PUBLIC DEBT

Wairarapa Times-Age, 9 July 1940, Page 5

PUBLIC DEBT

TRANSACTIONS LAST YEAR. SHORT AND LONG TERM BORROWING. (By Telegraph—Press Association.) WELLINGTON, This Day. Details of loan transactions during 1939-40, not given in this year's Budget, are contained in a statement of accounts subsequently issued. Treasury bills outstanding at March 31 total £25,405,000, this representing an increase of £8,880,000 on the amount of the floating debt at the close of the previous.financial year. The net increase in the long term debt was £9,047,009. Gross increase in the long term debt amounted to £l2 918,897 and redemptions to £3.871.888.' Treasury bills to the value of £14,930,000. were issued and redemptions totalled £6,050,000. Details of the long-term borrowing, and the purposes to which the money was applied are as follows: — £ Public Works, general purposes ... -5,175.576 Public Works, electric supply 560,738 Main Highways 182,389 State Coal Mines 25,000 War Expenses Account 1,726.854 Issues in redemption 35,000 Conversion expenses 94.923 Floating debt conversion 4,500,000 Renewal o£ external debt 618,417 £12,918,897 The gross amount of new floating debt, £14,930,000, was made up as follows: — £ Public Works, general purposes .. 1,710.000 Public Works, electric supply .... 185.000 Main Highways 1,925,000 State Forests .' 400,000 War Expenses Account 1,250,00-0 Housing 5.100.000 Expenses external debt renewal .. 95,550 Long-term debt conversion 4,264.450 £14,930,000 The London debt was increased by £3,183,445, but redemptions to the amount of £2.173,191, left a net increase of £1,010,254. The sum of all the transactions was a gross increase of £21.614.476, and a net increase of £18.937,264 in the public debt. The new issues were borrowed at the following rates: lj per cent. £1.860.000: 2 per cent. £1.000,000; 21 per cent. £1.585.000; 2J per cent, £98,445; 3 per cent, £5 869.553: 3J per cent, £132.200; 4 per cent. £8.607.423; 41 per cent, £1.080.000; interest free, £1,381.854.