THE PUBLIC DEBT OF NEW ZEALAND. STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1932—continued.

PUBLIC ACCOUNTS, 19 31-1932

B.—l [Pt. lII.]

II 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, £7,990 ss. 6d.; Electric Supply Account, £62,058 15s. lOd.; Nauru and Ocean Islands Account, £65 4s. 5d.; Westport Harbour Account, £261,827 16s. 3d.; Samoan Loan Suspense Account, £22,392 3s. 6d.: total, £354,334 ss. 6d., particulars of which appear on pages 56 and 57. 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 54. 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, £10,500,000 : total, £21,725,644 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., 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. a The total of loans coming within the provisions of the Repayment of the Public Debt Act, 1925, is £205,724,341 ss. 3d. The difference is due to the figures being stated at the nearest pound.

53

Amount outstanding. Date of Inception of Loans for Annual Charge. Purposes of Repayment Appropriate Account and Authorizing Act. Due Date. of Public Debt 1925 - RemarKs. Act. Account. Details. £ g Amount. When pavable. Amount. Year ended £ I £ £ s. d. £ I % £ Brought forward .. .. 278,251,650 278,251,650 278,251,650 3 5 .. 205,724,343 .. .. 12,118,925 SEPARATE ACCOUNTS —continued. Westport Harboup. Account :— New Zealand Loans Act, 1908,— ! * Loans raised by the late Westport Harbour Act, 1920— i Westport Harbour Board Westport Harbour Board Act, 1884, 461,150*, .. 461,150 0 0 1 Jan., 1949 .. .. 4 18,446 1 Jan. and 1 July and taken over by the and Loan Acts, 1896, 1897, and l,748f 31 Mar. „ 30 Sept. Government in terms, of 1900 7,000J 1 Mar. „ 1 Sept. the Westport Harbour Act, Westport Harbour Board Loan Act, 200,000* .. 200,000 0 0 15 Eeb., 1945 .. .. 5 10,000 15 Feb. „ 15 Aug. 1920. 1908 -j- Sinking fund of 4} per cent . payable in respect of sinkTotal Westport Harbour Account 661, 150 ing funds used for redemptions. —— —— — J Sinking fund 1 per cent. 278,912,800(1 278,912,800 278,912,800 3 5 .. 205,724,343 .. .. 12,156,119 payable on £700,000 Westport Harbour Loans. Public Revenues Act, 1926, Section 41 f 1,000, 000 0 0 29 April, 1932 .. .. .. 10,000 0 0 25 May, 1932 .. .. 4 4001f Treasury Bills .. .. .. 3,030,000 .. -{ 1,000,000 0 0 29 May, 1932 .. .. 54,3751J 20,000 0 0 9 June, 1932 .. .. 5 1,0001[ U>000, 000 0 0 30 June, 1932 .. .. 54,3751f 3,030,000 .. .. .. .... Total Debt .. .. 281,942,800 281,942,800 281,942,800 3 5 205,724,343a .. .. 12,320,644 Analysis of Annual Charge. £ Interest (chargeable to 12,310,430 Consolidated Fund) Interest (chargeable to 1,466 Native Land Settlement Account) Sinking Fund (charge- 8,748 § In addition to this amount able to Consolidated " there is a charge under the Fund) Repayment of the Public — Debt Act, 1925, estimated 12,320,644§ at £1,354,198.