5

C.-3

Statu Pobbsts Account.—Loan Account at 31st March, 1921. To Local authority £ i By Debentures issued £ Section 50, Finance Ad, 1916 .. .. 50,01111 1916 17 Seotion 50, Finance Act, 1916 .. 10,000 Section 32, Finance Act, 1018 (No 2) .. 2(io,()()(i 1917-18—Seotion 50, Finance Act; 1916 .. 28,100 Seotion 16, Finance Act, 1920 .. .. 250,000 1018 19— £ Section 50, Finance Act, 1916 11,900 Section 32, Finance Act, 1918 (No. 2) .. .. .. 15,000 26,000 1919-20— Section 32, Finance Act, 1918 (No. 2) .. 65,000 Section 32, Finance Act, 1918 (No. 2) . . 70,000 200,000 Balanoe of authority at 31st March .. 300,000 £500,000 £500,000 The forest revenue credited to the State Forests Account in the fiscal year 1920-21 was greater by £11,184 than in the previous year, and totalled £19,697. This increase, amounting to 132 per cent, over the last year, is largely due to the return of more stable economic conditions, and increased demand for timber for constructional purposes. A more uniform and appropriate system of mature-timber disposal has been evolved, so that the annual revenues will steadily increase and not show that wild erraticity exhibited in the period 1896-1921. The following table presents a concise summary of the forest receipts from State forests and Crown lands, together with State-forest expenditures. It is evident that while State-forest revenue alone has been insufficient to cover all State-forest expenditure, yet all Crown timber revenues on the average would be more than enough to meet the average outgo : —

New Zealand Forest Finances.

State Forest Service expenditures on analysis show an increase in debenture interest charge (all afforestation expense), a substantial increase in the salary subdivision due to the appointment of regional Conservators of Forests and Foresl Rangers, and a marked increase in general develoi>ment

Near. State Forest Account Revenue. Crown Land 'limber Revenue. Total. State Forest Expenditure, I. 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 19J7 1918 1919 1920 1921 .; £ 2,468 8,504 10,995 5,884 8,845 14,915 17,188 3,870 16,726 12,784 14,385 20,426 18,258 32,619 15,425 14,870 35,193 11,525 11,354 14,732 20,611 12,881 13,299 7,529 8,513 19,697 2,964 7,658 8,574 3,392 11,360 10,177 17,045 15,893 13,739 34,820 40,484 30,203 43,551 20,013 15,649 20,176 24,319 19,280 19,424 13,540 20,853 12,817 10,063 8,115 10,345 25,465 £ 5,432 14,162 19,569 9,276 20,205 25,092 34,233 19,763 30,465 47,604 54,869 50,629 61,809 52,632 31,074 35,048 59,517 30,805 30,778 27,912 51,446 25,698 23,362 15,644 18,858 15,162 £ 481 2,472 5.802 3,340 4,002 6,857 10,334 11,017 15,584 18,675 20,188 24,951 25,831 26,962 22,187 23,446 22,810 22,169 28,442 30,318 30,312 27,089 41,851 41,343 66,819 79,551 26 years 373,141 459,909 459,909 59,909 833,050 833,050 612,833 [ i Average per year for period 1896-1921, inclusive 14,350 17,688 32,040 23,570