8.—6.

PUBLIC WORKS FUND. General Purposes Account. The expenditure on public works stowed a considerable increase over that for the year 1923-24, and amounted to £4,357,440 net, including £226,000 transferred to Main Highways Account, Construction Fund. The principal headings of expenditure were railway-construction, telegraph-extension, additions to open lines, and roads, &c., in that order. My colleague the Hon. the Minister of Public Works will at a later date submit his proposals for the continued progress of developmental operations, and you will be asked to authorize the raising of the necessary funds for this purpose. Statement showing the Position of the Public Works Fund, General Purposes Account, as at 31st March, 1925. £ Balance brought forward on Ist April, 1924 .. .. .. 888,023 Receipts— £ Recoveries on account of expenditure of previous years and special receipts . . . . .. 42,452 Transfer from Consolidated Fund, Ordinary Revenue Account, in terms of section 17, Appropriation Act, 1924 .. .. .. .. .. 1,000,000 Loan-money— Aid to public Works and Land Settlement Act, 1921 .. .. .. .. .. 1,310 Aid to Public Works and Land Settlement Act, 1922 .. .. .. .. .. 324,852 Finance Act, 1923, section 2.. .. .. 3,222,612 — 4,591,226 £5,479,249 Expenditure— £ Under appropriations .. .. 4,780,349 Less credits in reduction of expenditure 648,909 4,131,440 Transfer to Main Highways Account, Construction Fund, in terms of section 15 (2) of Finance Act, 1923 226,000 Other expenditure .. .. .. .. 439 Charges and expenses of raising loans .. .. 232,098 Stamp duty on transfer of New Zealand Consolidated Stock .. .. .. .. .. 9,833 Treasury bills redeemed .. .. .. .. 500,000 5,099,810 Balance as at 31st March, 1925 .. £379,439 The balance on 31st March, 1925, is made up as follows — £ Cash in Public Account .. .. .. .. 163,989 Imprests in the hands of officers of Government .. 215,450 £379,439 JAID TO THE PUBLIC WORKS FUND. In each of the last two years £1,000,000 has been provided out of surplus revenue for transfer to the Public Works Fund, the effect being an annual saving of approximately £98,000 in debt charges that would otherwise have had to be provided by taxation. As I have pointed out, there now remains a diminished surplus revenue available for capital purposes, but I propose to ask for authority to transfer up to £1,000,000 this year ; the actual amount to be determined as requirements demand and conditions permit.

Public Works FundGeneral Purposes Aecount.

Aid to the Public Works Fund.

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