REPAYMENT OF THE PUBLIC DEBT REPORT AND ACCOUNTS OF THE PUBLIC DEBT COMMISSION FOR THE YEAR ENDED 31st MARCH, 1943

Appendix to the Journals of the House of Representatives, 1943 Session I, B-02

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1943 NEW ZEALAND

REPAYMENT OF THE PUBLIC DEBT REPORT AND ACCOUNTS OF THE PUBLIC DEBT COMMISSION FOR THE YEAR ENDED 31st MARCH, 1943

Presented to both Houses of the General Assembly in compliance with Section 14 of the Repayment of the Public Debt Act, 1925

REPORT Wellington, 29th July, 1943. The Public Debt Commission has the honour to lay before Parliament the account of its transactions for the year ended 31st March, 1943. The following certificate in terms of the Repayment of the Public Debt Act, 1925, was furnished by the Controller and Auditor-General: — Pursuant to section 7 of the Repayment of the Public Debt Act, 1925, I hereby certify that — (a) The total amount of the public debt within the meaning of the Act outstanding at the end of the financial year ended on the 31st day of March, 1943, was three hundred and eighty-six million five hundred and eighty-nine thousand five hundred and fifty-four pounds eight shillings and fourpence (£386,589,554 Bs. 4d.). (b) The amount of the public debt repaid or redeemed under the provisions of the Act within the financial year aforesaid was two million six hundred and nine thousand and forty-five pounds (£2,609,045). (c) The aggregate amount of the public debt that has been so repaid or redeemed since the commencement of the Act and to the end of the financial year aforesaid was twenty-six million nine hundred and forty-seven thousand seven hundred and fifty-two pounds fifteen shillings and elevenpence (£26,947,752 15s. lid.). Cyeil G. Collins, Controller and Auditor-General. In terms of section 11 of the Repayment of the Public Debt Act, 1925, the sum of £2,565,354 2s. 9d. was paid to the credit of the Public Debt Repayment Account from the Ordinary Revenue Account of the Consolidated Fund, and of this sum, together with the balance at the beginning of the year (£319,969 2s. 7d.), the amount of £2,609,045 was utilized in the discharge of the public debt of securities of a nominal amount of £2,609,045, as per statement hereunder.

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Public Debt Repayment Account Receipts Balance at beginning of year— £ s - d - ® s " d ' Cash in the Public Account .. .. •• •• •• ■■ 319,969 & / Repayment of the Public Debt Act, 1925, section 11— Transfers from the Consolidated Fund— Subsection (a), being one-half of 1 per cent, of the amount of the public debt outstanding at 31st March, 1942 .. .. •• 1,545,663 9 7 Subsection (a), being one-half of 1 per cent, of the amount of the public debt redeemed to 31st March', 1942 .. .. • • • • 121,693 10 9 Subsection (b), being 3jr per cent, of the amount of the public debt redeemed to 31st March, 1942 .. .. .. •• 851,854 15 6 Subsection (6), being 3 J per cent, of the amount of the publio debt cancelled during the year, computed from the dates of redemption .. .. 46,142 611 £2,885,323 5 4 Payments Securities redeemed and cancelled in terms of seotion 13 of the Repayment of the Publio Debt Act, 1925— , „ , New Zealand Loans Aot, 1932— £ d. £ s. d. Debentures .. .. ■ • • • ■ • • • • • ®50 ® stnnlr .. • • • • 2,608,495 0 0 &took '• ■■ — 2,609,045 0 0 Balance at end of year— _ Cash in the Publio Account .. .. .. • • • • • • • • b > * 37 ° " £2,885,323 5 4

Statement of Securities redeemed and cancelled in Terms of Section 13 of the Repayment of the Public Debt Act, 1925, during the Financial Year 1942-43

W. Nash, Chairman, Public Debt Commission.

Approximate Cost of Paper .—Preparation, nok given ; printing (436 copies), £3

Authority: E. Y. Paul, Government Printer, Wellington. —1.943.

Price 3d.J

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Capital Account. g Djted Nominal Value. Cash utilized. Emptier, £ a. d. £ s. d. Publio Works .. .. Debentures .. 3f 15/11/41 550 0 0 550 0 0 15/8/41 .. Stock .. 3| „ 150 0 0 150 0 0 Housina •• 3J 1/1/45 5,840 18 3 5,840 18 3 1/7/42 Land for Settlements .. „ •• 3| „ 1,295,459 1 9 1,295,459 1 9 „ 3| „ 401,262 5 0 401,262 5 0 1/1/43 War Loan's (1914—18) " 3 15/7/41 1,255 0 0 1,255 0 0 15/9/41 War Loans (19 ) ..4 15/3/43 18,020 0 0 18,020 0 0 23/7/42 3i 1/1/45 835,737 15 0 835,737 15 0 1/1/43 4 15/2/46 500 0 0 500 0 0 27/10/42 3 15/9/48 150 0 0 150 0 0 5/10/42 4 30/11/48 200 0 0 200 0 0 23/7/42 4 15/6/55 30,055 0 0 30,055 0 0 25/8/42 31 15/9/60 8,855 0 0 8,855 0 0 23/7/42 U „ 3,285 0 0 3,285 0 0 25/8/42 34 „ 2,965 0 0 2,965 0 0 27/10/42 3i „ 2,600 0 0 2,600 0 0 15/2/43 " " .. 3| „ 2„160 0 0 2,160 0 0 26/2/43 Totals ,. .. • • • • • ■ 2,609,045 0 0 2,609,045 0 0

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INDEX PAGE Air Force expenditure .. .. .. .. .. .. .. 7 Army expenditure .. .. .. .. .. .. .. .. 7 Budget surplus, 1942-43 .. .. .. .. . • •. • ■ .. 2 Consolidated Fund .. .. .. .. .. .. .. .. 2, 10 Expenditure —Air Force .. .. .. .. .. .. .. .. 7 Army .. .. .. .. .. .. .. . . . . 7 ~ Consolidated Fund .. .. .. .. .. . .. 10 ~ Navy .. .. .. . . .. . . . . . . 7 ~ Social Security Fund .. .. .. .. .. .. .. 13 ~ War Expenses Account .. .. .. .. .. .. 7 Total .. .. .. .. .. .. .. .. 6 Family benefits .. .. .. .. .. . • .. ■ ■ .. 12 Hospital benefits .. .. .. .. .. . • • - . • 12 Housing .. .. .. .. ■. • • ■ ■ • • - • 10 Hydro-electric development .. .. .. .. .. .. .. 10 Industries, primary .. .. .. .. .. .. .. •. .. 2 Industries, secondary .. .. .. .. .. .. .. 1 Loan programme .. .. .. .. .. .. .. .. 8, 9 Man-power .. .. .. .. . ■ .. • • •. • • 1 Memorandum of Security agreement .. .. .. .. ~ .. .. 3, 9 National development programme .. .. .. .. .. .. 9 National savings .. .. . • . . ■ ■ • • • • . • 8 Native claims .. .. .. .. .. • • • .. 13 Navy expenditure .. .. .. .. . • • • • • . ■ 7 Overseas banks assets .. .. .. .. .. .. .. 2 Pensions benefits .. .. .. .. .. . • .. .. 12 Primary industries .. .. .. .. .. ■ ■ .. ■ . . . 2 Prospectus of Ist Liberty Loan .. .. .. .. .. .. vi Prospectus of 2nd Liberty Loan .. .. .. .. . . . . .. vii Public debt .. .. .. .. .. • ■ • ■ .. . • 9 Reciprocal aid .. .. .. .. . • .. .. .. 4, 7, 14 Rehabiliation .. .. .. .. • • .. .. .. 13 Revenue: Estimate, 1943-44 .. .. .. .. .. .. 10 Secondary industries .. .. .. .. .. .. .. .. 1 Social Security Fund .. .. .. .. .. .. 3,11,13 Stabilization .. .. .. .. .. .. .. .. 2, 15 Surplus, 1942-43 (Consolidated Fund) .. .. .. .. .. .. 2 Tables .. .. .. .. .. . • .. ■. .. i-v Taxation receipts .. .. .. .. .. .. .. .. 5 War-costs, overseas, financed by United Kingdom .. .. .. .. .. 3, 9 War Damage Fund .. .. .. .. .. .. .. .. 13 War expenditure : Analysis .. .. .. .. . ~ ~ ... 6 War Expenses Account .. .. .. .. . . .. .. 3, 7 War finance .. .. .. .. • ■ . . .. .. 14 War loans .. .. .. .. • • • • - • • 5, 8 War pensions : Increases .. .. .. .. .. .. .. .. 11 Widows'pensions .. .. .. .. .. .. .. .. ..11