8.—6

V

The financial advantages of applying our surplus revenues, due largely to war taxation, to debt-extinction purposes, or to purposes for which money must otherwise have been borrowed are set out hereunder. In addition to other gains, the interest and sinking-fund charges have been relieved to the extent shown, whilst the income resulting from the transfer of £1,200,000 to the Reserve Fund Account in London has provided a valuable addition to the annual revenue of the Consolidated Fund. Savings through utilizing Surpluses. Discharged Soldiers Settlement Account, £13,500,000 : — £ Interest and sinking fund .. .. .. .. .. 405,000 Redemption of war-loan certificates, £560,000 : — Interest and sinking fund .. .. .. .. 16,800 Public Works Fund, £500,000 (transferred) :— Interest and sinking fund, &c. .. .. .. .. .. 15,000 Discharged Soldiers Settlement Loans Act 1920 Depreciation Fund, £100,000 :— Interest on investments . . .. .. .. . . 4,800 Reserve Fund (London) : — Interest on capital gain .. .. .. .. .. 3,150 £444,750 Profit on Imperial 5-per-cent. Securities purchased, at £95, now valued at Par. Discharged Soldiers Settlement Loans Act, 1920 — £ Depreciation Fund, £50,000 (principal) .. .. .. .. 2,600 Reserve Fund Securities, £1,200,000 (principal) .. .. ..63,150 £65,750 Summary. ==_-__-_ Interest and sinking fund — £ £ Consolidated Fund .. .. .. 439,950 Other accounts .. .. .. 4,800 444,750 Profit on investments — Consolidated Fund .. .. .. 63,150 Other accounts .. . . . . 2,600 65,750 Total .. .. .. £510,500 Public Works Fund. The expenditure upon public works amounted to £5,461,407, or £2,320,210 over the expenditure for the year 1920-21. Statement showing the Position of the Public Works Fund as at the 31st March, 1922. £ Balance brought forward on Ist April, 1921 . . . . . . 489,489 Receipts,— - Loan-money — £ Finance Act, 1920, section 15 (public works) . . 560,000 Finance Act, 1921, section 10 .'. . . . . 2,673,111 Aid to Public Works and Land Settlement Act, 1921 .. .. .. .. .. 2,155,290 Other receipts .. .. .. .. . . 13,199 5,401,600 5,891,089