8.—6

IX

Opinions may differ as to how much of the total is self-supporting, but the amounts expended in the construction of railways (£26,154,970), in the purchase of Native lands (£2,715,217), in the acquirement of lands for settlements (£6,318,638), are of this natuie ; and the amounts spent on telegraph and telephone lines (£1,601,767), loans to local bodies (£3,507,000), and Reserve Fund securities (£800,000) must be considered as revenue-producing. Other amounts, such as those expended in purchasing the Bank of New Zealand shares, £500,000, and for advances to settlers and workers, £9,203,815, bring in more income than is paid out for interest. The net debt amounted to £82,193,310, and was made up of — £ £ £ Public debt ... ... ... ... 66,793,360 Less 1,448,675 65,344,685 New Zealand State-guaranteed Advances debt 17,560,553 „ 711,928 16,848,625 Total net debt ... ... ... ... ... ... £82,193,310 INCEEASE IN ODE INDEBTEDNESS. The public debt was increased by £3,275,791 during the year. The increases were for — State-guaranteed Debt— £ £ j 25,000 at 3J per cent., Dominion. Land for settlements ... ... 410,700 j 363,200 at 3f ( 22,500 at 4 Advances to settlers 792,946 l?!!'^ B, *!* v \ London - (4ls,ooo. Bank rate varying. 1325,000 at 3£ per cent., Dominion, Advances to workers ... ... 471,169 \ 46,169 at 3* „ London. (100,000 at 3f „ Dominion. Local authorities 222,000 { 2 }q' 000 at 3f Native-land settlement ... 254,500 {^'500 at 3* Guaranteed mining ... ... 5,000 at 3f „ „ £2,156,315 Public WorksAid to Public Works and Land Settlement Act, 1910 ... 181,650 at 3£ per cent., London. Aid to Public Works and Land 1 , nnn j 100,000 at 3f „ Dominion. Settlement Act, 1911... ... I * ou > uuu ■•• (350,000 at S\ „ London. Hutt Eailway and Eoad Improvement Acts, 1903-5-7-10 ... 5,190 at 4 „ Dominion. Government Bail ways Amend- ] 00 o-n j -10,000 at 3J ment Act, 1910 J dc> ' aou •" \ 23,850 at 4 Miscellaneous — New Zealand Consols Act, 1908 ... 11,945 \§ l ]f Q Jj f Dominion. Naval Defence Act, 1909 ... 279,750 at 3£ London. Paeroa-Waihi Eailway Ace. 1903... 6,036 at 3 „ , . . . innQ or . nnn ! 10,000 at 3i „ Dominion. Coal-mmes Act, 1908 20,000 10 000 at 3^ Scenery Preservation Act, 1903 ... 5,000 at 3f „ ,' * Increase by conversion ... 126,505 £1,119,926 Less redemptions— Maori Land Settlement Act, 1905, £450 450 ... 1,119,476 Total increase for 1911-12 ... ... ... ...£3,275,791

ii—B. 6,