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NATIONAL DEVELOPMENT PROGRAMME The 1948 Appropriation Act authorized the raising of £32,000,000 to finance the National Development Programme for .1948-49. Less work than anticipated was carried out, so that the borrowing for the works portion was £26,724,000. Additional amounts, totalling £1,560,000, were raised and invested in the New Zealand National Airways Corporation (£685,000), the British Petroleum Company of New Zealand, Ltd. (£765,000), and the Linen Flax Corporation (£110,000), making the total borrowed for the year £28,284,000. It is estimated that for ordinary purposes £35,268,000 will be required during the present year, and this compares with the actual expenditure last year from loan-moneys as follows: — Expenditure, Estimates, 1948-49. 1949-50. £ £ Housing .. .. .. 7,738,000 9,250,000 Education buildings .. .. 1,629,000 2,250,000 Electric supply .. .. .. 5,000,000 6,350,000 Highway-construction .. .. 1,970,000 2,500,000 Land-settlement.. .. .. 2,450,000 4,250,000 Railways: improvements and additions .. .. .. 1,746,000 2,990,000 State coal-mines .. .. .. 1,500,000 2,000,000 State forests .. .. .. 813,000 1,250,000 Telegraph extension .. .. .. 2,500,000 Christmas Island phosphates .. 1,375,000 125,000 Other works .. .. .. 2,503,000 1,803,000 £26,724,000 £35,268,000 An additional sum of £BBl,OOO will be required from which to advance capital moneys to trading corporations. The foregoing programme will be financed from proceeds of the current loan securities on sale to the public, together with departmental and other investment funds. Hydro-electricity To the extent that labour and materials are available, work is being accelerated on new power-stations on the Waikato, Clutha, and Cobb Rivers and at Lake Tekapo. Every endeavour is being made to have these new power-stations in operation as early as possible, and it is anticipated that the Tekapo and Maraetai schemes will be completed about the end of 1950 and 1951 respectively. Water-storage works are in progress at Lakes Pukaki and Waikaremoana. Power-transmission lines are being erected as required. The total capital invested by the State in electricity undertakings is over £46,000,000, and new projects under construction will double this figure. The year's estimate for capital expenditure is £6,350,000.

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