JUNE 25.] THE NEW ZEALAND GAZETTE. 1947

Several important [consolidation measures have been prepared, and will be submitted to you. Among them you will find Bills consolidating and amending the Coal-mines Acts, Land for Settlement Acts, Public Revenues Acts, Hauraki Plains Acts, and Fire Brigades Acts. If time allows, you will also be asked to consider and pass an Act consolidating the Industrial Conciliation and Arbitration Acts. A Child Welfare Bill, providing for the establishment of Children's Courts, for the care of indigent and delinquent children, and limiting the employment of children in various forms of employment, and for the better administration of child-welfare institutions, has been prepared, and my Ministers hope that you may find it possible to pass this into law during the present session.

MR. SPEAKER AND GENTLEMEN OF THE HOUSE OF REPRESENTATIVES,--

You will be gratified to find that the financial operations of the Dominion in the year ended 31st March last resulted in a surplus in the Consolidated Fund of £1,243,800. The estimates of public expenditure for the present year have been prepared for your consideration with due regard to economy.
The demand for money for the Office of Advances to Settlers and Advances to Workers has been most urgent, and it has been found difficult to meet the requirements in full. Under your authority a loan of seven millions has been recently raised in London on terms which compare favourably with similar loans raised about the same time by other Dominions and public bodies. Such part of the proceeds of that loan as are not urgently required for the continuance of public works, including hydro-electric extension, will be available for advances to settlers and workers. In addition, the repayments of principal to the State Advances Department will provide approximately £1,300,000 in each year for investment in further advances.
My Ministers are aware of the difficulty that settlers and workers are experiencing in obtaining money for development and housing purposes. Very careful attention has been given to ways and means to assist, and proposals will be submitted in due course for your consideration.
You will be asked specially to consider a Bill dealing with the sinking funds of the public debt. It is not proposed to limit the provision made under the existing Act for the ultimate extinction of the debt. But experience has shown that investment of sinking funds in permanent securities is not advantageous as compared with investment in the purchase of such of our own securities as are at a discount on the London market, and the main object of the Bill is to invest the annual payments from the Consolidated Fund in the form of liquid securities so far as immediate opportunity does not occur for the purchase of our own public-debt debentures. At the same time provision is made for continuance of payment to the sinking fund of interest on the part of the debt so extinguished.
During and after the war many holders of land found difficulty in paying their land-tax, which by the statute is made a first charge upon the land itself. Time for payment was conceded in many cases, and transfers of property have taken place, the purchasers being ignorant of the existing encumbrance of tax, and this in a considerable number of cases is thought to be unfair. The matter was dealt with in part by legislation of your last session, but you will be invited to consider further provisions for the relief of the charge of arrears of land-tax in cases involving hardship to purchasers.

HONOURABLE GENTLEMEN OF THE LEGISLATIVE COUNCIL, AND GENTLEMEN OF THE HOUSE OF REPRESENTATIVES,--

I commend these several matters to your earnest consideration, and I trust that Divine Providence may guide your deliberations to the advantage of our Sovereign and his Empire and the benefit of New Zealand and its Dependencies.

By Authority : W. A. G. SKINNER, Government Printer, Wellington.