•' : i'nrniv a; CT.»)iHi.tAtui. 1 j (111 tic expenditure side provision j inis >o be made for u orkittt; t he Olirn- j Arthur's Pass electric section, and: on dial portion of the North Auckland: line 'dt hieli it i~ Imped to Ini ml over to f j Wi.rkitto Railways ditrinp; tin. ell- 1

| sum: \. 1 :mt i■ iji:i;■■ I > 1:1 1 tbe ex- j | !!<■*!•!'( 111.' will ailiiUllll to L': left. ; ! POST WO TEI.KHR API I DEPART j M.E.XT. | Til-' lie! amount of revenue eolleeied j i ! . iho I tepart iiioiii dtii'iim t!io yoar was j I L':’.7ti'.ti;itl. The prini-i|>a! items wore j |- Po .moo.. Cl/is'l. lil-i : leleptramr. t i Ill: am! telephone exchange re-] ] ooipt-. t”>*(,*»,<u; 7. The expenditure i j tolillleil C2. 1 I t:j. The oil'll receipt ■. j ! j!:m' exceeded payment' lie Cd!)2. Ix 7. j I TiiO is t lie i.iryost surplus in the hi-' j | tore of t lie Dejia rt ment, ilosplto t’oj j ia:! that the period covers two month'i lot the iinaneial your ilttrino which j ‘ roilui-otl rates lerr tit opet at ion. ! Deposits in the Po't Oll'too Savings-! I hank aitioiintorl to C2d.liS2, 12. . ami, ! willnlrawals to C27.7d2.2Cd. - X j o' ... of nil la Ira wa U io . r deposit - an.oti.o iu_ in tt.tSlh'Slt;. Tito amount ; jor iuivis si added to depositors" tie- | I I e'lnt s larooly exoeoils lh“ excess oi j j aii hilrav. a Is. Tito aniouiu at llto ore- ' | lit oi depositors at the -*>l ~t .Mureh. j j t: 12.77, I,sits. The posit ion i- imw ini-I | 1 1 | iivit:. as. attiv (lie oh o oi the e rr ! ! l'Ml.7!"> depositors. aml Iho avoraoo | j for or h. |o p,o- i ’ to Of.! I- hi. I 1 llh' r linsiltoss oi 1 lie Itopa It llloll! I | CVnJ'l.'din. atul lito payment on lie j same ae""Um of C I .h! l ' 1 .7ti7. War loan | eert itiea ios ro'leemci.l up to the -'il .-i j i Mat'ol, ami.unto,l i ■ L':i.:!!:t.il7 !. I Ill'll a sell expetltlil life allsllle util of I war eo.iallt ions 'till continue'; hut . ml a t esu'i ot the siioi o-si it I oll'ort ' mmlo | j in hoop ilow ti oxpoinhi tiro, t lie amoitiii j ihiin l liiii voted the provintis year, :i I - I tin.noli il inelildos statutory inoroa'os I j in salaries duo to ti.,. lower-paid oil'.- j _ eei’s. ala! an aiiioimi ol C2-V" I HI lot ! ( overt i nit- whioh previously ua- com-I polisa ted for b.v the a llowa lice of -j "lime nil'." At t lie end ol the il ll.'l lloia I year Ihe I total immher nt employees an- S.d7 I-- ! 7.•’i1:..’ pormam iil ollicors, .‘ttl.V lempoi" j , The 1111111 ho 1" at tile Olid ol the previous year was >,i;,!> 7,tid7 pcrmationi offi- j eers, I-Jit teiimo'-arv employees. and j . .-‘.at casual lie’ll. A ivdueiion of 10', I]' ni Ihr total nuudier employed wasj ( thus eifrelrtl diirimr the year. j p I’EXXY [’IIST At. hi.

(lii and ;ii 1• I■ the Is! Oemlier. I!'2A. i !penny-postage -y-iem nil! h” ; o'tahlishod within ilir I)i>mini*> ll , in nil : pun s til i in' lii ii ill lumpin'. I esi i- | 11 1 :1 i, ■ tllllt lilt’ If.'' of I t-Vl’lUlf l.\ 'll I dni ng will If iil I Ilf vicinity “I i U'J.’tl I.O(Hi. Hill, in view ol' lilt- buoy- i nucv i'l t miU* at ilir pri'Citl i inn-, the t 1,1"' vhiiiiltl Ilf 111 a temporary nature t milv. Inr there will It- a largo inelen'O ; in tin., vnlumi' (if eon o'pomh nee po'l- 1 f.l. u l.ich before very hnig will In ina , the rt Vi ima III) 111 ilia original level. , Tin- la's ill ieveo.no during the nn,>n|,irfi 1 purl i.m al (!,o present tinnnrin! vc.,r Mill If about ClJa.nfV.t. TI'.I.KIMIOXK KATKS. i lilt' i|iif't!(ill nl me-oiding 11 u• lala j phono f'laraf' ias been under dis- . ('ll ssin 11 fnr Mill).’ time. Tin; whole j : matter has received I !if con.'itlt ral inn ( nl j In- (.ovi-nuia-nt. and it Ims boon 'la- . ci It'll 1,, Inina ill., a man, In i! charges into operalinn nil i In’ sJinc date a' the , re ill l rndiiflinii ni puny postage— - namely, the I'i October next. The .• rales ileeitled upon mean a tairly sub- i siantial redneiion on tho'e at first , proposed : and I aiu hopeiul that, with , a fail year of the inereased revenue, j • the telephone branch will he self-slip- , porting. LAND sKTTI.K-M KNT. Ti.e demand for virgin land has Ini’ll 1 I."l 111 ted. i.nlv 'Oetmii' in tavuurably ; -ituai ed localities heing taken ttj>. : The (' o erntn, nt i' eontmuing to odor { i’ll available land- for general apnliea- .■ lien, in most nes i. it il preference to ’• di'i-ha rged ,'eldier'. s'V'd.ll’ lii.' UNAbK UF.I'I.A----.M A Ti< IN. Mila infer! ng survey- and mve'tig.l-, i lions n, various swamp area.' in V.esi-j bind have hoe 11 enmplelfd j «M* tile ill- | formation of .set tiers. lies’, though; 1 n t nd' e in men. are pmmi'.ng ; i’l-epasiti ’ll'. . , ( .> 11 ' 1 -.n 1 i-ai *."■ n'k' have In-ell e.nd: r | a 1;. I! .>• ••• i” Wtl lie-! a 1 j fi ij, V’.■: *. ml tit* or i hi-I ’ *H j t ion ei f l i}; :• •! ■t; a: - mei, r lhr j ’ si. an n 11.. ’i . ■ ■ are awaiting the! ' -,'iu ei ti.e lief-, o: :<•«.* i aiietiaied area'. DHC DAnfiifD NO! DlF.!''.’ -d'TTr.F i 1 MFNT VtiorNT. Til-. gni'S v.-.s if . f ■!• the year : aniemr, ! to L’FL i t-h tit ' 'ttn f;7l .■'■:7 represents repayments ■ f ad- j ram-es. while me n’. ' in itt o hgeies: and st’.ndres iota! L‘*l! -led. , !:i order to afford relief, postpone-: 1 incuts of instalment' were grantedwlvre ti.e eiriunistanee' appeared to ! warrant sin:-!’.. At the end of the year J . the amount out standing oil the Post-j -

ponomonl Account was TA7.ll>“. Anrettr- m ie-puei oi interest and priuei•

i pal payments amounted to Cdli.PJn. f A siih'iantial ve-luetion has been made • in the arrears carried forward from previous years, due principally to the improved prices of butter, wool, lamb etc. REPATRIATION. Tile benelits under the llejiat I'la t iolt Act i ea.-ed to apply to other Iha il lnhoroiiiar or other seriously disabled soldiers after the .‘II -t December, RH2. i p to that dalo assistance ha' hen render. .1 t> IT.pm discharged sob diers at a total cost if C2,:i21),!.!)2. Recoveries have been pood, the amount received up to the .'list March. R'2.d. brine Cl TfiO.o Id, or fid per cent of the total advanced. At that date d.iili] loans had been entirely repaid. To the cud of the financial year 1C22-22 1055,.-, had been made ill 210 cases, tin’ average loss i.einp £7O. AORKTI.’ITEE. ’ The improvement' in the pi ices obiainel for aprieiili mal products has been well maintained, and mutton, ! utter, and cheese price;; show a derided iiicroa-e tij> to the end of the iinaneial year. I lie total value of produce exported was C 12.2 l'.7b I. or Pit per cent of the 1 ■ able of all exports, which totalled C Id,dd IS,70(1. X A ('!!!' A XI) Of 'KAN ISLAND PHOSPHATE. An important inere.i -e in the demand for phosphate fvrt ilisi-i'S has ’ a ken place, the imporltiLious of Xau:u and Ocean Islands phosphale rock ior 11122-2:1 totalling; dl.-RiO tons, an iitcrciHc of I(i,,Ti7 tons over 15)21-22. Ihe iiiiuv extensive u-c of phosphates will, of course, mean a resultant ini reuse in prodiici ion. DEEEXC'E. The expenditure out of the t'olisotidiited I' ll lid for defence, inebidino ord- ■: o i iee se.-viee, the mu in t ona o t-e and tfamine; of the Territorial Forces, duriiijf Hie linaneial year ended .‘list Manli. 1C2.1, amounted to C2?d,lUs, ■ r C1.‘!,'17 less than the amount appropriated. This result has been oh- J mined by the exercise of Ihe strode-1 | (oteni.v and I>V dispensin' will; the j iraiiiiny-caiup. for the year. WAR ENPEXRIITRE. “ : The eniss expenditure from I lie vote] "War expenses'' tor the pa-t year was j f.'i; 12.(M15. Tlii; inelllde 1 Cl 7!I. I.'l I foi l Hie medical t real, men I of returned sol- j diet-' for war disabilltm : Cl 1.711 for! transport adjii't ment - ; CUd.d-7 lor war yuive, in Xew /calami and! d.ii ad. a i’il lialtleii.dd l.e, moriitls 111] i am : C7..‘t!'2. war rat nil ies: I ).(.'(»(). refund to War Office for tloiir 1 am! bread subsidy paid on helialf of j X.-w /calami iie.ps in the I’nited !\ iiiodoin ; C1!'.722 lor repatriation j . 1 --ist a 1 lee and expenses : and Cld-.bldj ior ot her nii-eellan< oil - war expend!- J inre. Alter allow ing l'er ; or sale of surplus stores. C!".2nl:! ment s of repat rial ion loans ami ex- | 1 censes, C.Tl'.r.lN ; and oilier mixed 1

■ I a net (■x])i'!i(l!U!iv of L' I< ■(!."!>*.*. Till- r-i iinat '.'(l lies cxpondil lire to • runciil year is L'-Vl I .si;;t. in whir! 'l'llVi *- •. 1 11 is made ! t lllcrl \ -,-W ZoJi uni's !i; 1 1 >il i l y to i 1 u> linj>i ■ i ial ship itiL4' lirpiiilat inn for i rnnsport charge: in! ailing approximately -">• ii).( ui<>. lin d. in -oilliiio this it•■in i- iluo pmi ripallv to ihe liny ainnimt lII' wind handled l,y i ho" I mperial Ship;,in; !.i(; 11 i:la I inn I )cpar! inrnl. which in ihr IniiiT siaiiis of the war onnl rnlli" :11•:■! i \ ihe whole of t!ie Kmpire' shipping. livery ell'ert is in-iiio mail. In expoliie M”.iiri:i' 111. whieii it i ruiTclil year. XV\ AI. oKI' - KNTF:. The expenditure on naval tli-feue' inr I lie iinaneial year ainuuntoil 1. e-Jtlit.Jl I. inaile us ns follows : Ter male, nt ehariies Naval iVieiiee Art 11.M.5. --New /..-aland"-Inter e. C77.HSI ; repaynient of lumic7 ilehl. ‘.'l.t'.'K a total el CSL’.I'I!'. Annual appmpriat mn Vole. Nava If telle.- < •Tluleitie!" anil ( ImUmm" L'J I I ; total I-JII.V-'I I. The lime Ini' arrived when we shnuhl pei tieipate l-i a i.n aler extent in tli" naval ilrl'rnrr el the Kmpire and a--s: ll iie a -Imre iii the harden whiob ii -■in ai I-. I propose, I lielviure. I u ask In n-mrahle mher- I Id- year 1., ill-erea-e Ihe Inlal api uepria! inn fur lUlia! detente in I'7,i in, til HI. Thi- aniniinl will in,-lude I lie wnrk in- exiien-es pie tided lev within the Lite and a -uni lie! exi reding IT!III1.1K!t> a- a e-mi rihtia inn a I ha-e at Sinyitpoiv. This I'a-e V ill he ~f \ alile t.. Au-I rail a and N.-w Zealand lean l:i ati\- eiiier nr.' tis|i iriin: ries in i lie I’a-ilie. I'ihl'l ATKIN. -, ill r, .- - ell ••lueall.nl -ef\ lee.- dlllino tie fa; -t tinaneiai y-ai ha- atm united In l.’i.J| i 7. The financial p-i-ilmn ha- lean such .ill ' its expel l.! i I lire. lull la, i -Mill ial in - neli vil a - have heeii nuHni aiued. leenaiua. ial i. ill 1..1- 1. I t-it ,-d Ihe ea ru 11 iii-id. ra I uni i.| ie. (tot. rumen!. mil since 11' I - -111 the sum of V I .d'ds.tin I ha - heen expended Ini' I In's an I indar purpn-e. The expenditure i--erv larni'lv in excess of ihe pre-war ! •nie. as for the live year- ended nisi dat'eh. It-1 a. I lie eapila! expi-mlit lire jAii I .ti'ti. Wnei’i- p.-.-ihin prelerenr-e hi- heen el veil in claims for j.rimaiy j Inni- has heen an in i-l'-nl m-iiwim er more lihi-ral slaMin-- ami heller ,nil,lion iieeinuim,dal mil. and gni'limly eli’er I ive steps are heme taken to i:eel this demand. In schools whine in r- -a -a, I :-:afiina. ha- lui-u shown to he lei-essarv to avoid uiululv large lasses a iii In ii it v has heen given for lie iippi.-ihtitiem Hi a.litil iotlill as-ist-iii!-. In all ui-i-s uh.-re uveivrnwditie j ia.s la-eii neiiio tin- (hiv.-riiiiu lit lot* j niuluuine II- 1-fT-ri- In iivclrnmi- '.lie! • lii-rtafte -il h 11 ilil!nLi ~. DKTAItT.MTXT OK 11 T.A i.TIT. 'i'lu.' amount impropriated last year I or hospitals and elun il al-h- aid was ;PV'Ui. I,m nwiue to the fuel i’n.-u uh-i-lies were elaiiiu-il mure promptly lam usual lhe expenditure slightly exptired for Ihe curnun year is !-_rii.i.iii». tin- ie-tual innimenanee riiniroiuenis of Ilnspiial Boards again] howine a slight n-duetinu. There is I n increase. however. in tin- capital j •efj ni remain s. and, as maimoiiomoo | ■haryes are the ultimate result nf the •arum! expenditure. Ilnspiial Boards , honl.l use ihe greatest pnidetnv in! .-lit iai capita! expenditure. The net! -xpeiulit iin- nf the I)e pa rill lent- ill! fJA-’-'d was fl.-tt-l less than voted. I 111. 1 all in-, rt-fl-i- nf nhn-ii thi- amount j - required ie.r the eurrent year, due] irineipa!!-,- to the fact that the warj erviee lii -1 i 11.1 ii -n s taken over are; nr whi.lt the lull rust i- n-i now re STATK AiiVAXC !-N oI'TK'F. It per lent iigr-e-i t-i h-dl l hmi-.-s I’KX-dOX u-i-t .' r lid-aye per.'ions 7Xn.t2):l •’i-tdemie pensions nd.-'l 1 tfaori War pensions 31-11" diners’ [tensions 33,-il'l

Pi !i -ice under Civil Kc-rvicO Aft, lOliS 2H.537 Mililiii-v j’i ii-Min - under Dei. iuv Ai l. HOO 3. LIAS Reiisiotis imiii'r ,Judicature Au. JOOS -2, II I |L lift* pensions 17-1 Simdrv pensions ;tu<l annuities' *1 .Hl-1 C'-Vm>3* From this total is deducted CA2.329, n'lnesi'iitiiiii: C 25.517 from national cn--lt.winoiits on account of old-age pcn--ions. l‘2.)>] I 1 rout Hold duty in re*|teet hi miners’ pan.ions, and £21.17] from sundry refunds of all classes of pension.*., leaving a net charge against i! e Consolidated Fund of C 2.037.009. WAR CRN'S lON'S. The grand total of actual payiucnts made in res poet , ,i' war pensions to the Mist Af.areh. 1! (•_>:}. is fS,S2 I, .|:)(i. i'T'oin i!:c Ist July. I!)22, the administration of the medical treatment of discharged soldiers was transferred trom the Deienc' to i lie Pension-: Department, and tins change has brought about hotter co-ordinal ion in the pen •tuning and mvdieal treatment of war pensioners. Ihe report. of the War Pensions ( r ininissieu ha received careful consideration during the reeess, and h glstatinn ''til he introduced giving effect Ihe t-pittoii of the Government, inis leyi.-la:a. u uudouhtodly w ill make •enditions e-a-i r and I .el ter for totally <>r partially i m-apaeiiai ed returned eildiers. G'OVKIcN.MKNT IXSFR AXf'F |>KP \ RT.M i*'NT. 'i’ll-' Lite llrnneh of this Departmenr ' ad a sueee.' -tii! ; -• 11*. The new business, e.m.iiii,;:". . ) ft 1 .d'd.Rip, wits d : Lon- tec standard of pre-war cars, aii'.l the mimher of ptilicics ut -ell i! e til-l Decetiiher, 11122. heme f>9, !s7. represents a total iiisiirlui', ■’" l " ' !i ' '

XA'HU.TU. RROV! f)K\T I'TNO. The memhi-rship of i!u' tuml at lur list Driemher \v:is Lit’. lA'lfi, ilia conin'•iilioii income t Kit’.(Hill, ami llm neelliiulnm:l I’mnl The sum oi L'lt’.ddl was |tai,| in nllounnees to ■: i! su i t:! i: iami Id unions and ehild•cil. An am,-uni ol L'.'iO,oo:l was ,Taim''l llu'oa-Ji iho 1 11 ■i< | li'. wav ol' him I or—- ■ ity allow'atiecs- L'7.dllll lo emitrihii- ■ i's aii'l £."(Mni lo timinliers of ann’ovo.'l friend!v .on, :a - ; TATK KIR !•', I XSC R AXfT! T>K- !’ \RTMK\T. I■ c •'•ini 1 I-1 re l Mlioc I,a, I a not lion am.s-iol ’.oar. ;■ 11 !io;io|i heavier ■ • sV-iainoil i ha,, in IfV’l. or uaviuonl ol income lax. ainotlilts to ■ "'.Hf, as eoiiijiaroil with .C.‘!!i..‘Tt’l for I 'A i. i'r!!i.i<’• ski?vine >;n'FRA NATATION' I’TXT). Tie filial numhei- of emit li hiilors t h" final mi tlm :l| a March 1, r ... KR'T:’. ami the 10t., 1 reveni,m £A7:’, !i.,:1. nimhim mei.iliers' eoutrilmt ion-. £7'7f>.a’li. ititei-ot £li’l .dt I ’.). ami t,overnJ elOllt ’Olhsniv £1 7v> (.0..1. !'):.• unninit I ■>:i >• ’iiil, 11 i]lll ! ntr 1 .he period was ' 'hi. win el, eoiit prised retirin'' and other | alien a pee £’Jo t.l'otj. refund of eotitrihut ion C 0:!. If?.;, and cost of adiuim'stra lion JJiiTMd. The total numher of alliiv.nnres existing at the end of March was •J.t’o.S, represent iiirj an aeereeate rumtial pavinent of £221.91 I. fiOVKRXMKNT RATI.WAVS SI'I’ERAXXr.VTIOX IT XT). Tins fund amounted on the .‘ilst. M-ifell. 19:0. to £781.tM9. an increase ol £lO.l ifor the year. 'l’lie revenue i"i"ivid duriiirr the year amounted to 9tO‘ l.it’s!). made up of emitriliut ions £ I I 'll7. interest L'2(!.170. and (mvernmeiit subsidy £7o.(!{)0. The expendilare from the fund amounted to £178.(70. ineludiii” retiring allewniiees anionnt in.e: io £ I •1:1.131.

TKAC'llT.ilK' KrPKIIAXXKATIOX i rxi). Tl!i- I >m l l amounted mi 1 1 :<• 31st .Tau- ! miry, 1923, In £77!).(>3(>, an iof £97.rb"i9 for thirteen months. Tinamount invested was Cr3(i.3S-|. The re. \"imr for llio ]iwii,d Mas £21(1.931. inrlmlinr cool rilmt ions £1.00,192. interest I 12 ami (7>vernmeut 'iihsiil v £71.r.s:{ i i liii ti'Cii lnniit h- :ii. £!:!.!I!III per i a ll nnin. iis provided it ll< i< r ilic Am. tocetlier v. it li ilic a'Mit imial £•_>.*> .tt'tt) voi*a I iasl yea I’. I [lea expenditure was: I £ I l!>.l>7n. i 11 1• Iii*! 111 ij: ret iriii.o allowameUtKi.im . ami refund of com rilnitions NATIY IX Court an,l ilto .Maori i.aml Hoards were £!3.91!. as eptiinxl £1 3.992 ill t tie |irela in!. a.t a ni-i of £ | r>' 1.1 Kill, liner been ptu-cha-cd siin r 19111 heituj: I ;a res. at a total cost of Oll’.l!)) . IT Hl.lt' Tit IST OF KICK. (til the ;ii-l Mill-ell. 1923. till' value of e-t ates mu! tiiials mnler tin- control of tii,. Public Trustee amounted to £23.in ll .| ; ,ii increase of £3. |t)7.t»l!i for WKSTKKN SAMOA. The revenue of iln* territory has been well maintained, tint i- still insoliiiient to Intel the expenditure wliicb is. cotlsidereil neces.-ary in the discliarpe of j I it- maiiate oblioations. particularly in resj icet -if cdticitiion and tnedieal scr liras. ,\ n nddiii maf cram of £2.999 i~ prut ided to meet ihe delieil ol 1921-22. The trade results for the year have I let'll .satisfactory. The statistics vvltieli ill be iii. 1 1 j<!<■ jin the third Mandate Koporl show that whereas in litlli anti lie’: the imports into Samoa exceeded the imports l,\- over A'.S'J.tMO. 'I lic loitl.a.ie and value of copra, tin- joa llei |ia i jit od lli I of tile proi||) exp.n-tt il last Xl'.W ZKAI.ANI) IXKCKIBid) STOCK IiO.MK lI.Kl> fX I.OXDOX. 1 have eoni|iletct! impel iat ions for a reduction in the charges made by the Hank of Ktioland for tin- matiaoemeiit of Xeu /ealatal ittseribed slock repistered in tile books of the batik in l.ondon. This mutter lias been under consideration since l!l| 3-1 !. I at: cuinp to the ot-tbreak oi war tin- proeoedino- were tatessarily .ieferrod, Tim hank lias rt'ilnced it- ehitl-oes from £350 per ntilI■■>;- ot stock inscribed to £309 per milhit, v itli eii'ect from I Did. and has ro- ■ nnded £d‘t.fi7t>: hat acaiosi this there ts a t lai i n for no less than £11.383 by way of Imoerial income-tax which ] am emleavi.urine to have remitted. ! he batik’s charges for i-sttint; new loans have also been reduced front os per cent, t a 2s dd per cent. ilic charge of £3o;> ])Cr million in l.ondon compares unfavourably with the cost in the Xew Zealand treasury of inann'iituj stock inserihed in Xew Zcalaml. wliicb i- about Cl4O per million. The (liaroes of -onto of the private hanks in London are as low aCLIO million, f am *r*»iup: into the question. however, ami hope to make such arrangements a-, will clloei a tor-j titer reduction. 1023 LOAN*. In order to tnainrtiin capital expotuiiture at the necessary standard a loan of £3,fiofl.O:>9 for public works was raised in London. It: addition £1.900.has been borrowed for redemption in rtaft of loans maturim: in London. I iiiukiii"- a tutu! is-ne of £ IT 1 ' >.O'T | FrxTtKH m-:irr. The f tils* It ms of our del 1 to the llri- j r :-?i n.itvrniiieiii has nut ' em, t on:- - plated under a memorandum of noreo- i meet, dated til It. September. 1922. The funding was earned out < a an ; > avmeut ■ a I. veer !. Pur £1 * ; • I - 1 >' ; 1, - 1- a: tie -If £! 19- •*• -■! j ~ r Coat., the ba!.<;!' \ l •' '■ P’-r j charged from the paUte debt in arnett j 1 , I : ( Oi'.o fl,: J . ~|t ! ninormai toll ta 2- .--.4 i- - - j ,i: ...... t,;;,|!v i, a— p< r aiiutim a!i- = n m"'a-Vreemet TJrhi, | Government is that the waale aa.> t-1 at ttnv time. PUBLIC DK.LT. The sro-s puhlie debt a- at the 31-t Marth. 1923. was £2l ?.9d3.32-i compared with £219.054,385 at the 31st March

| 1!'22. Therefore 1 am in ilia )>s <_• ti-iiif< 1 ji<>>ili< >ll oi being able lo annotue tlmt on iho transactions for the year the (lolil Inis boon decreased by £ |oj .Uiii. This decrease is duo to the fact that while the amount raised for public works, electric supply, land-settlement and other purposes, totalled £S.:ii>.Vl !<i. loans aggregating £8..1(11.1.20] were redeemed. £d.dßf, being provided hy cash and the balance hy the issue oi Irc.sh debentures. THU STATIC GCATIANTICr. Since the close oi the war numeious rciittesls have been made that the State should guarantee the financial activities of local bodies and other semi-puhlie iu--titutions, and thus assume labilities lor wheb it s not respoiisble. except perhaps beyond ensuring tlio proper allocation of the moneys to the purpose for which it is not responsible, except raised. The State guarantee in cmneetioti wit It the loans of local hodit— has been vi rv :sj>rsfi ll jt 1 y used, a- 1 was advised he our Financial .'.cents in London that the issue of such guaranteed loans had a detrimental effect ti]>on our credit, for the reason that they were recorded as forming part of the indebtedness of the Dominion. COST OF I.IVIXd. The i-ost of living has shown little movement during the past twelve months, and appears to have steatned j alter the sharp fall in 1021. Ihi- fac-j t. r was lakett into (io~iderntinn by the j dedai tioii authorised to be made on the Ist January last by the I'ublie I 1 xtieuditure Adiustment AO should not he made, while at the same time the improved state of the linances h'- cned tia- urgent necessity for furtber reductions. TARIFF AI.TKI!A'i'IOX. It lias already been iiiiiihuikol ibat a res'.hit ion will l>“ brougbt down ahull-h----insr the duty on tea lc. bulk from Itritis.ii Dominions, and reducing the duty on tea in packets, and on loreign tea j liv :*d. the pound all round; this will I niuau a remission of duly amounting to | £ll2.dill! per annum if the ealenhttion j is based on the figures for the year In addition, it. is also proposed t" make a few adjustments nr alterations to the tariff of 1 Dili. One of lltese u ill dial with the recently established glas>hotile industry. The other few alterations will he of minor importance. TAXATION*. ti has always been recognised hy tile that the retention of the admittedly high taxation necessitated b.v the war is pressing oil enterprise and retarding i ik vcluptneni. and is one of tlm factors j in the increased cy-i. of living. I'innn- ! cial pressure. Itowevcr. has been vieb ' • hat 1 have not been able to a (fil'd relief to anything like the extent. I believe to !>n necessary, although m-i j year land and income lax colicc; - ions ! :. in ;.|. ( 1,, i:fi2!l. |(M were grained.; * 'g siderahlp adjustment lias, binvove;been taking place, and tin taxation in r j 'mad of til-' population. including: Maoris, has fallen from LI 7 llsld in | 1021 to £ll 17s Sd. at the .‘list. Man n, 102'h FLOOD HKI.rKF. Honourable members will be asked to ratify my action in providing financial j assistance to those settlers who suffered j loss in the recent floods, particularly in . tbe South Island. The machinery of I the State Advances Office and the iss Valuation Department is being employ- j ed. and on the receipt of satisfactory j reports, which are 'furnished by appli- ! cants who reiptire assistance, advances j are being made on easy terms, and at | the comparatively low rate of r> iter j cent, interest, to enable settlers to j carry on their farms. IMUKdRK.SS OF tut: DO.MIXIOX.

Xoie.vit hstanding that during the past decade the Doinitdou lias heen passing through crises of various kinds more severe and trying than any before cxjierieneed in its history. a general survey of the period 1912-13 to 11)22-22 proves conclusively that most satisfactory progress has heen made in all the nurnud activities oi New Zealand. Xo bettor evidence that the country has been wisely and carefully guided through these trying times is wanted than l!uU afforded by the figure- set out in the table attached. It will he seen that during the period the population including Natives, has iuereased I,v 213,709. or I 1.! per cent. The total trade, which per head of population *- the highest, in the world, iuereased by £37.*>l ! .2-19, or S 3 per eeitf. Kxports of frozen meat iuereased 27 per cent, in volnine and 222 per cent, in value ; wuol by 71 per rent, in volume and (i 7 pel cent, in value; butter by I9tj per lent, in volume ami 222 per rent, in value. The total exports of the Dominion for the tear ended 2]st March, 1913. were £23.0-17.2911. while for the year ended 21st March. JIU2. were t l7i.olss.7P') an increase of £22."iOi •- • Hli. in* S>S per emit. This is a Splendid testimony to the productive power id i New Zealand. The well-1..",He; ol the | |ienple has heen promoted by the e iV ;U- j iy improved social services which have | la en provided through the inereas-d i subsidies for education, publh health, and fre t , pensions to widen ! have at- | n adv referred. Creator mmole- have i also been provided through the Post ! and Telegraph |)e| ailment ; there are j i.nw t . 3 r. more miles of lolograph and. | telephone line- than in 11H2. being an inn-ease of 2f! per cent during the | period, while the telegraph and telephone wire ill use iuereased h;> no h'-s than ISD.(Z)I miles, or 212 per rent. In If) 12 there wore 32.2-V2 telephone subscribers, while in 11*22 the number n IT'.). an increase of *>0.207. or I •>*> per lent. Continued attention has been paid to the need for opening up the .entry and improving the means ol comtnunieation in country di-lriois. The annual Government oxponditiu'o o*t ipads and bridges in 1013 was £337.7)5.i. •vliile in 1023 it amounted to £(M3.loti. an increase of £30.*>.071. or 91 per cent. li will also be seen that, whilst earofidlv managing the country's affairs-. . :;:-l t.; i lie li.-alth and com-

fort’ ~i the people, the Government has not overlooked tl>e necessity lor developin'* the waste space- oi the Do- • ' n M ,; ( . r *r l 0 4,.,-atJc Kil nnl<> iniitinn. iLiii i*u\ i .ii.' „f water races have hem* ..m-tructed ter irrigation purposes, representing ■*" i,;,.reuse of 19* per cent on that pvc-vt-.ni'lv in exi-iee.ve. Ihe an a oi ' ,l -‘ ~i] ie i.imiif', lion with the swamp d--du-wo operations of the Government im-reased from 20.1)10 io 172,30 S ' - . ... ie»-I IQ acre's, or nn-es. an innvn-e >■*!•-• ' 474 per vent. r-TIMATK- AND PROPOSAL*. Consolidate I rund- ( . , , ‘27.909.000 VMhXrl e-'oenditure”:;:::: 27.277.0 n \ ;i-,1-le for .supplementary •' ’ ' 7 ' ' t-Cpl 37)'! estimates - 7 ' Ce.-em.s end •-cP- ‘'st,mated ~ | ami end iile.ime tax estimated : \| •■umtll 'le 1 -ep-elu-es !:e applied p,,. ( i:„ . 1 '.Oik).oft:) ; . '| ! i,, ;J. I;;.,- f;|.l-I*ii •,ti it 1 > lie*. T. :;d . Cl .0,1 n.',lt . !•;. .. . .. v w-nkipa Oi ra-Artlmi’s rates. .t':; ; i.. lie int: educed givina . ... ; - ii'l'y Boards ; aofrom inva'i i me;:; amended curl - tinn- ; r loans on current account, etc; additional advances, etc., continued meantime.

wim'.p drainage to ho actively )'io loti with.

| Immigration—Suitable immigrants i! i : assisted an I assured of work and aeeummodai ion. Cl*.110(1.000 to bo hold nt disposal ut s-tate Advances Office. I'iarly closing of War Kxpenscs Account ■l'nexpendcd balances and onptta 1 lepaymctits to li>' devoied to reduction of war debt. .Naval Dei dice imu to ho proviiled. including grant towards fO't of naval l.a<e at Singapore. State advances—l.iberal provision in I ■ made for the purpose ni building | is. use;-, acquiring leones, and a.(furdine, I r -lief to borrowers. Advances increased from tliree-iii'iks | to 7o per cent of security for settlers Advances increased from ihrec-t-mrtlts to !“-j per cent of seettritv for workers. War pensions—Tneroa=ed provision to lie made by legislation for totally or partially ineapaeitatod soldiers :is a result of Special Commissions report. .Native land settlement—Purchase of To Kuiti township to (ompleted. Additional concessions to Public Trust Office clients. Western Samoa—Continued provt ten for resoatvlt in tropical diseases ( ru-t co-opera', ion with t.eudoti S(-]ioo] Tropical Medicine: .Meteorological - rviees to be extended. Oradii,-! redtr Pott of free of income lav securities. i-'iirt licr reiluet i-itt in T.oudoit charges f r stock management to be sought. ] Public debt extinction legislation in

'if* :ni rodui-i'tl providing lor more e[Ks!imaloil reduction in interest and ■ inkii:fund chnnres. C*2;t:i.7s*_>. I. fnlline dr. - C L'O.-I!■•.No) to be !ii’ovidOil for. i’evm. nt of l'l,!i-Vi .Odf! iiuicro.it and • ■nin. i:>.i!) io I’riti-h Oovenimom for ITMIti.-.l <l-.-l.t-. Relief lo lie provide;! for flood sufferers. Remission of Cndows duties—Tea dnlv lo ho reduced. !■'iirther rednetion in land and income tax: income tax on land to be remitted. .To,OOii Rank of Now Zealand Cl shares to lie purchased ai par. 11. ;nr to pre-war rale-, of taxation. rn\( r.rsidx. I have not ini ended Io suaccst lliafi tli- <■.\ .■ iii 11; -111 is entitle,! pi lake all { lit • cre lii ;. t'.e present prosperilyj ei ; lie P on::o-ai, hut a' the -am-.’ lime J e-e. .-.me i , - ,e.j j ilnam-o. combined v.; : 10-nde:,: ami caivfnl ndminisirati e. ' ■ ! 1 i• (0.v.-riimeni wax faced j • 'rove i ••oioii-il.diiios. Kxpondi-j rate. oi-- : a - iiniuediaie eon-| l • ■::••• " - impin' I icalilc because of; iT-;;p ! ami tie- in<-ieased cost of !,■ , l! iva- indeed all onerous and r]:-nil t's|, Io nmlertako the ctirta'l111> ;;; of oxomditnre at a time when I ’ ■ allele world lad lost its sOllsO of pr ;ostinn and |md not recovered from !!■■' habits of ext rave ";a nee which do-n-’oiir’d tlnrine a period of lavish cx- 1 )ondi(nre neecssitnted hv war. Mv anticipat inns reeanliim- possible •cee nih's and charges Inve been fully

i*oi>]is».-tJ. mill I feel confident that the improvement will continue during the present year, provided our finance rests on the solid basis of efficient and ceoiioitiioal management. There are many who although desirous of economy, press for increased i expenditure- in certain diiections. hut I again point nut that the rate of expenditure must he governed by the ability to provide the means. Increased expenditure for social services must he coincident with the grov, tli of the population. Large sums have been found for those purposes during result years, and the staff of official experts has been increased. Their work is of great value to the -State, although in some instances it embraces matters that were formerly individual responsibilities. 1 have pride in directing attention to the remarkable progress made during the past ton years, and the fact that the credit of New Zealand stands so high on the London market where recent loans have been so successfully floated.

The proposals I have outlined, both as regards capital and current- expenditure, nil), if given effect to, tend to promote the settlement of our fertile lands, stimulate production, and afford encouragement and assistance to an industrious people, while the proposed remission of taxation should afford relief to all classes of the community. Tint year just ended was an exceptionally good one for the primary producers. and consequently for the country as a whole. Prices for most of our important products have been satisfactory. Production lias been well main-

tained: the quantity and value of our exp.", is have considerably increased, and the result- lias been a return to prosperity such as very few people expected for some time to come. Much lias been done, bub there is still much to dd. and many difficulties to be overcome. l'n last year’s Financial Statement I reminded my follow citizens that there was no royal road to prosperity. There is only one way to get there, and that is by work: by each ind’vidiod and each seel ion of the commindly putting luidh all the energy lln-v passess. and using all the talents wirit which tin. 1 y have heel! endowed. Whether my a 'vice reached many of i ia or not. the I'm I remains that during the last twelve months the country lias been a hive of industry, and the results as shown by the great--1 v improved position of both public and private finance are exceedingly creditable to all concerned, and lnu-t he looked upon with much satisfaction by the whole population of F ' I lomiiiion. There is a proverb w hich snvs that a house divided against itself cannot stand. 1 follow that tip by saying a country divided against isolf cannot prosper. We may have our differences ( q opinion, but where (ho eoontrv's interests are concerned its fiti-'.eus should pull together, and aim at making it what nature intended it to be —one of the happiest and ninsf prosperous countries of the Il;i----tisli Finpire.