XLVII

8.—6

Special Acts — £ £ Estimates, 1921-22 .. .. ..4,667,803 Add Supplementary . . . . . . 5,972 4,673,775 Deduct actual expenditure (less advances , other Governments) .. . . 4,341,466 Reduction .. .. .. .. 332,309 Expenditure, 1921-22 .. .. .. 4,341,466 Deduct estimates, 1922-23 . . . . 4,013,754 Reduction .. .. .. .. 327,712 Total economies under special Acts over period .. .. 660,021 Departmental reductions as above .. . . . . 1,692,842 Total economies departmental and special Acts over period £2,352,863 The savings in interest and other economies in course of being effected amount to a considerable sum. Taking interest and sinking fund, charges, the position is that had I during the preceding years allowed our surplus revenue to be expended on annual services, not only would the Consolidated Fund expenditure have been much greater than it is, but the interest and sinking-fund permanent charges would have increased proportionately. The use of these surpluses for capital purposes such as soldier' settlement, &c.—purposes beyond administrative or policy control—undoubtedly obviated borrowing at heavy cost, and the amount given is based on a conservative rate of interest. Savings in. interest and sinking-fund charges and gains : — £ On £14,560,000, as detailed on page v .. .. ..436,800 On funding Imperial debt .. .. . . .. . . 53,000 By profits on investments, Imperial war stock . . .. 63,150 Through deferment of loan-flotation, commissions, &c. . . 51,000 Treasury bills used instead of selling securities . . .. 93,000 Total .. . . .. .. .. £696,950 Other Economies effected, now being effected, and proposed. Due to services reduced and financial adjustments, 1921-22 : — £ Expenditure voided owing to reduced services (including £578,106 due to termination of butter and flour subsidies, being difference between payment 1921-22 and estimated season's subsidies, £1,000,000) .. .. .. 780,000 Amalgamations, co-ordinations, increased fees, &c. .. .. 160,000 Improved stores control . , . . . . . . .. 200,000 Proportion of annual rate not yet operating of total reduction in cost-of-living bonus in terms of Public Expenditure Adjustment Act .. .. .. .. .. .. 466,000 Estimated savings on proposed redemption and cancellation of death duties stock and war-loan securities .. . . . . 45,000 By proposed transfer of £1,250,000 from surplus to public works and development accounts . . . . . . . . 25,000 Total .. .. . . .. .. £1,676,000