B.—l [Pr. lII].

PUBLIC ACCOUNTS, 1937-1 9 3 8.

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1938-continued.

separate m ™™T P. r °7 ided hereby the whole of the public debt other than that raised for State Advances purposes and those portions for which separate sinking funds exist will be extmguished in approximately sixty years from the time of coming under the provisions of the Act. The total of loans comine within the nrovisions of the of the Public Debt Act> 1925 is £216,856,476 12s. The Public Debt Redemption Fund Capital Account established under this Act comprises investments section 8 (*,>£3,258 955 18b. id., BJb) £2,000,000, and 8 (c) £7,966,688 lis. 2d.: total, £13,225,644 10s. 6d. Subsections (a) and (b) were repealed by LtionTo" the investments under these subsections are now in State Advances Corporation Stock and Contingent Liability. In respect of (b) the amount is subject to realization. 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 A per cent, of the public debt coming under the provisions of the Act, together with 4 per cent, of the debt redeemed in accordance with the Act. 2 A,.™,! aS wi eXI , 8t f° r the extino son5 on of Portions of the debt to which the provisions of the Repayment of the Public Debt Act, 1925, do not apply State Coal-mines wMchappear on pages 12 and! 3 ' £U ' 679 15s " ld " ; West P ort Harbour Account, £343,458 6s. 6d.; Samoan Loan Suspense Account, £4 lis. 9d.: total, £364,668 3s. 4d„ particulars of t0 the spe ®'f I sinking funds mentioned above, special provision exists for the repayment of that portion of the debt funded by agreement with the Imperial Government Particulars hich are given on page 10. It is estimated that this portion of the debt would under the original agreement be extinguished during the financial year ending on the 31st March 1958 ' Pavments have been suspended by arrangement with the Imperial Government. " alsl lyos " Payments

TABLE II.—ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31st MARCH, 1938.

8

Annual Charge. j Domicile of Principal. _ Amount ., ... - * " I i ■* > <i— r— | |—! I outstanding. Due Date - Remarks. 2 _g j Interest. When payable. ! New Zealand. ' London. Australia I PiS [ I £ s. d. % £ £ S d. £ S d £ Brought forward .. 290,201,341 19 5 .. .. 11,227,776 .. 132,461,725 12 3 156,857,016 7 2 882,600 Amortization Charges. £ 1,782,014* Repayment of the .. .. .. * Estimated. Public Debt Act, 1925 458,700t Funded Debt .. .. .. _ -j- Represents principal repayment also suspended by agreement i, . d. , ~ , . with Imperial Government. 11,6 J t^ e 1 Coal-mines ., .. j Payable from the State Coal-mines w' S !? ! r 4 Un u Account. Estimated. 10,859§ Westport Harbour .. .. .. § £3,859 sinking fund, 4| per cent. 9 Oftrt 97 n oinkmg 1< und payable in respect of sinking funds ' used for redemption; and £7,000 T °the PuW?c liven nfs d a,°d 29 °- 2(>1 ' ;i41 19 5 •• 13,491,046 .. 132,461,725 12 3 156,857,016 7 2 Ustport'Sour outstanding at 31sfcMarch, Loans. 1938 :

Authority for Advances. Particulars of Advances. Account. J A^^rant p r °j UC t S i^ 36 ' ® e ® ti f n 1 . 1 0 ( l '• . | Advances in respect of dairy-produce purchased for export and sale Dairy Industry Account ' .. . 5 144 549 9 TO Primary Products Marketing Amendment Act, 1937, Section 9 Advances m respect of primary products purchased for sale .. Internal Marketing Account .. .. ' 7 7 Total advances as at 31st March, 1933 .. .. .. £5,200,848 17 5