8.—6

VIII

NEW ZEALAND STATE-GUARANTEED ADVANCES ACCOUNT. £ £ Balance on 31st March, 1911 .. .. .. .. 1,527,466 Unexhausted authority for raising loan .. .. .. 99,110 1,626,576 Liabilities on 31st March, 1911 .. .. .. .. 319 - Balance on 31st March, 1912 .. .. .. ... 335,044 Unexhausted authority for raising loan .. .. .. 1,225,000 1,560,044 Liabilities on 31st March, 1912 .. .. .. 389 Balance on 30th June, 1912 .. .. .. .. 89,513 Loan-money, to receive .. , . .. .. 246,846 Unexhausted authority for raising loan . . .. .. 1,857,700 2,194,059 Liabilities on 30th June, 1912 . . .. .. . . 748 I draw honourable members' attention to the above details, and especially to the condition of the Public Works Fund and the State Coal-mines Account as at the 30th June, 1912. THE PUBLIC DEBT. The gross public debt at the end of the financial year amounted to £84,353,918. The following table shows for what purposes the various amounts were borrowed : — £ Maori war .. .. .. . . . . 2,357,000 Defence . . .. .. .. . . 3,369,952 Railways . . . . . . . . .. 26,154,970 Roads and bridges construction and lands improvement . . . . .. . . . . 7,240,676 Public buildings . . . . .. . . 5,643,912 Telegraph and telephone lines . . .. .. 1,601,767 Harbours and lighthouses .. .. .. 586,942 Immigration .. .. .. .. .. 2,477,119 New Zealand State-guaranteed Advances— (Includes transferred liability.) Land for Settlements Branch .. .-. .. 6,318,638 Advances to Settlers Branch .. .. 7,767,881 Advances to Workers Branch .. .. 1,435,934 Local Authorities Branch .. .. . . 1,597,000* Native Land Settlement Branch . . . . 436,100 Guaranteed Mining Advances Branch .. . . 5,000 Bank of New Zealand shares .. .. .. 500,000 New Zealand Consols .. .. .. . . 474,111 Purchase of Native lands .. .. .. 2,715,217 Tourist and health resorts .. ... .. 142,197 Development of water-power .. .. .. 3,920 Development of goldfields and coal-mines .. .. 881,210 State Coal-mines .. .. .. .. 150,000 Loans to local bodies .. .. .. .. 3,507,000 State fire insurance .. .. .. .. 2,000 Reserve Fund securities .. . . .. .. 800,000 Scenery-preservation .. . . .. .. 45,000 Deficiencies in revenue, charges and expenses of raising loans, increase by conversion, &c, provincial liabilities and miscellaneous . . .. .. 8,140,367 £84,353,913

* Includes £115,515 advanced for opening Crown lands, £70,000 for Hauraki Plains settlement, and £25,000 for Eangitaiki land drainage. By sections 36 and 37 of the New Zealand State-guaranteed Advances Act, 1909, the amount transferred to the] Advances Office is £17,560,553. The deduction of this amount from the gross total leaves £66,793,360 public debt.