8.—6

ESTIMATED EXPENDITURE. The expenditure for the year is estimated at: — Permanent charges: — £ Civil List .. .. .. .. 29,831 Interest and sinking fund— £ t Ordinary debt .. .. 4,315,667 War debt.. .. .. 4,667,437 8,983,104 Under special Acts: — Pensions— Civil and military .. .. 1,061, 096 War .. .. .. 1,650,000 2,711,096 Other Acts, including subsidies for social services 1,302,658 13,026,689 Annual appropriations .. .. .. 14,911,526 £27,938,215 The estimated expenditure shows a nominal increase of £208,000, representing Printing Office receipts now credited to Revenue Account instead of to the relative vote, and which for purposes of comparison with previous expenditure should be set off against the estimate for the current year. ESTIMATED RESULT FOR THE YEAR. To the estimated revenue I propose to add £2,000,000 of the excess Customs revenue of 1920-21, specially reserved for the purpose of meeting the inevitable effect upon the revenue of the years immediately succeeding the period of overimportation. The net amount of the accumulated surpluses brought forward at Ist April, 1922, was £7,531,367, including excess Customs revenue. Securities representing £1,000,000 temporarily invested in the Railways Authorization Improvement Account are also included. As indicated, I propose to transfer £1,250,000 to public works and other developmental accounts, thus reducing our loan requirements for the current year and at the same time making provision for unemployment. The estimated result of the year may be summarized thus : — £ £ Balance forward .. .. .. 7,531,367 Estimated revenue .. ..26,250,000 £33,781,367 Less — Estimated expenditure .. 27,938,215 Supplementary estimates .. 250,000 Transfer, public works .. 1,250,000 £29,43 8,215 Estimated credit balance at 31st March, 1923 £4, 343,152 This balance will be available during the ensuing year to cover the margin between expenditure and revenue, and to meet with regularity the Dominion's commitments without incurring heavy interest charges prior to the receipt land and income tax. RESULTS. Consolidated Fund receipts, £28,127,007; expenditure, £28,466,838. Transfers from accumulated surpluses to — Discharged Soldiers Settlement Account, Loans Redemption Account, &c, £780,011. Portion of excess Customs duty used for balancing, £279,831.

vii—B. 6.

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