13.—1 [i'T. lII].

PUBLIC ACCOUNTS, 193 8-1939.

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1939—continued.

By the Bepayment of the Public Debt Act, 1925, means are provided whereby 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 extinguished in approximately sixty years from the time of coming under the provisions of the Act. The total of loans coming within the provisions of the Bepayment of the Public Debt Act, 1925, is £230,650,302 10s. Bd. The Public Debt Bedemption Fund Capital Account established under this Act comprises investments of sinking funds accumulated under former legislation and now invested with the State Advances Corporation £3,250,000 and the Public Trustee £7,966,688 lis. 2d.: total, £11,216,688 lis. 2d. The interest on the Bedemption Fund capital is paid over to the Consolidated Fund as a set-off against the annual payments made by the latter fund to the Bepayment of the Public Debt Account— viz., J 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. Sinking funds as indicated exist for the extinction of portions of the debt to which the provisions of the Bepayment of the Public Debt Act, 1925, do not apply: State Coal-mines Account, £11,767 3s. Bd.; Electric Supply Account, £10,321 2s. 3d.; Westport Harbour Account, £367,076 6s. 6d.; Samoan Loan Suspense Account, £1 14s. lid. : total, £389,166 7s. 4d., particulars of which appear on pages 11, 12, and 13. 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 10. It was estimated that this portion of the debt would under the original agreement be extinguished during the financial year ending on the 31st March, 1958. Payments have been suspended by arrangement with the Imperial Government.

TABLE II.—ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31st MARCH, 1939.

8

Annual Charge. Domicile of Principal. — outZding. Due Date " of Remarks. 2 S Interest. When payable. New Zealand. London. Australia. £ s d £ £ s d £ s d £ Brought forward .. 303,970,272 3 2 .. .? 11,749,174 .. 146,237,655 16' 0 156,853,016 7* 2 879,600 Amortization Charges. £ 1,907, 144* Repayment of the .. .. * Estimated. Public Debt Aet, 1925 458,700f Funded Debt .. .. .. .. f Represents principal repayment also suspended by agreement with Imperial Government. 6,000J State Coal-mines .. .. .. J Payable from the State Coal-mines Sinking Fund Account. Estimated. 10,859§ Westport Harbour .. .. .. §£3,859 sinking fund, 4£ per cent. Sinking Fund payable in respect of sinking funds 2,382, 703 used for redemption; and £7,000 sinking fund, 1 per cent, payable Total securities charged on 303,970,272 3 2 .. .. 14,131,877 .. 146,237,655 16 0 156,853,016 7 2 879,600 on £700,000 Westport Harbour the Public Revenues and ■ i — 1— —. . i i -- Loans. outstanding at 31st March, 1939

Authority for Advances. Particulars of Advances. Account. Amount. £ s. d. Primary Products Marketing Act, 1936, Section 10 .. .. Advances in respect of dairy-produce purchased for export and sale Dairy Industry Account .. .. 6,922,622 6 6 Primary Products Marketing Amendment Act, 1937, Section 9 Advances in respect of primary products purchased for sale .. Internal Marketing Account .. .. 312,839 8 8 Total advances as at 31st March, 1939 .. .. .. .. .. .. .. .. .. .. .. .. .. .. £7,235,461 15 2 ; '