8.—6.

Public Works Fund. Although expenditure upon public works has necessarily been very much curtailed, essential services have been provided for, and a total amount of £1,207,921 has been expended. Statement showing the Position of the Public Works Fund as at 31st March, 1919. £ Balance brought forward on Ist April, 1918.... .... .... 295,540 Receipts,— Loan-money— Finance Act, 1918 (No. 2), Section 29 (Aid to £ Public Works) .... .... .... 360,000 Finance Act, 1917, section 77 .... .... 725,000 Other receipts .... .... .... .... 13,580 1,098,580 1,394,120 Expenditure,— Under appropriation.... .... .... .... 1,207,482 Other expenditure .... .... .... .... 439 1,207,921 Balance at 31st March, 1919 .... .... .... £186,199* * Note.—The balance on 31st March, 1919, is made up as follows :— £ Cash in Public Account ... ... ... ... ... 157,360 Imprests in the hands of officers of the Government ... ... 28,839 £186,199 Redemptions and Renewals. Excluding our liability to the Imperial Government for war expenditure, which will be dealt with elsewhere, the total debt falling due during the year amounted to £1,705,865, and of this amount £1,448,850 was renewed, £169,165 was redeemed with funds borrowed from the Post Office, and £87,250 was provided by departmental funds, leaving a balance of £600 representing unpresented debentures. Conversions. During the year 105 investors took advantage of the conversion scheme authorized by the New Zealand Inscribed Stock Act, 1917. The total sum of £301,050 Avas converted into inscribed stock with twenty years' currency and bearing interest at 4| per cent, free of income-tax. Loans falling due. The loans falling due during the seven years ending with the year 1926 are as follow :—

III

Year ending 31st March, London. Australia. Now Zealand, j Total. .920 .921 .922 923 924 .925 .926 £ 42,800 3,000 10,000 30,300 1,721,100 188,100 1,400 £ 29,400 551,200 914,100 666,850 29,700 200,000 £ 3,695,745 9,551,257 5,437,790 8,141,406 6,758,465 743,392 382,010 £ 3,767,945 10,105,457 6,361,890 8,838,556 8,509,265 1,131,492 383,410