15.--1 i Pt. 11l

56

PUBLIC ACCOUNTS, 1928-1929

THE PUBLIC DEBT OF NEW ZEALAND. STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1929-continued.

Amount outstanding. I Date of Inception of Loans for Annual Charge. I Purposes of Repayment tw two I of the Public Debt Act, 1925. „ Appropriate Account and Authorizing Act. Due Date. 'g-g ! Remarks. Act. Account. Details. ! £ g Amount. ' When payable. Amount. | Year ended fSa £ £ £ s. d. 1 £ % £ Brought forward .. .. 251,520,182 ! 251,520,182 1 251,520,181 11 4 .. 194,835,974 .. .? 11,280,397 SEPARATE ACCOUNTS —continued. Westport Harbour Account :— New Zealand Loans Act, 1908 — Westport Harbour Act, 1920 — 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 7,000'j' 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 Act, 1920. Total Westport Harbour Account 700,000 f Sinking fund 1 per cent. payable on £700,000 West- —— port Harbour Loans. Total .. .. .. .. 252,220, 182J: 252,220,182 252,220,181 11 4 .. 194,835,974 .. .. 11,317,397 Analysis of Annual Charge. Interest (chargeable to £ Consolidated Fund) ! 11,308,931 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 11,317,397§ at £1,156,589. ! — t 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, £4,854 4s. 7d.; Electric Supply Account, £115,854; Nauru and Ocean Islands Account, £10,021 10s. 5d. ; Westport Harbour Account, £238,502 6s. lOd.; Samoan Loan Suspense Account, £12,145 9s. : total, £381,377 10s. 10d., particulars of which appear on pages 62 and 63. 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 59. It is estimated that this portion of the debt will be extinguished during the financial year ending on the 31st March, 1958. 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, £10,850,000 : total (this amount is subject to validating legislation), £22,075,644 10s. 6d. 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., J per cent, of the public debt coming under the provisions of the Act, together with 3i per cent, of the debt redeemed in accordance with the Act.