REPAYMENT OF THE PUBLIC DEBT. REPORT AND ACCOUNTS OF THE PUBLIC DEBT COMMISSION FOR THE YEAR ENDED 31st MARCH, 1927.

Appendix to the Journals of the House of Representatives, 1927 Session I, B-02

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1927. NEW ZEALAND.

REPAYMENT OF THE PUBLIC DEBT. REPORT AND ACCOUNTS OF THE PUBLIC DEBT COMMISSION FOR THE YEAR ENDED 31st MARCH, 1927.

Presented to both Houses of the General Assembly in compliance with Section 14 of the Repayment of the: Public Debt Act, 1925.

REPORT. Wellington, 2nd August, 1927. The Public Debt Commission has the honour to lay before Parliament the account of its transactions for the year ended 31st March, 1927. The following certificate in terms of the Repayment of the Public Debt Act, 1925, was furnished by the Controller and Auditor-General: — Pursuant to section 7 of the Repayment of the Public Debt Act, 1925, I hereby certify that — (a) The total amount of the public debt within the meaning of that Act outstanding at the end of the financial year ended on the 31st day of March, 1927, was one hundred and eighty-two million one hundred and thirteen thousand six hundred and ninety-five pounds eighteen shillings and sevenpence (£182,113,695 18s. 7d.). (b) The amount of the public debt repaid or redeemed under the provisions of that Act within the financial year aforesaid was nine hundred and forty-two thousand and twenty pounds (£942,020). (c) The aggregate amount of the public debt that has been so repaid or redeemed since the commencement of the Act and to the end of the financial year aforesaid was one million eight hundred and thirty-one thousand seven hundred and fifty-two pounds thirteen shillings and twopence (£1,831,752 13s. 2d.). The foregoing figures take into consideration the allocation of New Zealand Consolidated Stock, for which the Hon. the Minister of Finance has authorized the introduction of validating legislation during the present session. G. F. C. Campbell, Controller and Auditor-General. In terms of section 11 of the Repayment of the Public Debt Act, 1925, the sum of £941,529 4s. 4d was paid to the credit of the Public Debt Repayment Account from the Ordinary Revenue Account of the Consolidated Fund, and of this sum, together with the balance at the beginning of the year (£2,096 2s. 6d.), the amount of £939,230 14s. was utilized in the discharge from the public debt of securities of a nominal amount of £942,020, as per statement hereunder.

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Public Debt Repayment Account. Receipts. Balance at beginning of year— £ s. d. £ s. d. Cash in the Public Account .. .. .. .. .. .. .. 2,096 2 6 Repayment of the Public Debt Act, 1925, section 11— Transfers from Consolidated Fund— Subsection (a), being one-half of 1 per cent, of the amount of the public debt outstanding at 31st March, 1926 .. .. .. .. 896,651 3 5 Subsection (b), being 3% per cent, of the amount of the public debt redeemed to 31st. March, 1926 .. .. .. .. . . .. 31,140 12 10 Subsection (b), being 3| per cent, of the amount of the public debt cancelled during the vear, computed from the dates of redemption .. .. 13,737 8 1 941,529 4 4 £943,625 6 10 Payments. Securities redeemed and cancelled in terms of section 13 of the Repayment of the Public Debt Act, 1925— New Zealand Loans Act, 1908 — £ s. d. £ s. d. Aid to Public Works and Land Settlement Act, 1906 .. . . .. 101,900 0 0 Aid to Public Works and Land Settlement Act, 1907 .. .. .. 111,200 0 0 Aid to Public Works and Land Settlement Act, 1921 .. .. .. 66,750 0 0 Appropriation Act, 1918, section 33 (Waimarino bush-fire relief).. .. 5,000 0 0 Discharged Soldiers Settlement Loans Act, 1920 .. .. .. 18,900 0 0 Education Purposes Loan Act, 1919 . . .. .. .. .. 13,000 0 0 Finance Act, 1916, section 35 (war expenses), (nominal value £126,850) .. 126,545 0 0 Finance Act, 1918 (No. 2) Part TV (war expenses), (nominal value £3,200) 3,072 0 0 Finance Act, 1918 (No. 2), section 30 (cold storage advances) .. . . 980 0 0 Fishing Industry Promotion Act, 1919 .. .. .. .. 1,060 0 0 Fruit-preserving Industry Act, 1913, and Finance Act, 1917, section 80 .. 5,000 0 0 Land for Settlements Act, 1908 .. .. .. . . .. 200,200 0 0 Land Laws Amendment Act, 1913 .. .. .. .. .. 10,200 0 0 Mining Amendment Act, 1913, and Amendment Act, 1919 .. .. 6,500 0 0 New Zealand State-guaranteed Advances Acts, 1909-10, and Finance Act, 1915, section 106 (Land for Settlements Branch), (nominal value £50) .. .. .. .. .. .. .. 48 0 0 Government Railways Act, 1908 ; Railways Improvement Authorization Acts, 1904-7 .. ...... .. .. .. .. 12,400 0 0 Rangitaiki Land Drainage Amendment Act, 1913, and Finance Act, 1921-22, section 23 .. .. .. .. .. .. 15,500 0 0 Swamp Drainage Act, 1915, and Appropriation Act, 1918, section 46 .. 5,000 0 0 War Purposes Loan Act, 1917 (nominal value £3,700) .. .. .. 3,552 2 6 War Purposes Loan Act, 1917, and Finance Act, 1917, section 68 (nominal value £2,600).. .. .. .. .. .. .. 2,566 12 6 New Zealand Inscribed Stock Act, 1917— Aid to Public Works and Land Settlement Act, 1921 .. .. 63,420 0 0 Discharged Soldiers Settlement Loans Act, 1920 .. .. .. 1,000 0 0 Education Purposes Loan Act, 1919 .. .. .. .. 3,780 0 0 Finance Act, 1916, section 35 (war expenses), (nominal value £72,660) 72,626 2 6 Finance Act, 1918, section 10 (war expenses), (nominal value £19,000) 18,253 5 0 Finance Act, 1918, section 10 (war expenses), (death-duty stock) .. 15,050 0 0 Finance Act, 1919, section 5 (public works), (nominal value £200) .. 195 0 0 Government Railways Act, 1908, and Finance Act, 1909 .. .. 500 0 0 Land for Settlements Act, 1908 .. .. .. .. .. 6,100 0 0 War Purposes Loan Act, 1917 (nominal value £37,820) .. .. 36,432 11 6 War Purposes Loan Act, 1917 (death-duty stock) .. .. .. 12,500 0 0 939,230 14 0 Balance at end of year — Cash in the Public Account .. .. .. .. .. .. 4,394 12 10 £943,625 6 10

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Statement of Securities redeemed and cancelled in Terms of Section 13 of the Repayment of the Public Debt Act, 1925.

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Authorizing Act. | percent. M°turi?y. Nominal Value. Cash utilized. Be^mptLn. ■ ; I • 'I !___ New Zealand Loans Act, 1908 — £ s. d. £ s. d. Aid to Public Works and Land Debentures 5J 1/1/1927 100,000 0 0 100,000 0 0 1/1/1927 Settlement Act, 1906 6 1/1/1927 1,900 0 0 1,900 0 0 1/1/1927 Aid to Public Works and Land ,, 6 1/1/1927 111,200 0 0 111,200 0 0 1/1/1927 Settlement Act, 1907 Aid to Public Works and Land „ 6 1/8/1926 66,750 0 0 66,750 0 0 1/8/1926 Settlement Act, 1921 Appropriation Act, 1918, (section „ 4 1/3/1929 5,000 0 0 5,000 0 0 31/3/1927 33 (Waimarino bush-fire relief) Discharged Soldiers Settlement „ 6 1/8/1926 5,000 0 0. 5,000 0 0 1/8/1926 Loans Act, 1920 5J 16/11/1926 9,000 0 0 9,000 0 0 16/11/1926 5| 14/12/1926 4,900 0 0 4,900 0 0 14/12/1926 Education Purposes Loans Act, „ 6 1/8/1926 10,000 0 0 10,000 0 0 1/8/1926 1919 6 1/1/1927 3,000 0 0 3,000 0 0 1/1/1927 Finance Act, 1915, section 106 ,, 4J 1/7/1941 50 0 0 48 0 0 26/11/1926 and New Zealand State-guaran-teed Advances Acts, 1909 -10 Finance Act, 1916, section 35 „ 6 1/8/1926 117,200 0 0 117,200 0 0 1/8/1926 (war debt) " 4J 1/9/1930 900 0 0 864 0 0 21/8/1926 4| 1/9/1930 600 0 0 576 0 0 9/9/1926 U 1/9/1930 5,000 0 0 4,850 0 0 7/9/1926 4J 1/9/1930 50 0 0 48 0 0 24/9/1926 4f 1/9/1930 50 0 0 48 10 0 21/10/1926 4|- 1/9/1930 100 0 0 97 0 0 23/10/1926 4J 1/9/1930 2,200 0 0 2,134 0 0 16/10/1926 4J 1/9/1930 350 0 0 339 10 0 12/10/1926 4J 1/9/1930 400 0 0 388 0 0 2/12/1926 Finance Act, 1918 (No. 2), section ,, 4 1/3/1929 980 0 0 980 0 0 31/3/1927 30 (cold-storage advances) Finance Act, 1918 (No. 2), Part „ U 20/4/1939 1,000 0 0 960 0 0 13/10/1926 IV (war debt) 4 20/4/1939 2,000 0 0 1,920 0 0 16/10/1926 U 20/4/1939 100 0 0 96 0 0 12/10/1926 4J 20/4/1939 100 0 0 96 0 0 29/9/1926 Fishing Industry Promotion Act, „ 4J 1/12/1928 1,060 0 0 1,060 0 0 31/3/1927 'W1919 Fruit-preserving Industry Act „ 4 1/4/1930 5,000 0 0 5,000 0 0 31/3/1927 and Finance Act, 1917, section 80 Land for Settlements Act, 1908 „ 5J 1/1/1927 200,000 0 0 200,000 0 0 1/1/1927 6 1/1/1927 200 0 0 200 0 0 1/1/1927 Land Laws Amendment Act, 1913 ,, 4} 1/9/1926 10,200 0 0 10,200 0 0 1/9/1926 Mining Amendment Act, 1913, „ U 1/5/1928 1,500 0 0 1,500 0 0 31/3/1927 and Amendment Act, 1919 4 1/5/1931 5,000 0 0 5,000 0 0 31/3/1927 Rangitaiki Land Drainage Amend- ,, 4 1/12/1929 15,500 0 0 15,500 0 0 31/3/1927 ment Act, 1913, and Finance Act, 1921-22, section 23 Swamp Land Drainage Act, 1915, ,, 1/5/1929 5,000 0 0 5,000 0 0 31/3/1927 and Appropriation Act, 1918, section 46 Railways Improvement Autho- ,, 6 1/1/1927 12,400 0 0 12,400 0 0 1/1/1927 rization Act, 1904 War Purposes Loan Act, 1917, „ 4£ 15/11/1938 200 0 0 192 0 0 21/8/1926 (war debt) 4£ 15/11/1938 200 0 0 192 0 0 12/10/1926 4£ 15/11/1938 1,000 0 0 960 0 0 13/10/1926 4 15/11/1938 2,000 0 0 ],920 0 0 15/10/1926 4J 15/11/1938 100 0 0 95 17 6 26/10/1926 4* 15/11/1938 200 0 0 192 5 0 14/1/1927 War Purposes Loan Act, 1917, „ 5 15/11/1927 200 0 0 197 0 0 6/10/1926 and Finance Act, 1917, section 5 15/11/1927 500 0 0 494 7 6 6/12/1926 68 (war debt) 5 15/11/1927 500 0 0 492 10 0 12/10/1926 5 15/11/1927 1,000 0 0 988 15 0 16/12/1926 5 15/11/1927 400 0 0 394 0 0 7/1/1927 New Zealand Inscribed Stock Act, §* 1917— Aid to Public Works and Land Stock .. 6 1/8/1926 63,420 0 0 63,420 0 0 1/8/1926 Settlement Act, 1921 Discharged Soldiers Settlement ,, .. 6 15/1/1927 1,000 0 0 1,000 0 0 15/1/1927 Loans Act, 1920 Education Purposes Loan Act, ,, .. 6 1/11/1926 3,780 0 0 3,780 0 0 1/11/1926 1919 Finance Act, 1916, section 35 ,, .. 6 1/8/1926 71,810 0 0 71,810 0 0 1/8/1926 (war debt) 5 1/9/1941 800 0 0 768 0 0 2/12/1926 U 15/11/1938 50 0 0 48 2 6 13/12/1926 Finance Act, 1918, section 10 „ .. 4* 20/4/1939 150 0 0 150 0 0 23/7/1926 (war debt) 4i 20/4/1939 4,000 0 0 4,000 0 0 14/8/1926 U 20/4/1939 10,000 0 0 10,000 0 0 7/9/1926 4J 20/4/1939 10,000 0 0 9,600 0 0 7/9/1926 U 20/4/1939 400 0 0 400 0 0 9/9/1926 5" 20/4/1929 500 0 0 490 0 0 28/9/1926 44 20/4/1939 2,400 0 0 2,304 0 0 14/10/1926 4 20/4/1939 3,000 0 0 2,876 5 0 16/10/1926 4 20/4/1939 200 0 0 191 15 0 21/10/1926 4l 20/4/1939 2,900 0 0 2,791 5 0 13/12/1926 4J 20/4/1939 500 0 0 500 0 0 16/11/1926 Carried forward .. .. .. .. .. 884,900 0 0 883,503 2 6

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Statement of Securities redeemed and cancelled in Terms of Section 13 of the Repayment of the Public Debt Act, 1925 —continued.

Wm. Downie Stewart, Chairman Public Debt Commission.

Approximate Cost of Paper.—Preparation, not given; printing (500 copies), £5 7?. 6d.

Authority : W. A. G. Skinner, Government Printer, Wellington.—l 927

Price 3d.]

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a Nature of Rate Date of A t . , I i - l ,, . , l( . n -. Date of Authorizing Act. j security. I per Cent. Maturity. Nominal Value, j Cash utilized. Bedemp tion. I I £ s. d. £ s. d. Brought forward .. .. .. .. .. 884,900 0 0 883,503 2 6 New Zealand Inscribed Stock Act, X 9X 7 continued Finance Act, 1919, section 5 Stock .. 5 15/7/1930 200 0 0 195 0 0 22/12/1926 (public works) Government Railways Act, 1908, „ .. 6 1/2/1927 500 0 0 500 0 0 1/2/1927 and Finance Act, 1909 Land for Settlements Act, 1908 „ .. 6 1/2/1927 6,100 0 0 6,100 0 0 1/2,1927 War Purposes Loan Act, 1917 „ .. 4J 15/11/1938 250 0 0 240 0 0 23/7/1926 (war debt) 5{ 1/9/1941 500 0 0 482 10 0 12/8/1926 4J 15/11/1938 12,000 0 0 12,000 0 0 7/9/1926 5 15/11/1927 300 0 0 295 10 0 28/9/1926 4£ 15/11/1938 16,200 0 0 15,552 0 0 7/9/1926 4|- 15/11/1938 1,200 0 0 1,152 0 0 28/9/1926 4£ 15/11/1938 1,000 0 0 960 0 0 12/10/1926 4f 15/11/1938 6,500 0 0 6,231 17 6 16/10/1926 4| 15/11/1938 2,000 0 0 2,000 0 0 14/10/1926 4| 15/11/1938 2,100 0 0 2,016 0 0 14/10/1926 5 15/11/1927 500 0 0 494 7 6 11/11/1926 4i 15/11/1938 200 0 0 192 0 0 26/11/1926 15/11/1938 200 0 0 192 0 0 27/11/1926 5 15/11/1927 200 0 0 197 0 0 6/10 1926 4\ 15/11/1938 4,450 0 0 4,266 8 9 28/10/1926 4| 15/11/1938 150 0 0 144 3 9 22/11/1926 5 15/11/1927 700 0 0 692 2 6 2/12/1926 5 1/9/1941 700 0 0 672 0 0 2/12/1926 5 15/11/1927 100 0 0 98 17 6 11/12/1926 4i 15/11/1938 300 0 0 288 15 0 13/12/1926 5 15/11/1927 200 0 0 197 15 0 21/12 1926 4} 15/11/1938 70 0 0 67 4 0 13/1/1927 4| 15/11/1938 500 0 0 500 0 0 16/11/1926 Totals .. .. .. .. .. 942,020 0 0 939,230 14 0