4

8.—3

The figures regarding the domicile of local-body debt indicate a tendency for New Zealand to arrange its own finance within the Dominion. The amount of debt outstanding in the United Kingdom and in Australia has steadily the tmoltXLiaS^Se^ted oKingdom'0Kingdom' £ shown as just under £14,000.000, a reduction of St hid of loans only in New Zealand, the tendency will be to increase still further the holdings in New Zealand and to reduce overseas indebtedness as existing loans due and are paid off from sinking funds. The Board desires to acknowledge the valuable assistance it derives both from the comprehensive reports prepared by the Public Works, Health, Internal Affairs and other Government Departments, and from the data so efficiently compiled a presented for its consideration by the staff of the Treasury detailed from time to time for duties connected with its operations. ,111 The Board also desires to acknowledge the ready co-operation of the focal bodies concerned which greatly facilitates the smooth admmistration of the legislation governing local-body borrowing. The Treasury, Wellington, Bth August, 1939. B. C. Ash win, Chairman, Local Government Loans Board.

Approximate Cost of Paper— Preparation, not given ; printing (1,200 copies), £4 10s.

Bv Authority: E. V. Paul, Government Printer, Wellington. —1939.

Pri:e 3d.]