A.—4.

Loan Account. No loan-money was raised during the year. Repayment to the extent of £3,000 was made in May, 1933, from sinking fund, the balance of which was £118 14s. 7d. at 31st March, 1934. The sum of £29,155, being accumulated moneys of the fund, has been applied to the redemption of debentures in accordance with the practice in New Zealand of using sinking-fund moneys for this purpose when the time seems appropriate. The effect is to reduce the total amount of the debt and the amount of interest payable, but the annual sum payable for debt-extinction remains practically unaltered. Revenue. The total amount collected on account of Customs duties and taxation during the financial year ended 31st March, 1934, amounted to £79,395, as compared with £88,777 for the financial year 1932-33, a decrease of £9,382. The following are the receipts under the principal headings : —

Note.—Refunds of export duty on copra, cocoa, and bananas during the respective years are shown in the statement below, together with net details of duty : —

7

1932-33. i 1933-34. ! Increase. Decrease. £ £ £ -£ | £ Import duties .. .. .. .. 39,054 .. 26,84-7 .. 12,207 Export duties— £ Copra .. .. .. 16,138 16,845 Cocoa .. .. .. 1,748 1,829 Rubber .. . . .. 57 Bananas .. .. .. 8,692 10,740 26,635 29,414 2.779 I Shipping-fees .. .. .. .. 2,726 .. 2,662 .. 64 Wharfage dues and royalties .. .. 2,111 .. 2,085 ... 26 Taxes .. .. .. .. 8,370 .. 8,626 256 Miscellaneous, including medical liquor .. 9,881 .. 9,761 .. 120 88,777 .. 79,395 3,035 12,417 3,035 _ Decrease .. £9,382 Less refunds (see details below) .. .. 9,047 .. 12,228 79,730 67,167 Net decrease after making refunds .. .. .. .. .. £12,563 (Excludes taxes collected by Resident Commissioner, Savai'i, and district officers.)

1932-33. 1933-34. Collections. Refunds. Net Duty. Collections. Refunds. J Net Duty. £ £ £ £ £ £ Copra .. .. .. 16,138 1,224 14,914 16,845 2,100 14,745 Cocoa .. .. .. 1,748 .. 1,748 1,829 463 1,366 Bananas .. .. ' 8,692 7,823 869 10,740 9,665 1,075 Total refunds .. .. .. 9,047 ! .. .. 12,228 I