MATURED LOANS

Hokitika Guardian, 7 November 1930, Page 3

MATURED LOANS

SUBSTANTIAL SUM REDEEMED OR RENEWED. WELLINGTON, November 4. The lion. E. A. Ransom, ’ actingMinister of Finance, to-day made the following' statement in regard to the various publid lodtis which recently fell due for redemption in the Domihion. They included per cent securities matured on July 1, 1930, to tile extent of £974,480; and a comparatively small issue of 5 per cent securities amounting to £294,640, which matured on July 15. The bulk of the maturities, however, consisted of 4£ per cent freof income tax securities issued lor war purposes in 1916, the total under this heading being £4,855,340. Hid total amount r of the debt matured was thus £6,124,460. ' ' ‘ j Approximately £1,700,000 was renewed on the application - of the original holders, whilst redemption funds to the extent of £1,670,000 were available and were utilised in paying off the matured securities.'

Mr Ransom here referred to the debt redemption scheme established under the Repayment of the Public Debt Act, 1925. Contributions from this source towards These redemptions amounted to £1,186,000; reparation moneys provided for a further £290,000, whilst capital moneys .available in separate accounts were utilised to the extent of £194,000, making up the total ol £1,670,000 mentioned. Tfce proceeds of the present issue of 5i per cent, over counter sales were applied in redemption of maturing loans to the extent of £490,000; and the balance of the cash necessary to meet redemptions was provided temporarily from various Treasury accounts. These temporary'loans are being replaced from the proceeds of further issues of 5£ per cent securities with currency to September 1, 1937.”'