8.—6

III

REDEMPTIONS AND RENEWALS. Apart from our obligations to the Imperial Government for war expenses, referred to in another paragraph, the total debt falling due during the year amounted to £1,859,040, and of tins amount £466,040 was renewed. £800,300 was redeemed with funds borrowed from the Post Oilice, £5,500 was provided by the Commissioners of the Public Debts Sinking Funds, while £587,200 was converted under the provisions of section 106 of the Finance Act, 1915. CONVERSIONS. The conversion scheme authorized by the Finance Act, 1915 (section 106), was continued during the year, with the result that a total sum of £2,133,000 has been converted into debentures with a currency varying to twenty-five years and bearing interest at 4| per cent, free of income-tax. LOANS FALLING DUE. The loans falling due during the seven years ending with the year 1924 are as follow:—

The particulars of the £1,209,121 falling due in London during the current financial year are as follow: —

TREASURY. As evidence that the work of this Department has increased both in volume and importance, I may mention that the amount paid into the credit of the Public Account during the financial year immediately preceding the war aggregated £17,000,000, while the total lodgments for last year exceeded £50,000,000. During the year just ended loan and financial operations of an unprecedented character were undertaken. Over £11,000,000 of the Dominion War Loan of £16,000,000 was raised in New, Zealand, at a net cost of \ per cent. only, which is considerably below the cost of "raising loans oh. the London market. '.'. The average cost of raising the last three loans in London prior to the war was 31 per cent., and the average cost of raising the two loans in New Zealand during the war was three-eighths of one pound per cent.

Year ending 31st March London. I Australia. New Zealand. Total. 1918 1918* 1919 1920 1921 1922 1923 1924 £ 40,700 1,168,421 134,350 42,800 £ 84,200 51,000 29,400 384,200 605,400 665,850 29,300 £ 3,238,456 1,520,515 3,695,745 9,721,257 5,348,190 65,500 386,800 £ 3,363,356 1,168,421 1,705,865 3,767,945 10,105,457 6,171,790 761,650 2,124,300 218,200 30 ,300 1,708,200

Date. Authority. Rate. Amount. 1917. April 1 New Zealand State - guaranteed Advances Acts, 4 1909-10, Land for Settlements Branch Per Cent. 4 £ 39,500 1918. January 1 ... March 31*... Maori Land Settlement Act, 1905 ... ... ... 4 Public Revenues Amendment Act, 1914, section 8, 3-J-and Public Revenues Amendment Act, 1915 (No. 2), section 9 4 3i 1,200 1,168,421 * Advances from Imperial Government {or war purposes. Treasury bills renewable.