AnnualReport-1916

A (1) 2

Decreases in Pensions ($52,728), Public Debt ($179,820), and in nearly all Departments were chiefly due to the rising exchange while the one on account of Railway Construction Expenses ($187,479) was chiefly due to postponement of works to 1917.

5. The revenue for the year exceeded the expenditure by a sum of $2,753,472; with the result that the debit balance of $452,687 at the end of 1915 became a surplus of $2,300,785 at the end of the year.

6. The following statement shows the Liabilities and Assets on the 30th December, 1916:

LIABILITIES.

Deposits not Available $ 701,123.42 Postal Agencies... ASSETS. Overdraft, Crown Agents' Current Account $ 674,573.47 Subsidiary Coins 25,720.62 Advances 282,283.66 124,658.73 Imprest 240.35 House Service Account 6,586.21 829.33 Crown Agents' Deposit Account 1,202,162.15 Total Liabilities... 701,123.42 Unallocated Stores, (P.W.D.)... 290,032.26 Balance 2,300,785.20 Unallocated Stores, (Railway) Coal Account 145,999.05 93,258.00 Balance, Bank 856,688.21 Total.... $ 3,001,908.62 Total...$ 3,001,908.62

7. The following table shows the Revenue and Expenditure during the last five years :-

1912 1913 1914 1915 1916 Revenue, $8,180,694 $8,512,309 $11,007,273 $11,786,107 $13,833,386 Expenditure, $7,202,543 $8,658,013 $10,756,225 $15,149,268 $11,079,914 Surplus, $978,851 $2,753,472 Deficit, $145,704 $251,048 $3,363,161

PUBLIC DEBT.

8. The Inscribed Stock Loans of 1893 and 1906 amount to £1,485,732 and the contributions to the Sinking Fund with accrued interest total £233,784 being £22,929 more than the amount at credit of that fund at the end of 1915.

Towards the end of the year an Ordinance was passed (No. 12 of 1916) to raise a loan of $3,000,000 as a War Contribution to the Imperial Government. Of this $2,250,000 was paid up on the 30th December last.

GENERAL REMARKS.

9. The only alterations of importance during 1916 in the revenue system or in taxation were the raising of the rates for prepared opium in February and again in April, and of the duty on liquors in March. Tobacco duties were imposed for the first time in July.