B.—l [PT. lII].

PUBLIC ACCOUNTS, 1 9 41-1942.

TABLE VI.—TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31st MARCH, 1942.

External debt— Details of Above. 1. London — Increases —■ £ s. d. New issues for War Expenses Account .. . . . . .. .. . . .. 8,284,051 3 4 Decreases — Redemptions from— £ s. d. Loans Redemption Account .. .. .. .. .. .. 2,182,143 3 4 Renewals and conversions to internal floating debt .. .. .. .. 10,462,134 1 6 Renewals and conversions to internal long-term debt .. .. .. 255,800 0 0 12,900,077 4 10 Decrease .. .. .. .. .. .. .. £4,616,026 1 6 2. Australia — Decrease — Redemptions from — Public Debt Repayment Account .. .. .. .. .. .. .. .. 17,300 0 0 Decrease .. .. .. .. .. .. .. .. £17,300 0 0 Internal debt — 3. Long-term debt— Increases — New issue for capital works— £ s. d. Public Works Fund : General Purposes Account .. .. 5,787,351 411 Public Works Fund: Electric Supply Account .. .. 719,794 611 Iron and Steel Industry Account .. .. .. 8, 000 0 0 Main Highways Account .. .. .. .. 257,069 8 2 State Coal-mines Account .. .. .. .. 30,000 0 0 State Forests Account .. .. .. .. .. 150,000 0 0 6,952,215 0 0 New issues: War Expenses Account .. .. .. .. .. 18,183,358 6 1 New issue to cover costs, charges, and expenses of conversions of internal long-term debt .. .. .. .. .. .. 419,660 0 0 New issues to cover exchange on renewal and conversions of external debt (London) .. .. .. .. .. .. 62,660 0 0 New issues for redemptions .. .. .. .. .. .. 15,000 0 0 Issues in renewal and conversion of floating debt .. .. .. .. 7,705,000 0 0 Issues in renewal and conversion of external debt (London) .. .. .. 255,800 0 0 — 33,593,693 6 1 Decreases — Redemption from— Public Debt Ropayment Account .. .. .. .. .. 1,070.660 0 0 Sinking Funds — £ s. d. State Coal-mines .. .. .. .. .. 6,320 0 0 Samoan Loans .. .. .. .. .. 5,625 0 0 Nauru and Ocean Islands .. .. .. .. 35,865 0 0 47,810 0 0 Loans Redemption Account .. .. .. .. .. 99,438 17 6 — 1,217,908 17 6 Increase .. .. .. .. .. .. .. £32,375,784 8 7 4. Floating debt—• Increases — New issues for capital works — £ s. d. Public Works Fund : General Purposes Account .. .. 250,000 0 0 Public Works Fund : Electric Supply Account .. .. 900,000 0 0 State Coal-mines Account .. .. .. .. 100,000 0 0 State Forests Account .. .. .. .. .. 50,000 0 0 —- 1,300,000 0 0 New issues for War Expenses Account .. .. .. .. .. 5,300,000 0 0 New issues for Housing .. .. .. .. .. .. .. 3,700,000 0 0 New issues to cover costs, charges, expenses, and exchange on renewals and conversions of external debt (London) .. .. .. 2,352,802 18 6 New issues for conversion of long-term external debt (London) .. .. 10,462,134 1 6 23,114,937 0 0 Decreases — Redemptions from— £ s. d. Public Debt Repayment Account .. .. .. 1,760,437 0 0 Electric Supply Sinking Fund .. .. .. .. 300,000 0 0 Loans Redemptions Account .. .. .. .. 5,121,800 0 0 7,182,237 0 0 Renewals and conversions to long-term internal debt .. .. .. 7,705,000 0 0 14,887,237 0 0 Increase .. .. .. .. .. .. .. £8,227,700 0 0

Notes. —(1) For details of redemption from Public Debt Repayment Account, see parliamentary paper 8.-2. (2) Money for new issues was borrowed at the following rates: 1.1 per cent,., £402,41.8; 1§ per cent., £11,150,384 18s. (id.; 2 per cent., £1,100,000; 2J per cent., £3,339,400; 3 per cent., £22,979,592 17s! sd. 3i per cent., £4,998,500; 4 per cent., £3,245; 4i per cent., £41,000 ; interest free, £130,732 12s. Od. ; free to Ist October, 1943, thereafter 2J per cent, to Ist October, 1953, £740,863 19s. (id.; advance subscriptions, £1,683,550 : total, £46,569,747 7s. lid. (3) Former shareholders of Reserve Bank anil State Advances Corporation who now hold 4-per-cent. stock have the option of requiring redemption of such stock on giving fourteen days' notice. £15,000 was borrowed during the year at 3 per cent., and from this sum and the balance of £2,163 10s. brought forward from the previous year, redemptions totalling £12,125 10s. wore effected, leaving a balance of £5,038 unused at the 31st March, 1912.

12

Outstanding. + Increase. 81st March, 1941 31st March, 1942 ~ D 60 "® 86 - (Nominal Amount). (Nominal Amount). External debt — £ s. d. £ s. d. £ s. d. London .. .. .. .. .. .. 158,371,589 6 3 153,755,563 4 9 -4,616,026 1 6 Australia .. .. .. .. .. .. .. 879,600 0 0 862,300 0 0 -17,300 0 0 Internal debt— Long-term debt .. .. .. .. .. .. 159,443,085 4 11 191,818,869 13 6 +32,375,784 8 7 Floating debt .. .. .. .. .. .. 30,733,300 0 0 38,961,000 0 0 +8,227,700 0 0 349,427,574 11 2 385,397,732 18 3+35,970,158 7 1