XXXIII

8.-6

ESTIMATED RESULT FOR THE YEAR. £ Revenue .. .. .. .. .. 27,857,620 Expenditure .. .. .. .. .. 27,505,060 Leaving for supplementary estimates .. .. £352,560 which, in addition to normal requirements, must cover the increases in pay due to the regrading of public employees' salaries. RESULTS. Consolidated Fund — Ordinary Revenue Account— £ Revenue .. .. .. .. .. 27,960,370 Expenditure .. .. .. .. .. .. 26,148,005 Excess of revenue over expenditure .. .. £l ,812,365 Estimated revenue .. .. .. .. .. £27,969,000 Actual revenue .. .. .. .. .. £27,960,370 £ Revenue greater than in 1922-23 by .. .. .. .. 380,927 Expenditure below that of previous year by .. .. .. 115,755 Balance forward at 31st March, 1924 .. .. .. .. 4,954,714 No revenue Treasury bills outstanding. Transferred from accumulated surpluses to — Public Works Fund .. .. .. .. .. 1,000,000 Education Loans Account .. .. .. .. .. 100,000 Discharged Soldiers' Settlement Depreciation Fund .. .. 50,000 Loans Redemption Account . . .. .. . . 1,367,341 State Advances Office securities .. .. .. .. 2,326,150 Relief from use of accumulated surplus — £ Interest-earning investments produce.. .. .. .. 775,000 Reduced interest and sinking-fund charges .. .. .. 442,000 Total relief to taxpayers .. .. .. £l ,217,000 £ Economy in reduced expenditure since 1922 .. .. .. 2,318,833 Public Works expenditure .. .. .. .. .. 3,749,160 Electric-supply expenditure .. .. .. .. .. 812,975 Savings effected in interest charges through using short-dated bills .. 51 ,700 Profits on sales of British War-loan stock . . .. .. .. 46,424 Purchase of £250,000 of 4-per-cent. stock at £96, saving . . . . 60,000 1924 loan of 4| per cent., £5,000,000 at £95 oversubscribed —low interestrate compared with other similar loans— Purposes— Public works .. .. .. .. . . 3,000,000 State advances .. .. .. .. .. 2,000,000 Immigration system of New Zealand specially favours migration of families. Customs and excise revenue .. .. .. .. .. 7,238,215 Increase in Customs revenue over 1922-23 .. .. .. 1,205,923 £ Exports .. .. .. .. .. 51,652,606 Imports .. .. .. .. .. 44,401,756 Total trade .. .. £96,054,362 Excess of exports over imports £7,250,850

v—B. 6.