A—3

IV. PUBLIC FINANCE A comparative statement of revenue and expenditure since 1941-42 is shown hereunder:—

In addition to the subsidies shown, direct grants from New Zealand provided £48,992 in 1944-45 for an airfield at Rarotonga, and £20,275 in the two years, 1944-46, for a tuberculosis sanatorium ; a further £3,100 to complete the cost of the latter is to be provided in 1946-47. The following table gives details of revenue for each financial year for the past twenty years, together with expenditure on education, public health, and public works :

V. TRADE The figures for this year show decreases in the values of both exports and imports. Although orange shipments increased, the demand for Native handicrafts (principally " hula " skirts and shell necklets) fell off to approximately one-quarter of the value of the exports of this nature during the preceding year. Tomato shipments were approximately the same as in 1944, but the prices realized showed a substantial decrease, largely due to the fruit arriving in New Zealand later in the year. The total value of

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— Revenue. Expenditure. Deficit. Subsidy from New Zealand. Pinal Surplusor Deficit. £ £ £ £ £ 1941-42 25,395 46,951 21,556 24,000 ! + 2,444 1942-43 29,748 47,857 19,109 19,000 + 891 1943-44 40,818 59,798 18,980 27,000 + 8,020 1944-45 40,228 67,770 27,542 27,000 — 542 1945-46 48,133 86,123 37,990 43,669 + 5,679

Subsidies and Local Amount spent on Year. Grants from Expenditure. Revenue. New Zealand Education. Health. Public Works. £ £ £ £ £ £ 1925-26 11,589 22,768 33,416 8,163 7,119 7,384 1926-27 17,466 18,104 35,303 9,252 8,504 7,028 1927-28 16,544 18,998 34,488 8,793 7,995 4,310 1928-29 17,857 20,313 37,994 9,631 8,724 3,814 1929-30 16,919 19,107 34,739 8,613 7,331 4,368 1930-31 17,483 22,888 37,852 9,499 4,658 4,905 1931-32 17,464 25,430 40,582 7,730 5,534 5,217 1932-33 13,850 27,458 40,896 7,891 8,482 2,724 1933-34 11,013 25,518 38,744 8,800 8,155 2,742 * 1934-35 11,343 26,468 41,430 8,115 8,965 2,163 1935-36 15,568 24,989 40,692 8,786 6,548 2,093 1936-37 13,816 30,268 42,713 9,318 9,179 3,307 1937-38 • .. 11,000 45,599* 47,207 9,046 8., 326 3,827 1938-39 22,112 27,967 58,016 9,306 12,380 5,995 1939-40 24,000 24,943 53,204 8,993 10,069 4,937 1940-41 24,000 26,889 48,345 9,332 10,940 3,709 1941-42 24,000 25,395 46,951 9,513 10,795 4,975 1942-43 19,000 29,748 47,857 8,989 10,421 2,967 1943-44 27,000 40,818 59,798 9,846 10,116 5,504 1944-45f 80,201 40,228 67,770 10,707 16,202 10,153 1945-46$ 43,669 48,142 86,123 14,800 16,615 8,711 * Sale of new stamp issue accounted for increase of £16,705 over 1936-37 stamp sales. t £27,603 general services subsidy, £3,606 part cost of tuberculosis sanatorium, £48,992 airport at Rarotonga; total, £80,201. t £27,000 general services subsidy, £16,669 part cost tuberculosis sanatorium.