8.—6

30

Apart from war debt, which is, of course, wholly unproductive, the greater part of the remainder, raised for public works, land-settlement, and State advances, is self-supporting, the interest payments being provided by the interest-earning assets. Government's borrowing policy is to see that as far as possible further debt incurred only for purpose of providing for economic development of resources of Dominion, but no hesitation in providing capital required for State advances, landsettlement, and completion of trunk railway-lines. Comparisons with Previous Year. £ Total revenue, comparative increase .. .. 496,497 Customs, increase .. . . . . .. 11,663 Income-tax, increase .. .. .. 37,148 Land-tax, decrease .. .. .. 14,155 Stamp and death duties, increase .. .. 71,353 Total expenditure, comparative net increase . . 1,529,082 Interest, increase .. .. .. .. 278,147 Pensions, increase .. .. .. .. 91,307 Electoral Department, increase .. .. 80,046 Agriculture, increase .. .. .. 86,316 Education, increase .. . . .. 92,681 Samoan Military Police (new item) .. 27,374 Capital Expenditure on Public Works. £ Railway construction, additions, and improvements 3,179,391 Main highways and roads . . . . .. 1,822,922 Hydro-electric supply .. . . .. .. 965,560 Telegraphs and telephones .. .. .. 624,414 Public buildings (including schools) .. .. 602,392 Irrigation, land, and river improvements .. 282,806 Other public works .. .. .. .. 182,095 £7,659,580 London Loan, 1929. £7,000,000 raised in January for— Public Works Fund (railway construction, roads, £ telegraph and telephone extension, &c.) .. 4,500,000 Hydro-electric-power works .. . . .. 1,000,000 Railways improvement .. .. .. 1,500,000 £7,000,000 Loan very favourably commented upon in London financial papers. Loan obtained on better terms than other borrowing States. Conversion Operations. In addition to £7,000,000 loan, £11,729,496 of 4-per-cent. stock maturing in November, 1929, was converted into 4f-per-cent. stock maturing in 1948-58, on the basis of £lo4j of the new stock for every £100 of the old. £17,833,996 of 1929 4-per-cent. stock dealt with to 31st March last, leaving £11,274,356 still outstanding. Debt deductions during year totalled £3,234,124.