PUBLIC WORKS

Sun (Auckland), Volume III, Issue 691, 17 June 1929, Page 8

PUBLIC WORKS

ROADS AND RAILWAY COST MORE INCREASED EXPENDITURE An increase of £203.073 in public works expenditure for the year ended March 31. 1929, over that of the previous year, is shown by the account of the Public Works Fund. The toial amount expended in 1925-29 was £4,315,725, against £4,115,665 j n 1927-2 S. Included in both totals is v transfer of £200,000 to the main highways construction fund. The principal items of expenditure were as follow

There was a balance in the account at the beginning of the year of £ 1.325,803, and this was increased at March SI to £3,559,054. The latter, however, included £3.187,735, representing part of the proceeds of tbe £7,000,000 loau issued in January for the needs of the present financial year. Under the Electricity Supply Account, the expenditure on construe, tion w orks was £1,229,507, as against £1,418,273. This account has a credit balance of £697,088. Expenditure under the Railways Improvement Act totalled £1,954,911, an increase of £455,066. At this account also was allotted part of the £7,000,000 loan, it shows a balance at the end of the year of £1,174,816. Receipts into the Main Highways Revenue Fund totalled £1,280,215, as against £804,835 in the previous year. Expenditure on maintenance was £1,010,735, as against £601,826. A sum of £350,000 was transferred to the Construction Fund, £50,000 more than in the previous year. The balance in the fund at March 31 was £521,604, as against £622,886 at the beginning of the year. Expenditure from the Construction Fund was £970,610, as against £608,810. Commencing the year with a balance of £72,571, this account had only £8,090 at its close. The Public Debt repayment account shows that of the amount provided by the Consolidated Fund, £1,046,928, a total of £1,041,871 was expended in the purchase for cancellation of stock with a nominal value of £1,046,000. This comprised £502,500 of the 4 per cent, debt maturing in November, £347,500 of 1917 war loan stock, and £196,000 of debt incurred under ihe Land Laws Act.

The accounts show- that of the £5,000,000 loan issued in London last year, £3.000,000 w’as allotted to the Public Works Fund and £1,000,000 each to the Electric Supply ana Pailways Improvements Accounts. To cover the discount and expenses of the issue, additional stock to the amount of £49,646 was sold. The £7,000,000 loan raised in January has been apportioned among the same funds. Public Works receiving the proceeds of £4,500,000 ot stock. Electricity Supply of £1,000,000 and Railways Improvement of £1,500,000.

Railways— 1027-28. £ 1928-2$. £ New lines . . .. I,"l6.b9t> 1.0&1.522 Open lines .. 401,94'* ♦10,21,: Roads.. .. .• 904,920 Telegraphs . - -. 6S«,ir>i Immigration 106,334