B.—l [Pt. Ill]

PUBLIC ACCOUNTS, 1 943- 1 944

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

By the Repayment 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 Repayment of the Public Debt Act, 1925, is £482,083,494 2s. od. The Public Debt Redemption 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 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., J per cent, of the public debt coming under the provisions of the Act, together with an additional 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 Repayment of the Public Debt Act, 1925, do not apply : The balances of these sinking funds at the 31st March, 1944, were as follows : State Coal-mines Account, £21,052 ; Electric Supply Account, Nil; Westport Harbour Account, £241,691 10s. lOd.; Samoan Loan Suspense Account, £3 3s. sd. ; Nauru and Ocean Islands, Nil; total, £262, /46 14s. 3d.. 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 were published in 8.-l [Pt. Ill] for the year ended 31st March, 1941, and previous years. Details have not changed since 1932. 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. ° Section 6of the Hutt Road Act, 1939, provides that the Wellington City Council shall be kept indemnified out of the Main Highways Account from all liability in respect of loans specified in the First Schedule of the Act totalling £276,020. At 31st March, 1944, £191,048' 19s. sd. was outstanding, against which the Public Trustee held sinking funds totalling £113,975 12s. lid.

TABLE II.—ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31st MARCH, 1944

6

Authority for Adv&Dccs. Particulars of Accomit« Amouut* " ~ ~ ~~~~ . £ s. d. Marketing Act, 1936, Section 10 .. . - .. • ■ Advances in respect of dairy-produce purchased for export and sale Dairy Industry Account .. .. 1,243, 065 11 6 Marketing Amendment Act, 1939, Section 5 .. .. .. Advances in respect of primary products purchased for sale .. Internal Marketing Account .. .. 348,312 12 11 Marketing Amendment Act, 1939, Section 5 .. .. -■ Advances in respect of sundry products purchased for export and Sundry Products Account .. .. 51,894 11 8 sale Total advances as at 31st March, 1944.. .. .. .. .. -• -• •• •• •• •• •• •• •• £1,643,272 16 1

Domicile of Principal. Interest Charge. Amount, in New Zealand Currency. Stl ! Interest in Eemarts. m £ Hew Zealand When payable. Sterling. 53 fVirrpnpv New Zealand. Australia. London. P3 i I £ s. d. £ £ s. d. £ s. d. % £ Brought forward .. 308,314,272 1 2 862,300 152,027,035 0 7 121,621,628 0 6 15,780,577 New Zealakd Loans Act, 1932 —continued Debentures and Stock —contd. 1,263,000 17 4 .. -■ Various* .. Free .. .. * The currency of the major portion of this loan is for the duration of the war and six months thereafter. Advance subscriptions .. 1,554,660 0 0 .. • Funding Agreement with Im- 30,125,249 8 3 24,100,199 10 7f .. .. 1,491,538} 1 June and 1 Dec. f Balance of £27,532,164, Imperial perial Government Government advances, funded in Memorandum of Security .. •• •• 16,732,500 0 0 13,386,000 0 0 15 Aug., 1965 3 501,975 15 April and 15 Oct. terms of section 8, Finance Act, Treasury bills .. .. 5,000,000 0 0.. .. Various .. 1 50,000 .. 1922. Details of original loan as 50,615,000 0 0.. .. „ 1J 759,225 .. funded shown in B.-l [Pt. II], Total securities charged 1921-22. on the Public Revenues j: Payments suspended in terms of and outstanding at agreement with Imperial Govern31st March, 1944 .. 366,746,932 18 6 862,300 198,884,784 8 10 159,107,827 11 1 18,583,315 ment. £566,494,017 7 4