3

B.—6a

PUBLIC WORKS. Apart from sundry miscellaneous receipts and payments which largely offset one another, the financial position of the accounts financing the capital works provided for in the public-works estimates for the year, and the ways and means of providing for such expenditure, is as follows : —

EXPENDITURE.

WAYS AND MEANS.

In addition to these items, provision has been made for further capital for State forests, lands for settlement, and certain swamp-drainage works. As regards State advances, this will be referred to later. PUBLIC DEBT AND LOAN EXPENDITURE. At the 31st March, 1925, the public debt amounted to £227,814,647. At the 31st March, 1928, it was £251,396,252, a net increase for the three years of £23,581,605. An analysis of the debt transactions for the period shows uet increases under various accounts totalling approximately £29,650,000, but against this there were net reductions under other accounts, mostly war debt, totalling approximately £6,070,000, leaving the net increase in the total debt at £23,580,000, as indicated above. The £29,650,000 in question was applied to the following purposes : — £ (a) New capital for State advances .. . . 9,625,000 (b) Railway construction and improvement, hydroelectric supply, telephones, and other productive works .. .. .. .. 13,525,000 (c) Roads, public buildings, schools, and other works 6,500,000 £29,650,000

. , Net Expenditure , .> . , , Expenditure allowed Account. i o ii. for Remainder of , w , for Seven Months. Year I Estimates. J \ ° j Public Works Fund— £ £ £ General Purposes .. .. .. 1,424,638 2,637,260 4,061,898 Electric Supply .. .. .. | ■ 656,194 603.806 1,260,000 Waihou and Ohinemuri Rivers Improvement 27,811 34,189 62,000 Education Loans .. .. .. .. I 189,234 ! 254,766 444,000 Main Highways Construction Fund .. .. ! 201,495 738,505 940,000 Railways Improvement Authorization Act 1914 | 942,043 1,057,957 2,000,000 Total .. .. .. £3,441,415 £5,326,483 £8,767,898 I

Balance of Unexhausted Balance New Loans Loan-money Borrowing Account. carried forward raised during require Total. u or } 1st April, 1928. Seven Months. J° fin^ ce . . J 18 at . 1 I Expenditure j 1st .November, Programme. 1928. Public Works Fund— £ £ £ £ £ General Purposes .. 1,328,803 3,000,000 .. *4,328,803 5.561,050 Electric Supply .. .. 72,700 1,170,270 74,730 1,317,700 2,248,720 Wailiou and Ohinemuri Rivers Improvement .. .. 12,078 60,000 .. 72,078, 30,000 Education Loans .. .. 57,714 262,000 140,000 459,714 904,160 Main Highways Construction Fund .. .. .. 72,751 229,700 300 *302,751 ! 2,120,300 Railways Improvement Authorization Act 1914 .. .. 676,769 1,000,000 335,000 2,011,769 3,350,000 Total .. .. £2,220,815 £5,721,970 £550,030 £8,492,815 £14,214,230 1 . ' * The amount provided for Public Works Fund (General Purposes) includes £200,000 (or the statutory t ansfcr to Main Highways Construction Fund, and the additional resources over and above this w ill be provided out of the Main Highways Revenue Fund.