8.—3.

Section XlV.—Banking Policy and Treasury Bill Finance. Para. Page 127. Bank Credit in the Depression .. .. .. .. .. .. 32 128. Bank Deposits and Business Conditions .. .. .. .. .. 32 129. Bank Rates .. .. .. .. .. .. .. 32 130. Financing Deficits: Treasury Bills .. .. .. .. 32 131. Effects of Treasury Bills on Bank Deposits .. .. .. .. .. 33 132. Loan Expenditure through Treasury Bills .. .. .. .. .. 33 133. Treasury Bills for External Requirements .. .. .. .. .. 33 134. Treasury Bills and the Public Debt .. .. .. .. .. 33 135. Necessity of Co-operation .. .. .. .. .. 34 Section XV. —Summary .. .. .. 34 Section XVl.—Addendum by Mb. A. D. Park .. .. 38 APPENDIX. TABLES. Page I. Index of Prices in New Zealand .. .. .. .. • • .. 40 11. Comparison of Wholesale and Retail Price Index Numbers in Great Britain, Australia, and New Zealand .. .. .. .. • • 40 111. Monthly Export Prices of Five Principal Export Items, 1929-31, expressed in Terms of New Zealand Currency, Sterling, and Gold, and Graphs of these Items 41 IV. New Zealand External Trade .. .. • • • • • • .. 47 V. Estimates of Value of Production and National Income .. .. .. 47 VI. Indices of Prosperity and Depression .. .. .. ■ • 48 VII. Numbers on Unemployment Register of Labour Department, 1926-31 .. .. 48 VIII. Revenue and Expenditure, 1929- 30 to 1932-33 .. .. .. .. 49 IX. Public Debt .. . . .. .. • • • ■ • • • • 49 X. Public Finance and the National Income .. .. .. .. .. 50 XI. Public Debt, Amount and where held, with Average Interest Rates .. .. 50 XII. Annual Interest Payments in London, Australia, and New Zealand .. .. 50 XIII. Comparison of Taxation per Capita, 1921-31 .. .. .. .. .. 50 XIV. Comparison of Expenditure per Capita, 1921-31 .. .. ■ • .. 51 XV. Local-body Debt in New Zealand .. .. .. . • • • .. 51 XVI. Local Bodies : Receipts and Payments .. .. .. . • .. 51 XVII. Holdings of Local-body Debt, 31st March, 1930 .. .. .. 52 XVIII. Concessions to Primary Producers, borne by the General Taxpayer .. .. 52

4