NATIONAL DEBT

Waikato Times, Volume 122, Issue 20500, 17 May 1938, Page 6

NATIONAL DEBT

LOWER BY £4,382,000 NEW BORROWING, £7,492,000 <py Telegrapn.—Preas Association) WELLINGTON, Monday A reduction of the national debt by £4,382,000 in the year ended March 31 is shown by the Minister of Finance, the Hon. W- Nash, in a statement appended to his summary of the public accounts. Against this, however, has to be set the realisation of certain*, assets for £7,250,000. “New borrowing during the financial year for public works, forestry, housing, etc.,” Mr Nash stated, “amounted to £7,492,000. “Debt redeemed during the year, however, amounted to £11,874,000. Redemptions from the Debt Repayment Account and other normal transactions accounted for £1,924,000. Liquidation of the Discharged Soldiers’ Settlement Account and the old State Advances Account, following the transfer of the mortgages to the State Advances Corporation in exchange, was the means of liberating £7,250,000 formerly invested in these mortgages for further repayments of public debt. “Reductions effected were :—Ordinary, £1.924,000; special, £7,250,000; deed of hypothecation extinguished, £2,700,000;" total, £11,874,000. “The effective reduction in all obligations was from £294,583,000 at March 31, 1937, to £290.201,000 at March 31, 1938, a net decrease of £4,382,000.”