USING RESERVES

Evening Post, Volume CXII, Issue 85, 7 October 1931, Page 4

USING RESERVES

TO OBTAIN £350,000

Towards the balance, Mr. Stewart said he.hoped to obtain £350,000 by drawing still further upon reserves. : "A large part of the accumulated surpluses of the Consolidated Fund^from the war and post-war years was invested in discharged soldiers' settlement mortgages, repayable by instalments over a long period. These investments were constituted part of ■ the Public Debt Redemption Fund, the.interest on which went to the Consolidated Fund as a set-off against the expenditure provided for under tho Repayment of the Public Debt Act. The £350,000 which it was proposed to take represented the repayments of; principal by the mortgagors that it .was estimated would bo available during .th'is-financial-year... I may add, he. said; of the uncertainty: 'of: the whole revenue yield, I propose' to ask the House for legislation empowering Die f6 obtain further assistance from the Discharged Soldiers Settlement Account. This may necessitate making special arrangements by •hypothecation or otherwise for liquidating any' amount: that may be required over and above the £350,000 estimated to be available from the. capital repayWith ■'. this special provision,:in reserve, I am hopeful' that budgetary stability can be maintained." ;