8.—6

II

debt by further borrowing. To have borrowed for the purpose of paying this interest would have merely inflated the surplus and increased the annual charges of the public debt. The amount actually advanced to discharged soldiers for housing during 1923-24 was £571,000 for 714 homes. The revenue derived from the national endowments is now transferred direct from the National Endowment Account, instead of being passed through the Ordinary Revenue Account, consequently a nominal decrease is shown in that respect. With the exception of the death duties, the other decreases are attributable to reduced taxation and charges. Expenditure. The amount appropriated to meet the expenditure of the year was £27,483,378, but the expenditure was £26,148,005, which, when compared with the expenditure of the previous year, shows a net decrease of £115,755. The permanent charges on account of interest and sinking-fund payments, which included the Imperial funded debt contribution, have slightly decreased. The expenditure under special Acts is less by £505,347, but in the previous year £250,000 was paid to the Electric Supply Account under special enactment. In the departmental expenditure the principal increases over the expenditure of the previous year were, — £ Railways .. .. .. .. .. 206,960 Public buildings .. .. .. .. .. 14,782 Mines .. .. .. .. .. 10,838 Naval defence .. .. .. .. .. 74,498 Defence .. .. .. .. .. .. 63,519 Valuation .. .. .. .. .. 16,609 Education .. .. .. .. .. 89,517 Services not provided for .. .. .. .. 123,747 An amount of £70,000 for wheat purchased in Australia is included in the last item, but this will be recouped. Result of the Year's Operations, 1923-24. £ £ Balance brought forward, Ist April, 1923 ~ .. .. .. 5,637,090 Revenue .. .. .. .. .. 27,960,370 Expenditure .. .. .. .. 26,148,005 Add surplus of revenue over expenditure .. .. .. 1,812,365 7,449,455 Plus repayment by Native Land Settlement Account (Finance Act, 1923, sec. 7 (3)) (transferred to Loans Redemption Account) .. .. 22,600 7,472,055 Less transfers to —- £ Discharged Soldiers Depreciation Fund Account .. 50,000 Loans Redemption Account .. .. .. 1,367,341 Public Works Fund .. .. .. .. 1,000,000 Education Loans Account .. .. .. 100,000 — 2,517,341 Balance at 31st March, 1924 .. .. .. £4,954,714 The balance was held as follows : — £ Cash .. .. .. .. 1,727,746 Imprests .. .. .. 152,631 Investments .. .. .. 3,074,337 £4,954,714