V

8.—6

TREASURY BILLS. As will be seen, there were none outstanding on the 31st March last. These from time to time will have to be again resorted to, of course, in anticipation of revenue, for which the law rightly provides; but it must be satisfactory for honourable members to note that, as promised by me, the large amount for several years appearing under this head, and which had practically become part of our permanent debt, has disappeared. The position for eighteen years is shown by this table :— £ £ 1893-94 .. 811,000 1902-3 .. 700,000 1894-95 .. 810,000 1903-4 .. 700,000 1895-96 .. 735,000 1904-5 .. 700,000 1896-97 .. 730,000 1905-6 .. 700,000 1897-98 .. 730,000 1906-7 . . 550,000 1898-99 .. 710,000 1907-8 .. 400,000 1899-1900 .. 700,000 1908-9 .. 250,000 1900-1 .. 700,000 1909-10 .. 100,000 1901-2 .. 700,000 1910-11 .. Nil. As the whole of the £700,000 has been paid of! out of ordinary revenue since my Government took office in 1906, I think I may reasonably take credit for a satisfactory clearance of what had come to be regarded as part of our permanent debt. PUBLIC WORKS FUND. A community like ours, which is developing its heritage by the expenditure of public moneys, must look with interest on the condition of the fund available for construction of public works. The balance from last year was £312,366. During 1910-11 it received, as loan-moneys, £1,984,742 ; transfer from revenue, £800,000; other receipts, £6,506 : total, £3,103,614. The expenditure was— £ £ Under appropriations .. .. 1,892,851 Other charges .. .. .. 70,718 1,963,569 Balance at 31st March, 1911 .. .. 1,140,045 Balance loan-money to be received .. 181,650 Available public-works moneys to start the current year with .. .. .. .. £1,321,695 The balance to 31st March is made up as follows : — Cash in Public Account .. .. .. .. 381,259 Advances in hands of officers of Government .. 8,786 Invested at fixed deposit with Bank of New Zealand, London .. .. .. .. .. 750,000 £1,140,045 Transfers from Revenue. The total amount transferred from revenue to Public Works Fund s nee 1891 amounts to the large sum of £8,030,000. I give the actual amount for each year during that period:— Year. Amount. Amount. 1891-92 .. 30,000 1901-2 .. 500,000 1892-93 .. 200,000 1902-3 .. 200,000 1893-94 .. 250,000 1903-4 .. 350,000 1894-95 .. 250,000 .1904-5 .. 600,000 1895-96 .. 150,000 1905-6 .. 500,000 1896-97 .. 150,000 1906-7 . . 775,000 1897-98 .. 300,000 1907-8 .. 800,000 1898-99 .. 425,000 1908-9 .. 800,000 1899-1900 .. 450,000 1909-10 .. Nil 1900-1 .. 500,000 1910-11 .. 800,000 If the amounts transferred from revenue had been borrowed instead of being provided in this way, the interest paid thereon, reckoning it at 3 J per cent., would nave totalled £2,001,400 to date.