2. The expenditure for the year amounted to $20,845,065 which was less than estimated by $1,469,637 and less than expenditure in 1926 by $2,679,651. The principal item on which savings were effected was Public Works Extraordinary. Owing to the general policy of retrenchment and to lapsing salaries in the Public Works Department it was found possible to effect a saving under these two headings, of over $900,000. A very substantial saving was effected by the repayment of the Local War Loan and the consequent saving of interest and Sinking Fund charges.
3. The following is a statement of Revenue and Expenditure for the last five years:-
Year. Revenue. Expenditure. 1923 $24,783,673 $21,571,905 1924 24,209,640 26,726,428 1925 23,244,365 28,266,817 1926 21,131,582 23,524,716 1927 21,344,536 20,845,0654. Public Debt.-The local 6% War Loan of $3,000,000, due for repayment in November, 1928, was fully repaid during the year and the surplus in the Sinking Fund of $158,134 was transferred to revenue. In November the new 6% Public Works Loan at par was issued. $3,000,000 worth of bonds were allotted, but the applications actually received from the public amounted to nearly four times that sum. The inscribed Stock Loans of 1893 and 1906 due for repayment in 1943 amounted to £1,485,778 and the Sinking Fund at the end of the year was £587,205.
5. The Trade Loan.—This loan which was issued in 1926 to assist local merchants and others during the exceptional difficulties following on the strike and boycott was allocated to the extent of $15,624,588 representing a total of 278 loans. All loans were limited to a period of two years and although many of them were due for repayment at the end of last year it was considered that the financial situation had not sufficiently improved to justify their being called in. The position on 31st December, 1927 was that 164 loans, representing a total of $8,102,895, or rather more than half the total, were outstanding.
5.
2. The expenditure for the year amounted to $20,845,065 which was less than estimated by $1,469,637 and less than expenditure in 1926 by $2,679,651. The principal item on which savings were effected was Public Works Extraordinary. Owing to the general policy of retrenchment and to lapsing salaries in the Public Works Depart- ment it was found possible to effect a saving under these two headings, of over $900,000. A very substantial saving was effected by the repayment of the Local War Loan and the consequent saving of interest and Sinking Fund charges.
3. The following is a statement of Revenue and Expenditure for the last five years:-
Year.
Revenue.
Expenditure.
1923
$24,783,673
$21,571,905
1924
24,209,640
26,726,428
1925
23,244,365
28,266,817
1926
21,131,582
23,524,716
1927
21,344,536
20,845,065
4. Public Debt.-The local 6% War Loan of $3,000,000, due for repayment in November, 1928, was fully repaid during the year and the surplus in the Sinking Fund of $158,134 was transferred to revenue. In November the new 6% Public Works Loan at par was issued. $3,000,000 worth of bonds were allotted, but the applications actually received from the public amounted to nearly four times that sum. The inscribed Stock Loans of 1893 and 1906 due for repayment in 1943 amounted to £1,485,778 and the Sinking Fund at the end of the year was £587,205.
5. The Trade Loan.—This loan which was issued in 1926 to assist local merchants and others during the exceptional difficulties follow- ing on the strike and boycott was allocated to the extent of $15,624,588 representing a total of 278 loans. All loans were limited to a period of two years and although many of them were due for repayment at the end of last year it was considered that the financial situation had not sufficiently improved to justify their being called in. The position on 31st December, 1927 was that 164 loans, repre- senting a total of $8,102,895, or rather more than half the total, were outstanding.
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