8.—6

III

With respect to the heading (d) —loans for works other than those already referred to under headings (6) and (c) —the;; High Commissioner advised the Government that loans for these works would 'not* meet |with favour if placed on the London market. As, however, the amount required under this heading was small, no inconvenience resulted. With regard to heading (<?) —loans the purpose of redeeming other loans- which were maturing—l refer honourable to the Budget of last session, in which it was stated that during the period Jfrom the Ist July, 1913, to the 31st March, 1915, loans amounting to £10,129,665 would mature, and that no less than £8,727,700 would require to be redeemed by raising fresh loans. It was also mentioned that a Wm of £5,194,600 had then been borrowed, which would be sufficient to redeem loans maturing up to the end of November, 1914. By the end of November, 1914, £5,194,100 had been actually spent in redemptions, leaving a balance of £3,533,600, held outside of New Zealand, for which provision had to be made before the 31st March, 1915. This balance has been provided for as follows :—

The foregoing is a brief statement of the financial arrangements which have been made up to the present time, and it is extremely fortunate that the Government has been able to rely on resources within the Dominion for the purpose of carrying on public works during the early stages of the war. REVENUE. The revenue for the year 1914-15 was estimated at £12,488,370, and the total collections amounted to £12,443,525, or £44,845 less than the estimate. Details are as follows :■ —

Aot. Amount. How dealt with. Government Advances to Settlers Aot, 1908 New Zealand Loan Act, 1863 New Zealand State-guaranteed Advances Acts, 1909-1910 (Advances to Settlers) Balance £5,000,000 loan, 1910 £ 12,900 266,300 70,000 Renewed to 1st January, 1919, London. Redeemed out of sinking fund. Redeemed out of £3,250,000 loan from Imperial Treasury. Redeemed out of £3,250,000 loangjfrom Imperial Treasury. £34,400 redeemed out of money raised in New Zealand, and £7,400 renewed. 3,142,600 Land for Settlements Act, 1903 41,800 3,533,600

Receipts. Estimated. Actual. Difierence. More. Less. Revenue Account — Customs Stamp and Death Duties Postal and Telegraph Land-tax Income-tax Beer Duty Railways Registration and other Fees Marine Miscellaneous Territorial Revenue National-endowment Revenue £ 3,300,000 1,200,200 1,345,000 795,000 565,000 125,000 4,250,000 101,700 52,300 455,400 220,000 78,770 £ 3,167,283 1,417,207 1,353,443 799,641 540,318 127,660 4,106,675 101,020 50,387 461,498 239,623 78,770 £ £ 132,717 217,007 8,443 4,641 ■ 24,682 2,660 143,325 680 1,913 19,623 258,472 303,317 258,472 Totals 12,488,370 12,443,525 44,845