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Hokitika Guardian, 6 October 1932, Page 3

Willi, liini.il timated at £220,000.- In ,this connection it may be mentioned that interest on the Public Debt Redemption Fund will suffer 'as-a result of. the reduction in interest-rates of the Common Fund of the Public Trust Office, following the reduction in mortgage interest under the provisions of the National Expenditure Adjustment Act and relief given to mortgagors. Interest on public mon* I eys will also be less, due to the fact that balances available for investment are smaller and rates of interest in London are low. Other Receipts. The land revenues, departmental i receipts, and other miscellaneous items grouped in the accounts under “Other Receipts” produced last year, .apart from the amount drawn from reserves, j revenue totalling approximately £P--1167,000. Of this amount £490,000 came ! from Post and Telegraph profits. For ' the current financial year tin*, '“-•tit"' 1 . for this item in this group have been varied somewhat on account o! 1 the closing; of some of the separate accounts. The net result is an aggregate estimate which is £387,000 less than receipts for last financial yeai. i Use of Reserves. The remaining item on the revenue ' side of the accounts is the. p.m" ;"t drawn from reserves. Last year £1,486,j 000 was derived from this and |in the preliminary Kinancia! Sf'-'l-'-I rnent it was estimated that only about Um.im derived from repayment of discharged soldier settlement mortgages, would be available this financial year. h 1