8.—6.

Statement showing the Position of the Public Works Fund as at 31st March, 1924. £ Balance brought forward on Ist April, 1923 .. .. .. 441,554 Receipts — Loan-money : Aid to Public Works and Land Settle- £ ment Act, 1922 .. .. .. .. 3,000,000 Treasury bills issued in anticipation of loans .. 1,000.000 Transfer from Consolidated Fund, Ordinary Revenue Account, in terms of section 14, Appropriation Act, 1923 .. .. .. .. .. 1,000,000 Other receipts .. .. .. .. .. 12,473 —— 5,012,473 5,454,027 Expenditure — Under appropriations .. .. .. .. 3,749,160 Other expenditure .. . . .. .. 6,552 Charges and expenses of raising loans .. .. 310,292 Treasury bills redeemed .. .. .. .. 500,000 —— 4,566,004 Balance at 31st March, 1924 .. .. £888,023* * The balance on 31st March, 1924, is made up as follows : — £ Cash in Public Account .. .. .. .. .. 589,417 Investments .. .. .. .. .. .. 150,000 Imprests in the hands of officers of Government .. .. 148,606 £888,023 Electric Supply Account. The expenditure under appropriation on development of hydro-electric schemes amounted to £812,975, as compared with, the sum of £472,874 expended during the previous year, an increase of £340,101. Full details in connection with works in operation and under construction will be furnished later by my colleague the Honourable the Minister of Public Works. The principal works undertaken were development works in connection with the Mangahao scheme for providing Wellington, Wanganui, and Hawke's Bay districts with hydro-electric power, and extensions at Horahora and Lake Coleridge, both of which schemes at present supply large areas with power. It is expected that current from Mangahao will be available during the present year. MAIN HIGHWAYS. Provision has been made for the finance of the Main Highways Board as constituted in terms of the Act of 1922. The Consolidated Fund estimates provide for the payment of £35,000 to the Main Highways Revenue Account, which has also at credit £249,681, the proceeds of the duty on motor-vehicle tires. In addition, the Main Highways Construction Fund is to receive £200,000 from the Public Works Fund and £300,000 from loan-money. Legislation empowering local bodies to borrow for main highways purposes is in course of preparation. IMMIGRATION. The immigration policy adopted by the Government has been the means of securing a steady flow of new arrivals into the Dominion during the past financial year. The conditions under which assisted passages may be secured are in every way favourable to the migrants, and, as the Imperial and New Zealand Governments are working together, the cost of each migrant to the Dominion is being kept well within bounds. Immigration of a desirable type of settler or tradesman will assist in the expansion of trade in the primary and secondary products, tending to open up additional markets abroad.

VI