B—l [PT. IT]

Account (1939), and Loans Redemption Account, represent also the amounts of capital liability due to the Consolidated Fund in terms of section 6 of the National Development Loans Act, 1941. Loans included in the defined portion of the Public Debt — Consolidated Fund: Ordinary Revenue Account — £ s. d. £ s. d. Greymouth Harbour Board .. .. .. 148,000 0 0 War Expenses (1914-18) .. .. .. 54,583,634 10 11 Reserve Bank Exchange Adjustment .. .. 20,000,000 0 0 Bank of New Zealand shares .. .. .. 7,967,505 0 0 British Commonwealth Pacific Airlines, Ltd. .. 300,000 0 0 British Petroleum Co. of New Zealand, Ltd. .. 1,083,750 0 0 Housing Account .. .. .. .. 43,471,570 1 4 Land for Settlements Account .. .. .. 19,237,191 4 5 Cheviot Estate .. .. .. .. .. 160,918 0 0 Linen Flax Corporation .. .. .. .. 300,000 0 0 Nauru and Ocean Islands .. .. .. 192,044 7 3 New Zealand National Airways Corporation .. 1,225,000 0 0 Public Works Account— Public Works (including Railways and Post and Telegraph) .. .. .. ..205,015,340 13 6 Housing Construction .. .. .. .. 5,336,257 10 4 State Coal-mines Account .. .. .. 4,540,990 3 0 War Expenses Account (1939) .. .. .. 203,874,694 4 0 567,436,895 14 9 Less loans represented by funded debt due to the United Kingdom Government .. .. 24,100,199 10 7 Decrease in Australian debt as a result of New Zealand exchange reverting to parity with sterling .. .. .. .. 150,774 0 0 24,250,973 10 7 543,185,922 4 2 Loans Redemption Account— Securities issued for renewal of loans falling due 965,105 0 0 Amounts received in reduction of various liability accounts and not used for redemption of securities as at 31st March, 1949 .. .. 843,330 5 7 1,808,435 5 7 544,994,357 9 9 Loans not included in the defined portion of the Public Debt — Electric Supply Account .. .. .. 38,080,486 7 5 State Advances Account .. .. .. 34,001,697 0 10 72,082,183 8 3 Funded debt due to the United Kingdom Government .. .. 24,100,199 10 7 Total liability represented by debt as at 31st March, 1949 .. .. .. .. .. .. £641,176,740 8 7 - V Excess Unauthorized In terms of section 7 of the Finance Act, 1947, the authority available for unauthorized expenditure during 1948-49 was £2,592,538, but the total issue against the authority amounted to £2,822,310, and resulted in the statutory limit being exceeded by £229,772. The Audit Office has been advised that legislation will be introduced to validate the excess.

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