X

8.—6

The net debt amounted to £91,689,835, arrived at as follows :— £ £ Gross debt of the Dominion .. .. .. .. • ■ 99,730,427 Less sinking funds— Government Loans to Local Bodies Acts . . .. 799,601 Naval Defence Act, 1909 . . .. . • 173,449 State Advances loans .. .. .. •• 1,138,460 Section 26 (5) (6), State Advances Act, 1913— £ Hauraki Plains Settlement Account . . 2,176 Opening up Crown Lands for Settlement Account .. .. .. 3,417 Rangitaiki Land Drainage Account .. 904 — 6,497 Public Debt Extinction Act, 1910 .. ... 464,258 War and Defence loans.. .. .. • • 192,691 Canterbury Loan Ordinance, 1862 .. .. 24,840 New Zealand Loan Act, 1863 .. .. .. 264,196 — 3,063,992 96,666,435 Less redemption-money twice included .. .. .. 4,976,600 Net debt 31st March, 1914 .. .. .. .. .. £91,689,835 Increase in our Indebtedness. The borrowing of large sums of money in anticipation of redemption of debentures maturing between the 15th May, 1914, and the Ist July, 1914 (inclusive), increased our public debt by £9,669,664 since 31st March, 1913. Now that these redemptions have taken place this amount should be reduced by £4,976,600, so that the actual increase to our indebtedness during the year is £4,693,064. The following is an analysis of the increase, in which redemptionmoneys are included: — State Advances Debt: — £ Advances to settlers .. .. .. .. .. 1,318,981 (£1,667 at 3| per cent., London ; £1,280,314 at 4 per cent., London ; £37,000 at 4 per cent., Dominion.) Advances to workers .. .. .. .. .. 1,039,985 (£1,250 at 3J per cent., London ; £1,038,735 at 4 per cent., London.) Advances to local authorities . . .. .. .. 662,807 (£3,333 at 3J per cent., London ; £602,474 at 4 per cent., London ; £57,000 at 4 per cent., Dominion.) Land for settlements .. .. . . .. .. 278,208 (£2,917 at 3J per cent., London ; £275,291 at 4 per cent., London.) Native-land settlement .. .. .. .. .. 110,000 (At 4 per cent., Dominion.) — £3,409,981