8.—6

IX

Stamp and Death Duties. The net revenue collected under the Stamp Duties, Death Duties, and Amuse-ments-tax Acts was £3,343,781. The following table shows the comparison with the previous year : —

Comparative Statement of Stamp and Death Duty Revenue for 1922-23 and 1923-24.

The increase derived from duty on instruments indicates increased activity in buying and selling property. The apparent decrease in the revenue from death duties is explained by the fact that in the previous year, owing to a change in the law making for earlier payment, more than a year's revenue was obtained from this source. The decrease in amusements-tax is accounted for by the increase in the limit of exempted admissions from 9d. to Is. This alteration of the law operated during the last seven months of the year. The estimated receipts for the current year are £3,310,800. RAILWAYS. The gross receipts from the Working Kailways amounted to £6,984,211, an increase of £256,409 on the previous year's figures. The working-expenses amounted to £5,403,766. The net revenue is therefore £1,580,445, which amount represents a return of £3 16s. 6d. per cent, on the capital cost. Although there has been a fair increase in the revenue, the amount fell short of the estimate by £15,789, due principally to the miners' strike at Westport during the period September to January. During the year the Department was confronted with considerable loss owing to heavy floods and slips which occurred in both the North and South Islands. The improvement in the financial position is the outcome of the savings effected during the year, but the need for exercising rigid economy still remains. It is still necessary to be conservative in the matter of estimating the revenue for the ensuing year, which I place at £7,100,000, and the expenditure at £6,050,000. A Commission has been appointed to inquire into and report upon the organization and running of passenger and goods traffic, and matters relating to the mechanical section of the system, as well as to the construction, renewal, and maintenance of the permanent-way. The Government has secured the services of Sir Samuel Eay and Sir Vincent Raven, two British railway experts of high standing, who are at present engaged on an investigation of the railway system of New South Wales under a similar order of reference. It is expected that as a result of their visit to this Dominion these gentlemen will be able to make recommendations which will be of great value to the management of the New Zealand railways and to the public who own and use them. POST AND TELEGRAPH DEPARTMENT. The revenue of the Department during the year was £2,681,240. The principal items were —Postages, £1,032,347 ; telegrams, £700,329 ; and tele-phone-exchange receipts, £825,178. Excluding interest charges on capital, the expenditure totalled £2,117,952.

ii—B. 6.

Item. 1922-23. i 1923-24. Increase. Decrease. Adhesive stamps Duty on instruments Death duty Gift duty Impressed stamps Licenses Bank composition Totalizator revenue Amusements-tax Rates, fines, and miscellaneous £ 72,375 537,726 1,779,177 50,674 122,597 58,106 210,577 607,657 137,546 4,856 £ 80,488 615,659 1,455,655 61,660 135,474 58,862 197,792 618,425 115,039 4,727 £ 8,113 77,933 £ 323,522 10,986 12,877 756 10,768 12,785 22,507 129 121,433 358,943 121,433 Totals 3,581,291 3,581,291 3,343,781 237,510