NATIONAL DEBT
A TOTAL OF £281,042,800.
WELLINGTON, November 15
At March 31st, 1932, the public debt of New Zealand amounted to £281,924,800, representing an increase of £5,909,442 during the year. The annual report on the public accounts by the Controller and AuditorGeneral (Colonel G. F. C. Campbell), which was represented in the House to-day, reveals that securities redeemed diking the year under the repayment- of the Public Debt Act, 1925, represented a saving interest in of £90,816, this sum being the difference between the inters! which the securities bore and the interest OH per cent.) payable by the Consolidated Fund.' to the Public Debt Repayment Account. TV Auditor-General points out that the Public Debt Repayment Fund differs materially from ail ordinary sinking fund, in that the annual contributions firm the Consolidated Fund are not based on an actuarial calculation so as to provide for the repayment of ‘the national debt in a specified number of years, but- are used immediately for the redemption of securities and the saving of annual interest charges. Any temporary cessation from the repurchasing. of securities would not seriously impair the scheme.
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Hokitika Guardian, 19 November 1932, Page 6
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186NATIONAL DEBT Hokitika Guardian, 19 November 1932, Page 6
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