THE PUBLIC DEBT OF NEW ZEALAND. STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1928—continued.

B—B. 1 [PT. lIIJ.

B.—l [Pt. Illj.

PUBLIC ACCOUNTS, 1927- 19 28.

57

Amount outstanding. Date of Inception of Loans for Annual Charge. Purposes of Repayment Appropriate Account and Authorizing Act. j Due Date. of the 1 ublic Debv Act, 1925. 'o.'jg I j Remarks. Act. | Account. Details. ® & Amount. When payable. Amount. Year ended £ £ £ s. d. £ % £ Brought forward .. •• 238,110,351 238,110,351 238,110,350 13 1 .. 186,059,312 .. .. 10,568,169 SEPARATE ACCOUNTS —continued. Westpobt Habbotjr Account :— New Zealand Loans Act, 1908 — Westport Harbour Act, 1920 — I Westport Harbour Board Act, 1884 100* .. 100 0 0 1 Mar., 1925 .. .. j .. .. TJnpresented. Westport Harbour Board Act, 1884, 500,000* .. 500,000 0 0 1 Jan., 1949 .. .. 4 20,000 1 Jan. and 1 July. * Loans raised by the late and Loan Acts, 1896, 1897, and Westport Harbour Board 1900 7, OOOt 1 Mar. „ 1 Sept. and taken over by the Westport Harbour Board Loan Act, 200,000* .. 200,000 0 0 15 Feb., 1945 .. .. 5 10,000 15 Feb. „ 15 Aug. Government in terms of 1908 the Westport Harbour Aot, 1920. Total Westport Harbour Account 700,100 f Sinking fund 1 per cent. payable on £700,000 Westport Harbour Loans. Total .. .. .. .. 238,810,451J 238,810,451 238,810,450 13 1 .. 186,059,312 .. .. 10,605,169 Analysis of Annual Charge. Interest (chargeable to £ Consolidated Fund) 10,596,703 Interest (chargeable to Native Land Settlement Account) .. 1,466 Sinking Fund (charge- § In addition to this amount able to Consolidated there is a charge under the Fund) .. .. 7,000 Repayment of the Public Debt Act, 1925, estimated £10, 605, 169§ at £1,053,559. 1 I ~ - • J Sinking funds to the amount stated below exist for the extinction of that portion of the debt relating to the following accounts : State Coal-mines Account, £62,338 7s. 4d.; Electric Supply Account, £75,715 15s. Od.; Nauru and Ocean Islands Account, £107 Is. 0d.; Westport Harbour Account, £220,050 7s. 9d.; Samoan Loan Suspense Account, £9,136 12s. 8d. : total, £367,348 3s. 9d., particulars of which appear on pages 64 and 65. In addition to the special sinking funds mentioned above, special provision exists for the repayment of that portion of the debt funded by agreement with the Imperial Government, particulars of which are given on page 60. It is estimated that this portion of the debt will be extinguished during the financial year ending on the 31st March, 1959. By the Repayment of the Public Debt Act, 1925, means are provided whereby the whole of the Public Debt other than those portions for which separate sinking funds exist will be extinguished in approximately sixty years from the time of coming under the provisions of the Act. The Redemption Fund Capital Account under the above Act is as follows : (1) Held by State Advances Office, £3,258,955 19s. 4d.; (2) held by Public Trustee, £7,966,688 lis. 2d.; (3) held in Discharged Soldiers Settlement Account, £13,500,000 : total, £24,725,644 10s. 6d. The £13,500,000 held in Discharged Soldiers Settlement Account is subject to a deduction of an amount which is to be written oft by virtue of the operation of the Discharged Soldiers Settlement Acts. The interest on the Redemption Fund capital is paid over to the Consolidated Fund as a set-off against the annual payments made by the latter fund to the Repayment of the Public Debt Account —viz., £ per cent, of the public debt coming under the provisions of the Act, together with 3J per cent, of the debt redeemed in accordance with the Act.