B.—l [PT. Ill].

.5 PUBLIC ACCOUNTS, 1 9 39-1940.

TABLE VII.—TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31st MARCH, 1940.

Details or above. External debt — 1. London— Increases— New issues for capital works— £ s. d. £ s. d. £ s. d. Public Works Fund : General Purposes Account .. .. 2,480,245 0 0 Public Works Fund: Electric Supply Account .. .. 93,500 0 0 Main Highways Account .. .. .. .. .. 500,500 0 0 3,074,245 0 0 New issues for War Expenses Account .. .. ... .. 109,200 0 0 3,183,445 0 0 Decreases — Redemptions from— Loans Redemption Account .. .. .. .. .. .. 165,323 18 0 Renewals and conversions to internal floating debt .. .. ; ..1 •' .. 1,389,450 0 0 Renewals to interna! long-term debt .. .. .. .. .. 618,416 13 4 2,173,190 11 4 t. Increase .. .. .. .. .. .. £1,010,254 8 8 Internal debt — 2. Long-term debt— Increases — New issues for capital works — Public Works Fund : General Purposes Account .. .. 5,175,576 4 1 \Public Works Fund : Electric Supply Account .. .. 560,738 911 Main Highways Account .. .. .. .. .. 182,388 15 11 State Coal-mines Account .. .. .. .. .. 25,000 0 0 5,943,703 9 11 New issues : War Expenses Account .. .. .. . ■ 1,726,854 8 6 New issues for redemptions .. .. .. .. .. •• •• 35,000 0 0 New issues to cover costs, charges, and expenses of conversions .. .. .. 94,922 15 1 Issues in conversion of floating debt .. .. .. .. .. ... .4,500 jOOO 0. 0 • Issues in renewal of external debt .. .. .. .. .. •• 618,416 13 4 . — 12,918,897 6 10 Decreases — Redemptions from — Public Debt Repayment Account .. .. .. .. 328,£17 9 6 Sinking Funds— £ s. d. Electric Supply .. .. .. 570,983 911 State Coal-mines .. .. .. 11,765 0 0 Samoan Loans .. .. .. 5,130 0 0 Nauru and Ocean Islands .. .. 33,445 0 0 621,323 9 11 Loans Redemption Account .. .. .. 47,346 15 0 996,887 14 5 Long-term securities converted to floating debt (Treasury bills) .. .. .. 2,875,000 0 0 3,871,887 14 5 Increase .. .. .. .. . .. •• £9,047,009 12 5 3. Floating debt— r—t-i Increases — New issues for capital works — Public Works Fund : General Purposes Account .. .. 1,710,000 0 0 Public Works Fund : Electric Supply Account .. .. 185,000 0 0 Main Highways Account .. .. . . •. .. 1,925, 000 0 0 State Forests Account .. .. .. .. .. 400,000 0 0 4,220,000 ,0 .0. New : issues for War Expenses Account .. .. .. ... 1,250,000 0 ,0 New issues for Housing .. .. . .. ..vl 5,100,000 0 0 New issues to cover costs, charges, and expenses on renewals of external debt .. 95,550 0 0 New issues for conversion of long-term debt .. .. .. .. .. 4,264,450 0 0 14,930,000 0 0 Decreases — Redemptions from — Public Debt Repayment Account .. .. .. .. .. 1,550,000 0 0 Conversions to long-term debt .. .. .. .. .. •• 4,500,000 0 0 6,050,000 0 0 Increase .. .. .. .. .. -• •• £8,880,000 0 0 Notes (I) For details of redemptions from Public Debt, llepaymcnt Account, see parliamentary paper 8.-2. (2) Money for new issues was borrowed at the following rates : tt per cent,., £1,800,000 ; 2 per cent., £1,000,000 ; 2J per cent., £1,585,000 ; 2| per cent,., £#8,445; 3 per cent., £5,869,553 9s. lid.; 3} per cent £132,200 ; 4 per cent., £8,007,422 IBs. Id.; 4J per cent., £1,080,000 ; interest free, £1,381,854 Bs. (id.: total, £21,(114,475 13s. (id. (3) Former shareholders' of Reserve Bank and State Advances Corporation who now hold 4-per-cent. stock have the option of requiring redemption of such stock on giving fourteen days' notice. £35,000 was borrowed during the year at 3 per cent, to meet such redemptions, which totalled £33,510 15s. od., the balance £1 489 sb. od., together with £0,354 10s. od., brought forward from the previous year leaves £7,843 15s. Od. unused at the 31st. March, 1940.

14

Outstanding. | Increase. 31st March, 1939 31st March, 1940 I (Nominal Amount). (Nominal Amount). External debt —- £ d. ' £ s - d. £ a. d. London.. .. .. .. .. .. .. 156,853,016 7 2 157,863,270 15 10 1,010,254 8 8 Australia .. .. .. .. .. .. 879,600 0 0 879,600 0 0 Internal debt— Long-term debt .. .. .. .. .. 129,712,655 16 0 138,759,665 8 5 9,047,009 12 5 Moating debt .. .. .. .. .. •• 16,525,000 0 0 25,405,000 0 0 8,880,000 0 0 303,970,272 3 2 322,907,536 4 3 18,937,264 1 1