B. —1 [PT. IV], SUP. to 1932.

PUBLIC DEBT REDEMPTION FUND. Showing the Net Cost to the Taxpayers of Debt-reduction under the Repayment of the Public Debt Act, 1925. Revenue Account for the Year ended 31st March, 1932. Dr. ' Or. To Public Debt Repayment Account—Pay- £ s. d. By Interest on Public Debt Redemption Fund— £ s. d. ments from Consolidated Fund — Public Trust .. .. .. 409,197 6 11 J per cent, on public debt outstanding at State Advances .. .. .. 157,240 0 10 31st March, 1931 .. .. .. 1,016,457 10 5 Discharged Soldiers Settlement Account.. 433,616 8 9 \ per cent, on public debt redeemed to ~ 31st March, 1931 .. .. .. 31,229 16 7 Total income .. .. 1,000,053 16 6 3i per cent, on public debt redeemed to Excess of expenditure over income .. 279.146 211 31st March, 1931 .. .. ■■ 218,608 14 1 3| per cent, on public debt cancelled during year .. .. .. 12,903 18 4 £1,279,199 19 5 £1,279,199 19 5 Balance-sheet as at 31st March, 1932. Liabilities. £ s. d. Assets. £ s. d. Public Debt Redemption Fund .. ..21,725,644 10 6 Investments— o Treasury Adjustment Account .. .. 815,162 11 9 Public Trust Office .. .. •• J* , State Advances Office .. .. .. 3,258,955 19 Discharged Soldiers Settlement Account .. 10,500,000 0 ") Interest accrued — Public Trust Office .. .. .. 2,890 8 3 State Advances Office .. .. .. 35,76887 Discharged Soldiers Settlement Account .. 35,287 13 5 Interest due and unpaid— State Advances Office .. .. .. 28,069 18 7 Discharged Soldiers Settlement Account .. 434,000 0 0 Excess of expenditure over income .. .. *279,146 211 £22,540,807 2 3 £22,540,807 2 3 * Note. The excess of expenditure over income represents the amount by which the contributions from the Consolidated Fund to the Public Debt Repayment Account in terms of the Repayment of Public Debt Act, 1925, exceed the receipts from income on the Public Debt Redemption Fund, and is therefore the net cost to taxpayers on account of debt-reduction under the Act for the financial year 1931-32. The figure for the financial year 1930-31 was £198,598 Is. lOd. G. C. Rodda, F.R.A.N.Z., Accountant to the Treasury. I hereby certify that the Revenue Account and Balance-sheet have been duly examined and compared with the relative books and documents submitted for audit, and correctly state the position as disclosed thereby, subject to the above departmental note.—J. H. Fowler, Deputy Controller and Auditor-General.

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