7

8.—6.

In addition to this deficit there were certain other items charged against the balance of the accumulated surpluses of past years and the following shows the result in the funds of the Ordinary Revenue Account at the end of the year : — £ Balance forward Ist April, 1928 .. .. .. .. 3,302,232 Less— £ Deficit for year 1928-29 ~ .. .. 577,252 Final instalment of purchase price of C long-term mortgage shares in Bank of New Zealand .. 58,594 Amortization of debt .. .. .. 50 Subsidies to local authorities in respect of unemployment .. . . . . 68,567 Advances to Native Trustee (net) .. .. 33,000 Advances to Rural Intermediate Credit Board.. 110,100 Sundry charges and expenses of raising loans .. 1,128 848,691 Balance, 31st March, 1929 .. .. .. £2,453,541 This balance was made up as follows £ Cash . . .. .. . . .. .. 2,315,381 Imprests outstanding .. .. .. .. 135,880 Investments . . . . . . 2,280 £2,453,541 The payment to the Bank of New Zealand is the final instalment of the purchase price of the 234,375 C long-term mortgage shares allotted to the New Zealand Government in terms of section 6 of the Bank of New Zealand Act, 1926. Concerning the subsidies to local authorities for relief of unemployment, I have to say that in addition to the amount of £68,567 paid over there were also subsidies to the amount of £36,794 to which the State is committed but which had not been claimed by the local authorities up to 31st March last. These unclaimed subsidies will come to charge this year. The advances to the Native Trustee referred to represent the balance outstanding on 31st March for certain temporary advances to the Native Trustee under section 17 of the Native Trustee Act, 1920, whereby the Minister of Finance can be called upon to provide money when the Native Trustee's Account is unable to meet lawful claims thereon. These advances, however, have now been repaid with interest. The advance to the Rural Intermediate Credit Board is a portion of the initial capital which in terms of section 16 of the Rural Intermediate Credit Act, 1927, is to be provided out of the Ordinary Revenue Account up to a total of £400,000 to be free of interest for ten years from the date of the first advance, which was made on 30th June, 1928. TREASURY BILLS. Treasury bills in anticipation of revenue amounting to £200,000 were sold in London on the 19th December, 1928, at a discount rate of 4§ per cent., and were duly redeemed out of revenue on the 31st January, 1929. Redemption Treasury bills totalling £1,050,000 issued during 1927-28 and outstanding on the Ist April, 1928, were redeemed during May, 1928, out of the proceeds of an issue of debentures in New Zealand. Thus no Treasury bills were outstanding on the 31st March, 1929.

Result in funds of Ordinary Revenue Account.

Bank of New Zealand shares.

Subsidies to local authorities.

Advances to Native Trustee.

Rural Intermediate Credit Board.

Treasury biUs.