IMPERIAL REVENUE, EXPENDITURE, &c.

outstanding at the close of each of the Years ended 31st March, 1911 to 1925.

2 3,815,200 3,815,200 3,815,200 3,815,200 3,815,200 3,815,200 3,815,200 3,815,200 3,815,200 3,815,200 8,815,200 3,815,200

3 7,044,900 6,929,100 6,803,500 6,641,200 6,466,000 6,288,900 6,098,400 5,872,000 5,661,800 5,465,300 5,271,200 5,072,300

4 5,018,400 4,902,100 4,774,800 4,638,800 4,502,000 4,372,000 4,234,500

4,075,000 3,899,100 3,751,000 3,667,300 3,492,900

5 410,351 396,473 381,461 365,377 347,737 328,475 302,790 277,602 255,167 234,754 213,294 188,723

6 30,526,536 29,991.083 29,443,277 28,952,696 27,729,609 26,905,516 26,043,148 25,016,452 24,010,894 23,134,175 22,045,255 21,017,475 4,039,048 3,915,655 3,804,341 3,690,873 3,573,706

7 4,709,016 4,644,951 4,573,799 4,477,827 4,419,925 4,274,497 4,164,476

500,000 500,000 500,000 500,000 487,000 3,500,000 3,500,000 6,380,000 6,380,000 6,380,000 6,380,00

3,250,000 3,250,000 5,263,400

10

11

2,350,000 2,350,000 2,350,000 2,350,000

12 72,558,813 74,558,813 77,058,813 77,058,813 77,058,813 77,058,813 77,058,813 125,508,813 217,309,766 217,309,766 217,309,766 224,769,766

NOTE.-For other contingent Liabilities of the State, see Parliamentary Paper Cd. 2460 of 1924-25.

IMPERIAL REVENUE, EXPENDITURE, &c.

No. 9.-STATEMENT of LOANS GUARANTEED by the BRITISH GOVERNMENT

(a) The liability in respect of this guaranteed Loan has been arrived at by deducting the nominal amount of securities held on account of Sinking Fund from the gross amount of the Loan outstanding.

(b) The extent of the Guarantee is given in the Annual Finance Accounts.

IMPERIAL REVENUE, EXPENDITURE, &c.

outstanding at the close of each of the Years ended 31st March, 1911 to 1925-continued.

4 10,156,821 10,055,596 9,801,376 9.491,565 9,301,713 9,081,310 8,909,867 8,523,038 8,232,913 7,978,981 7,795,251 7,597,552

5 56,639,686 56,939,481 57,190,807 57,353,075 57,273.689 57,206,422 57,038,291 56,768,356 56,621,017 56,523,331 56,473,078 56,415,337

6 26,153,390 31,022,012 37,692,487 38,341.306 41,357,092 45,243,179 50,588,555 54,269,267 60,920,212 65,752,630 67,395,705 70,117,208

NOTE.-For other contingent Liabilities of the State, see pages 92 and 93 of the Finance Accounts for 1924-25. (c) These are the maximum amounts guaranteed (after deducting principal repayments), but in some cases the loans in question ave not been fully issued. For further particulars see House of Commons paper 85 of 1925 and previous quarterly returns.

1911-2

CUSTOMS:

Cocoa, ground, prepared or in any way manu-
factured, imported. Duty of 2d. per lb. to
cease and the duty to be charged under Sec-
tion 7 of the "Finance Act, 1901." Drawback
allowed on similar goods made in the United
Kingdom on exportation or shipment as Stores
STAMPS:-

Duty on marketable securities transferable by
delivery (not being Colonial Government
Securities) reduced to 3d. per 107. if amount
secured is to be paid off within one year and
6d. per 107, if within a term exceeding one year
but not exceeding three years -

NOTE. As a reduction or repeal of duty as a rule leads to an increased consumption or use of the articles affected. the gain to the taxpayer is usually greater than the loss to the Revenue resulting from such reduction or repeal. (a) Budget estimate based on the change taking effect on or about 1st July.

(b) See note (a), p. 22.

NOTE.-As an increase of duty may lead to a diminished consumption or use of the articles taxed, the gain to Revenue is not necessarily a measure of the burden of the increase on the taxpayer.