8.—6.

XXXIII

I estimate a surplus for the year 1919-20 of £478,108, which is available for the supplementary estimates, and is made up as follows : — £ Estimated revenue, 1919-20 .. .. ~ 22,919,165 Estimated expenditure .. .. .. 22,441,057 Available for supplementary estimates .. £478,108 TREASURY FINANCE. For the convenience of honourable members I summarize the most important items relating to the financial operations of the Treasury :— War-loan moneys raised in the Dominion, as at 30th June, had reached a total of approximately £43,761,655 ; approximate cost of raising. one-half of 1 per cent. Investments in London increased to £16,804,384, as at 31st March, 1919. Ordinary revenue reserve increased to £12,021,529, as at 31st March, 1919. Redemptions and renewals effected amounting to £1,705,265. Net surplus of year's revenue, £3,678,773. Total accumulated surplus on 31st March, 1919, £15,239,561. Total lodgments to Public Account, year 1918-19, £72,440,211, as compared with £17,120,240 for the year 1913-14. Total disbursements from Public Account, £74,184,737 for 1918-19, as compared with £17,106,489 for the year 1913-14. Customs revenue, £330,681 above estimate. Public-works expenditure, £1,207,921. Income-tax receipts increased by £599,775. Land-tax receipts increased by £126,985.l 26,985. Stamp revenue increased by £232,759. Excess of Post Office Savings-bank deposits over withdrawals, £3,162,263. Thirty-one estates purchased for discharged soldiers, making a total area of 507,890 acres thrown open for settlement. £831,420 authorized for soldier settlers by way of financial assistance. £318,752 authorized as advances to discharged soldiers engaged in town vocations to purchase homes. 34,071 war pensions granted to 31st March, 1919, representing an annual value of £2,289,333. . Total payments to producers for supplies purchased on behalf of the Imperial Government, £95,909,600. War expenditure to 30th June, 1919 (including £4,095,911 imprest advances to meet commitments), £66,118,045. PROPOSALS. I also place in concise form the new proposals submitted to honourable members : — £50,000 additional subsidy to Railways Superannuation Fund. £600,000 to be provided for Government hydro-electric schemes. Increased payments to Government employees. Teachers' salaries to be increased. Additional provision to be made for school buildings, &c. Provision for workers' dwellings. £2,000,000 for war pensions. £2,090,000 for public works. Loan for soldiers' land-settlement, £14,500,000. Educational, curative, and vocational training to be provided for. War gratuities and allowances to soldiers, £6,050,000. War memorial, £100,000. Total additional amount required fox Expeditionary Force, £29,325,000. Allowances to be granted to widows and children of epidemic victims.

v—B. G.