8.—6

X

THE PUBLIC DEBT. The gross public debt at the end of the financial year amounted to £100,059,910, and the net debt to £96,644,455. The following table shows the purposes for which the various amounts were borrowed : — £ Maori war .. .. .. .. .. 2,357,000 Defence .. .. 3,670,552 War expenditure, 1914-15 .. 2,000,000 Public works .. .. .. .. .. 51,213,693 (Includes railways, roads and bridges construction and lands improvement, public buildings, telegraph and telephone lines, harbours and lighthouses, immigration, tourist and health resorts, development of water-power, development of goldfields and coal-mines.) Advances to settlers .. .. .. .. 9,355,315 Advances to workers .. .. .. .. 2,507,763 Advances to local authorities .. .. .. 2,775,528 Land for settlements .. .. .. .. 7,317,314 Native-land settlement .. .. .. .. 1,033,331 Guaranteed mining advances .. .. .. 23,000 Fruit-preserving industry .. .. .. 11,500 Kauri-gum industry .. .. .. .. 14,000 Hauraki Plains settlement . . .. .. 109,000 Opening up Crown lands .. .. .. . . 302,911 Rangitaiki land drainage .. .. .. .. 62,000 Bank of New Zealand shares .. .. .. 875,000 New Zealand Consols .. .. .. .. 475,991 Purchase of Native lands .. .. .. 2,715,217 State coal-mines .. .. .. .. 227,601 Loans to local bodies .. .. .. .. 3,507,000 Reserve Fund securities .. .. .. . . 800,000 Scenery-preservation .. .. .. .. 84,000 Deficiencies in revenue, charges and expenses of raising loans, increase by conversion, provincial liabilities, and miscellaneous . . .. .. 8,622,194 £100,059,910 The net debt amounted to £96,644,455, arrived at as follows : — £ Gross debt of the Dominion .. .. .. . . . . 100,059,910 Less sinking funds — £ Government Loans to Local Bodies Acts .. . . 799,601 Naval Defence Act, 1909 .. .. .. 256,471 State Advances loans .. .. .. .. 646,760 Land for settlements .. .. .. .. 584,800 Native-land settlement .. .. .. 11,977 Guaranteed mining advances .. .. .. 417 Section 26 (5) (b), State Advances Act, 1913— £ Hauraki Plains Settlement Account .. 2,176 Opening up Crown Lands for Settlement Account .. .. .. 3,417 Rangitaiki Land Drainage Account .. 904 6,497 Public Debt Extinction Act, 1910 .. .. 653,116 War and Defence loans.. ..' .. .. 192,691 Canterbury Loan Ordinance, 1862 .. .. 23,150 New Zealand Loan Act, 1863 .. .. .. 2,575 3,178,055 96,881,855 Less redemption-money twice included .. .. ... 237,400 Net debt, 31st March, 1915 .. .. •.. .. .. £96,644,455