PUBLIC ACCOUNTS FOR THE FINANCIAL YEAR 1938-1939. PART III. PREPARED BY THE TREASURY DEPARTMENT. CERTIFIED TO BY THE CONTROLLER AND AUDITOR-GENERAL. ALSO STATEMENT SHOWING THE PUBLIC DEBT OF THE DOMINION AS ON THE 31st MARCH, 1939.

Appendix to the Journals of the House of Representatives, 1939 Session I, B-01-part03

I—B. 1 [PT. Ill].

B.—l IPT. Ill].

1939. NEW ZEALAND.

PUBLIC ACCOUNTS FOR THE FINANCIAL YEAR 1938-1939. PART III. PREPARED BY THE TREASURY DEPARTMENT. CERTIFIED TO BY THE CONTROLLER AND AUDITOR-GENERAL. ALSO STATEMENT SHOWING THE PUBLIC DEBT OF THE DOMINION AS ON THE 31st MARCH, 1939.

B—l [PT. lII].

CONTENTS.

PAGE TABLE I.—THE PUBLIC DEBT OF NEW ZEALAND OUTSTANDING ON 31ST MARCH, 1939 .. 3 TABLE lI.—STATEMENT OF ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31ST MARCH, 1939 .. .. 8 TABLE lII.—STATEMENT OF LOANS GUARANTEED BY THE GOVERNMENT .. .. 9 TABLE IV.—STATEMENT OF THE PUBLIC DEBT FUNDED IN TERMS OF SECTION 8 OF THE FINANCE ACT, 1922 .. .. .. .. .. .. .. .. io TABLE V.—STATEMENT OF SINKING FUNDS ACCRUED TO THE 31st MARCH, 1939 .. „ n TABLE VI.—STATEMENT OF RECEIPTS AND DISBURSEMENTS OF THE SINKING FUNDS DURING THE FINANCIAL YEAR ENDED 31st MARCH, 1939 .. .. 12-13 TABLE VII.—STATEMENT OF TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31ST MARCH, 1939 .. .. .. .. .. 14 TABLE VIII.—STATEMENT, AS AT 31ST MARCH, 1939, SHOWING ANALYSIS OF THE PUBLIC DEBT ACCORDING TO THE EXPENDITURE APPEARING IN THE DEPARTMENTAL BALANCE SHEETS PREPARED IN TERMS OF SECTION 57 OF THE FINANCE ACT, 1932 .. .. .. .. .. .. .. .. 15

2

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1939.

1*

B.—l TPt. 11l

PUBLIC ACCOUNTS, 1938-1939

3

Annual Charge. Domicile of Principal. Amount n n . "71 — ; ; : outstanding. ue ate - *8 $ Remarks. .2j3 Interest. When payable. New Zealand. London. | Australia. _ : Mew Zealand Loans Act, 1932: — £ s. d. °/ £ £ d £ d £ Debentures and Stock .. .. 1,615 0 0 Various .. .. 1,615 0 0 .. *' ' .. ° • ' •- •• 50 0 0 .. .. Subject to conversion under New Ann n n t o x mor, ~ Zealand Debt Conversion Act. Sept., 1937 33 1 Mar. and 1 Sept. 600 0 0 .. .. Subject to conversion under New j o nnn n n ir-vr -.nnn.i . Zealand Debt Conversion Act. ' Nov 19. >8 4| 90 15 May „ 15 Nov. 2,000 0 0 .. .. Subject to conversion under New o nnn nr. .w. a -i i nor. i, Zealand Debt Conversion Act. ' April, 1939 4J 130 20 April and 20 Oct. 1,900 0 0 1,000 0 0 .. £300 subject to conversion under New OKA nnn a a Zealand Debt Conversion Act. 250,000 0 0 15 May, 1939 3 7,500 15 May „ 15 Nov. 250,000 0 0 15 July, 1939 .... .. .. _ _ _ _ Option to repay £4,613,505 maturing 17,176,532 0 0 1 Jan., 1940 3£ 601,179 1 Jan. and 1 July 4,341 8 8 17,172,190 11 4 8,900 0 0 15 Jan., 1940 3£ 333 15 Jan. ,, 15 July 8,900 0 0 15 Mar., 1940 .. .. .. ,. _ _ Option to repay £5,754,630 3J per cent. and £7,924,240 4 per cent, securi1A nnn n n oi „ ties maturing 15th March, 1943. 10,000 0 0 31 Mar., 1940 2J 250 31 Mar. and 30 Sept. 10,000 0 0 500,000 0 0 15 Sept., 1940 3J j 16,250 15 Mar. „ 15 Sept. 500,000 0 0 10 0 0 15 Dec., 1940 4-1 .. 15 June „ 15 Dec. 10 0 0 .. .. Subject to conversion under New in qaa An iti „ Zealand Debt Conversion Act. 10,300 0 0 1 July, 1941 4i 464 1 Jan. „ 1 July .. 10 300 4,613,505 0 0 15 July, 1941* 3 138,405 15 Jan. „ 15 July 4,613,505 0 0 .. .. 'Repayable at the option of the Government at par on or after 15th. July, 1939, on three months' 7,000 0 0 1 Aug., 1941 41 315 1 Feb. „ 1 Aug. .. .. 7,000 n ° tl0e " 3,169,555 15 4 16 Nov., 1941f 3f 118,858 15 May „ 15 Nov. 3,169,555 15 4 j .. .. f Repayable at the option of the Government at par on or after 15th November, 1938, on three ,» ,, , ,, r months' notice. 37,000 0 u 1 Mar., 1942 4 1,480 1 Mar. „ 1 Sept. 37,000 0 0 ' *943 .. .. .. _. _ _ _ _ Option to repay £10,884,628 matur- .. „ , ]Q .„ ing 1st February, 1963. ' •' •• .. .. Option to repay £9,842,470 maturing 15th February, 1946. Carried forward .. 25,789,967 15 4 .. .. 885,287 .. 8,599,477 4 0 17,173,190 11 4 17,300

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1939—continued.

B.—l [Pt. Ill].

PUBLIC ACCOUNTS, 1938-1939.

4

Annual Charge. Domicile of Principal. outste°ndin Due Date ' '3|' Kemarks. 0 n 1 g jj Interest. When payable. New Zealand. London. Australia. 1 j | £ s. d. % £ £ s. d. £ s. d. £ Brought forward .. 25,789,967 15 4 .. .. 885,287 .. 8,599,477 4 0 17,173,190 11 4 17,300 New Zealand Loans Act, 1932 Debentures and Stock —continued. 5,754,630 0 0* 15 Mar., 19431 3 J 201,412 15 Mar. and 15 Sept. 5,754,630 0 0 .. .. * Securities converted under New 7 924 240 0 0 15 Mar., 1943+ 4 316,970 15 Mar. ,, 15 Sept. 7,924,240 0 0 .. Zealand Debt Conversion Act, 1932-33, with condition of interest free of income-tax continued up to the interest date coinciding with or next following the pre-conversion maturity date, after which the rate of interest is automatically adjusted to 4 per cent., as follows: £4,024,405, 15th September, 1939 ; £347,215, 15th March, 1941; £1,383,010, 15th September, 1941 : total, £5,754,630. f Repayable at the option of the Government at par on or after 15th Mar., 1940, on three months' notice. 7,339,656 4 9 1 Mar., 1944 4 J 330,284 1 Mar. „ 1 Sept. .. 7,339,656 4 9 199,500 0 0 15 Feb., 1945 5 9,975 15 Feb. „ IS Aug. .. 199,500 0 0 7,580,907 11 10 1 Mar., 1945 4i 341,141 1 Mar. „ 1 Sept. .. 7,580,907 11 10 9,659,980 1 1 1 April, 1945 3" 289,799 1 April „ 1 Oct. 2,500 0 0 9,657,480 1 1 2,090,909 1 9 1 Dec., 1945J 4J 94,090§ 1 June „ 1 Dec. .. 2,090,909 1 9 .. J Repayable at the option of the Government on orafter 1st December, 1925, by giving three months' notice in the London Gazette. § Interest suspended in terms of agreement with Imperial Government. 12,886,110 3 9 1 Jan., 1946 5 644,305 1 Jan. „ 1 July .. 12,886,110 3 9 9,842,470 0 0 15 Feb., 1946|| 4 393,698 15 Feb. „ 15 Aug. 9,842,470 0 0 .. .. || Repayable at the option of the Government at par on or after 15th February, 1943, on three months' notice. 1,193,743 9 0 1 April, 1946 3 35,812 1 April „ 1 Oct. 1,193,743 9 0 .. 468,339 10 0 1 April, 1946*11 4 18,734 1 April „ 1 Oct, 468,339 10 0 .. .. 11 Repayable at option of the holders on 14 days' notice. 15 April 1946 .. .. • • • • • • • ■ Option to repay £8,965,785 matur- ' ing 15th April, 1949. 2,850,550 0 0 15 Sept., 1947 4 114,022 15 Mar. and 15 Sept. 2,850,550 0 0 1,331,000 0 0 15 Sep., 1947 5 66,550 15 Mar. „ 15 Sept. 1,127,700 0 0 120,000 0 0 83,300 Carried forward .. 94,912,003 17 6 .. .. 3,742,079 .. 37,763,650 3 0 57,047,753 14 6 100,600

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1939-continued.

B.—l [PT. Ill].

PUBLIC ACCOUNTS, 1 938-1939

5

Annual Charge. Domicile of Principal. Amount T . , . f * ; j outstanding. Date. © <» Remarks. -SjS ; Interest. When payable. New Zealand. London. Australia. 5aj I ! ; £ s. d. % £ £ s. d. £ s. d. £ Brought forward .. 94,912,003 17 6 .. .. 3,742,079 .. 37,763,650 3 0 57,047,753 14 6 100,600 New Zealand Loans Act, 1932 —continued. Debentures and Stock —continued. 11,221,608 16 5 1 Nov., 1947 4£ 504,972 1 May and 1 Nov. .. 11,221,608 16 5 1 Mar., 1948 . . .. .. .. .. .. Option to repay £19,225,465 matur- „ ing 1st March, 1958. 10,500 0 0 1 Jan., 1949 4 420 1 Jan. and 1 July 10,500 0 0 * Feb., 1949 .. .. . . .. .. ., Option to repay £5,000,000 matur- j „ „ ing 1st February, 1954. 8,965,785 0 0 15 April, 1949* 4 358,631 15 April and 15 Oct. 8,965,785 0 0 .. .. * Repayable at the option of the Government at par on or after 15th April, 1946, on three months' notice. ™ a y> 1949 •• •• •• .. .. .. Option to repay £3,075,170 3| per cent, and £9,409,740 4 per cent, securities maturing 15th May, 1952. 7,500,000 0 0 15 Bee., 1949 5 375,000 15 June and 15 Dec. .. 7,500,000 0 0 250,000 0 0 15 Dec., 1950 3£ 8,750 15 June „ 15 Dec, 250,000 0 0 2,029,000 0 0 1 Feb.. 1951 gf 111,595 1 Feb. „ 1 Aug. .. 1,250,000 0 0 779,000 2 !!" 1952J 3J 107,631 15 May „ 15 Nov. 3,075,170 0 0 .. .. f Securities converted under New 9,409,740 0 0 15 May, 1952J 4 376,390 15 May „ 15 Nov. 9,409,740 0 0 .. .. Zealand Debt Conversion Act, 1932-33, with condition of interest free of income-tax continued up to the interest date coinciding with or next following the pre-conversion maturity date, after which the rate of interest is automatically adjusted to 4 per cent., as follows: £2,299,045, 15th May, 1939; £23,225, 15th May, 1941; £752,900, 15th November, 1941 : total, £3,075,170. t Repayable at the option of the Government at par on or after 15th May, 1949, on three months' notice. 15 June > 1952 .... .. .. .. .. Option to repay £9,403,265 maturing 15th June, 1955. 1 July, 1952 .. .. .. .. .. _ Option to repay £12,000,000 maturing 1st July, 1955. ' Carried forward .. 137,373,807 13 11 .. .. 5,585,468 .. 59,474,845 3 0 77,019,362 10 11 879,600

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1939—continued.

B.—l [PT. Ill].

PUBLIC ACCOUNTS, 1 938-1 93 9.

6

Annual Charge. Domicile of Principal. — outstanding. Due Date. -gf . Remarks, 9, © Interest. When payable. New Zealand. London. Australia. £ s. d. % £ £ s. d. £ s. d. £ Brought forward .. 137,373,807 13 11 .. .. 5,585,468 .. 59,474,845 3 0 77,019,362 10 11 879,600 New Zealand Loans Act, 1932 —continued. Debentures and Stock —continued. .. 15 Jan., 1953 .. .. .. .. .. .. Option to repay £8,993,624 12». 4d. maturing 15th January, 1957. 5,000,000 0 0 1 Feb., 1954* 3£ 175,000 1 Feb., and 1 Aug. .. 5,000,000 0 0 .. * Repayable at the option of the Government at par on or after 1st February, 1949, on three months' notice. 9,403,265 0 0 15 June, 1955f 4 376,130 15 June ,, 15 Dec. 9,403,265 0 0 .. .. j" Repayable at the option of the Government at par on or after 15th June, 1952, oil three months' notice. 12,000,000 0 0 1 July, 1955J 3 360,000 1 Jan. ,, 1 July .. 12,000,000 0 0 .. J Repayable at the option of the Government at par on or after 1st July, 1952, on three months' notice. 15 Oct., 1955 .. .. .. .. .. .. Option to repay £3,989,100 maturing 15th October, 1960. 362,450 0 0 1 Jan., 1956 3 10,873 1 Jan. and 1 July 362,450 0 0 100,000 0 0 1 Jan., 1956 4 4,000 1 Jan. „ 1 July 100,000 0 0 1 Nov., 1956 .. .. .. .. .. .. Option to repay £5,000,000 maturing 1st November, 1971. 8,993,624 12 4 15 Jan., 1957 a 3£ 314,777 15 Jan. and 15 July 8,993,624 12 4 .. .. a Repayable at the option of the Government at par on or after 15th January, 1953, on three months' notice. 1,417,000 0 0 15 Jan., 1957 2£ 35,425 15 Jan. „ 15 Julv 1,417,000 0 0 46,900 0 0 15 Jan., 1957 3 1,407 15 Jan. „ 15 July 34,000 0 0 12,900 0 0 703,529 14 11 15 Jan., 1957 3| 24,623 15 Jan. „ 15 July 703,529 14 11 287,385 0 0 1 Feb., 1957 3 8,622 1 Feb. „ 1 Aug. 287,385 0 0 1,417,000 0 0 15 May, 1957 2J 35,425 15 May „ 15 Nov. 1,417,000 0 0 5,846,333 13 7 15 May, 1957 3 175,390 15 May „ 15 Nov. 5,846,333 13 7 1,535,086 0 0 15 May 1957 3J 53,728 15 May „ 15 Nov. 1,535,086 0 0 1,417,000 0 0 15 Aug., 1957 2J 35,425 15 Feb. „ 15 Aug. 1,417,000 0 0 5,902,030 0 0 15 Aug., 1957 3 177,061 15 Feb. „ 15 Aug. 5,902,030 0 0 1,485,460 0 0 15 Aug., 1957 4 59,418 15 Feb. „ 15 Aug. 1,485,460 0 0 1,417,000 0 0 15 Feb., 1958 2£ 35,425 15 Feb. „ 15 Aug. 1,417,000 0 0 2,189,835 3 8 15 Feb., 1958 3i 76,644 15 Feb. „ 15 Aug. 2.189,835 3 8 19,225,465 0 0 1 Mar., 1958§ 4£ 865,146 1 Mar. „ 1 Sept. .. 19,225,465 0 0 .. § Repayable at the option of the Government at par on or after 1st March, 1948. on three months' s — — — notice. Carried forward .. 216,123,171 18 5 .. .. 8,409,987 .. 101,985,844 7 6 113,257,727 10 11 879,600

B.—l [PT. Ill].

PUBLIC ACCOUNTS, 193 8-193 9.

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1939—continued.

7

to .. Annual Charge. Domicile of Principal. Amount Tin a .p outstanding. uate. o g Remarks ® ® Interest. When payable. New Zealand. London. Australia. Ss | £ B. d. % £ £ 8. d. £ s. d. £ Brought forward .. 216,123,171 18 5 .. .. 8,409,987 .. 101,985,844 7 6 113,257,727 10 11 879,600 New Zealand Loans Act, 1932 —continued. Debentures and Stock —continued. 1,417,000 0 0 15 June, 1958 2 J 35,425 15 June and 15 Dee. 1,417,000 0 0 1,521,250 0 0 15 June, 1958 3J 53,243 15 June „ 15 Dec. 1,521,250 0 0 1,417,000 0 0 15 Sept., 1958 2£ 35,425 15 Mar. „ 15 Sept, 1,417,000 0 0 1,261,400 0 0 15 Sept., 1958 3£ 44,149 15 Mar. „ 15 Sept, 1,261,400 0 0 2,842,000 0 0 15 Dec., 1958 2J 71,050 15 June „ 15 Dec. 2,842,000 0 0 6,580,515 17 7 15 Dec., 1958 3 197.415 15 June „ 15 Dec. 6,580,515 17 7 1,170,245 18 7 15 Mar„ 1959 3 35,107 15 Mar. „ 15 Sept. 1,170,245 18 7 1,572,260 0 0 15 Mar., 1959 3£ 55,029 15 Mar. „ 15 Sept. 1,572,260 0 0 20,275 0 0 15 Mar., 1959 4 811 15 Mar. „ 15 Sept. 20,275 0 0 3,210,679 0 0 15 July, 1959 3 96,320 15 Jan. „ 15 July 3,210,679 0 0 380,000 0 0 15 July, 1959 3f 14,250 15 Jan. „ 15 July 380,000 0 0 1,710,01118 0 15 Oct., 1959 3 51,300 15 April „ 15 Oct. 1,710,01118 0 4,245,535 0 0 15 Not., 1959 3 127,366 15 May „ 15 Not. 4,245,535 0 0 3,989,100 0 0 15 Oct., 1960* 3i 139,619 15 April „ 15 Oct. .. 3,989,100 0 0 .. * Repayable at the option of the GoTernment at par on or after 15th October, 1955, on three months' notice. 10,884,628 0 0 1 Feb., 1963t 4 435,385 1 Feb. „ 1 Aug. 378,638 14 4 10,505,989 5 8 .. f Repayable at the option of the Government at par on or after 1st February, 1943, on three months' noticeJ 5,000,000 0 0 I Nov., 1971$ 5 250,000 1 May „ 1 Nov. .. 5,000,000 0 0 .. % Repayable at the option of the GoTotal Debentures and Stock 263,345,072 12 7 .. .. 10,051,881 .. 129,712,655 16 0 132,752,816 16 7 879,600 after 1st . 1956, on three months' notice. Funding Agreement with Imperial 577,446 11 5§ 1 June, .. 28,363** 1 June and 1 Dec. .. 577,446 11 5 .. § Balance of £27,532', 164, Imperial Government Government advances, funded in 23,522,752 19 2§ 1 Dec., .. 1,164,867** 1 June „ 1 Dec. .. 23,522,752 19 2 .. terms of section 8, Finance Act, ™ , T7 , , ~ ' 1922. Details of original loan as Total Funded Debt .. 24,100,199 10 7|] .. .. 1,193,230 .. .. 24,100,199 10 7 .. funded shown in B.-l [Pt. II] 1921-22. || Details on page 10. If Approximately. ** Payments suspended in terms of m - „ „ „ . agreement with Imperial GovernTreasury bills .. .. 5,335,000 0 0 Various .. 1J 66,688 Various .. .. 5,335,000 0 0 .. ment 200,000 0 0 „ ..2 4,000 „ .. .. 200,000 0 0 415,000 0 0 „ ..2$ 10,375 „ .. .. 415,000 0 0 10,575,000 0 0 „ ..4 423,000 „ .. .. 10,575,000 0 0 Total Treasury bills .. 16,525,000 0 0 .. .. 504,063 .. 16,525,000 0 0 Carried forward .. 303,970,272 3 2 .. .. 11,749,174 .. 146,237,655 16 0 156,853,016 7 2 879,600

13.—1 [i'T. lII].

PUBLIC ACCOUNTS, 193 8-1939.

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1939—continued.

By the Bepayment of the Public Debt Act, 1925, means are provided whereby the whole of the public debt other than that raised for State Advances purposes and those portions for which separate sinking funds exist will be extinguished in approximately sixty years from the time of coming under the provisions of the Act. The total of loans coming within the provisions of the Bepayment of the Public Debt Act, 1925, is £230,650,302 10s. Bd. The Public Debt Bedemption Fund Capital Account established under this Act comprises investments of sinking funds accumulated under former legislation and now invested with the State Advances Corporation £3,250,000 and the Public Trustee £7,966,688 lis. 2d.: total, £11,216,688 lis. 2d. The interest on the Bedemption Fund capital is paid over to the Consolidated Fund as a set-off against the annual payments made by the latter fund to the Bepayment of the Public Debt Account— viz., J per cent, of the public debt coming under the provisions of the Act, together with 4 per cent, of the debt redeemed in accordance with the Act. Sinking funds as indicated exist for the extinction of portions of the debt to which the provisions of the Bepayment of the Public Debt Act, 1925, do not apply: State Coal-mines Account, £11,767 3s. Bd.; Electric Supply Account, £10,321 2s. 3d.; Westport Harbour Account, £367,076 6s. 6d.; Samoan Loan Suspense Account, £1 14s. lid. : total, £389,166 7s. 4d., particulars of which appear on pages 11, 12, and 13. In addition to the special sinking funds mentioned above, special provision exists for the repayment of that portion of the debt funded by agreement with the Imperial Government, particulars of which are given on page 10. It was estimated that this portion of the debt would under the original agreement be extinguished during the financial year ending on the 31st March, 1958. Payments have been suspended by arrangement with the Imperial Government.

TABLE II.—ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31st MARCH, 1939.

8

Annual Charge. Domicile of Principal. — outZding. Due Date " of Remarks. 2 S Interest. When payable. New Zealand. London. Australia. £ s d £ £ s d £ s d £ Brought forward .. 303,970,272 3 2 .. .? 11,749,174 .. 146,237,655 16' 0 156,853,016 7* 2 879,600 Amortization Charges. £ 1,907, 144* Repayment of the .. .. * Estimated. Public Debt Aet, 1925 458,700f Funded Debt .. .. .. .. f Represents principal repayment also suspended by agreement with Imperial Government. 6,000J State Coal-mines .. .. .. J Payable from the State Coal-mines Sinking Fund Account. Estimated. 10,859§ Westport Harbour .. .. .. §£3,859 sinking fund, 4£ per cent. Sinking Fund payable in respect of sinking funds 2,382, 703 used for redemption; and £7,000 sinking fund, 1 per cent, payable Total securities charged on 303,970,272 3 2 .. .. 14,131,877 .. 146,237,655 16 0 156,853,016 7 2 879,600 on £700,000 Westport Harbour the Public Revenues and ■ i — 1— —. . i i -- Loans. outstanding at 31st March, 1939

Authority for Advances. Particulars of Advances. Account. Amount. £ s. d. Primary Products Marketing Act, 1936, Section 10 .. .. Advances in respect of dairy-produce purchased for export and sale Dairy Industry Account .. .. 6,922,622 6 6 Primary Products Marketing Amendment Act, 1937, Section 9 Advances in respect of primary products purchased for sale .. Internal Marketing Account .. .. 312,839 8 8 Total advances as at 31st March, 1939 .. .. .. .. .. .. .. .. .. .. .. .. .. .. £7,235,461 15 2 ; '

B.—l [FT. Ull

PUBLIC ACCOUNTS, 1938-1939.

TABLE III.—LOANS GUARANTEED BY THE GOVERNMENT. Contingent Liability outstanding on 31st March, 1939.

9

X I AM-nrrxrrp RATE. ACCUMULATED Loans guaranteed. | Authority for Government Guarantee. Due Date. Sinking Remarks. UUlol AiNIJlJNtJ. j "I?TTXTT\ Int. S.F. FtrHD - LOANS OF LOCAL AUTHORITIES. £ £ % o/ £ s _ d _j Auckland City Council (Grey Lynn Borough Local Bodies' Loans Amendment Act, 1908 .. / \ 45,000 /Jo^ ug "' in!? 1 26 039 9 2|" \ 12,500 j \18 Aug., 1941 44/ Under subsec. (6) of sec. 10 of Christchurch City Council .. .. Local Bodies Loans Amendment Act, 1908 .. .. 9,500 3 Dec., 1942 4£ 1| 8,247 9 9 Local Bodies' Loans AmendCambridge Borough Council .. .. Local Bodies' Loans Amendment Act, 1908 .. .. 5,000 30 April, 1942 4J 1 2,908 10 9 y ment Act, 1908, one-half of Levin Borough Council .. .. .. Local Bodies' Loans Amendment Act, 1908 ... .. 18,000 19 June, 1942 4£ 1 15,253 18 3 the sinking fund is payable by Port Chalmers Borough Council .. .. Local Bodies' Loans Amendment Act, 1908 .. .. 3,500 1 July, 1942 4| 1 2,070 9 0 the Treasury. Taihape Borough Council .. .. Local Bodies' Loans Amendment Act, 1908 .. .. 25,000 1 Aug., 1942 4J 1 14,112 17 1 Auckland City Council (Electric-power Ex. Local Bodies' Loans Act, 1913, Part IV .. .. 500,000 16 Mar., 1942 6 J 21 344' 024 11 2 tension Loan) Havelock North Town Board .. .. Local Bodies' Loans Act, 1913, Part IV .. 1 21,075 / J 1947 12,302 1 0 m t. , m -r, I / \ 1 July, 1948 5 11 1,082 9 0 Te Puke Town Board .. .. .. Local Bodies' Loans Act, 1913, Part IV .. .. 11,000 1 Jan., 1948 4£ l| 6,786 10 0 Wanganui Hospital Board .. .. Local Bodies' Loans Act, 1913, Part IV, and .. 1,500 1 April, 1943 6£ 24 966 9 6 Hospitals and Charitable Institutions Amendment Act, 1920 (No. 2) Oamaru Harbour Board ... .. Finance Act, 1937, sec. 42 .. .. .. .. 103,125 1 April, 1952 4 Nil .. Repayable by half-yearly instal- ——' —— ments. Total Local Authorities Loans .. 742,700 STATE ADVANCES CORPORATION STOCK AND DEBENTURES. Special Series .. .. .. .. State Advances Corporation Act, 1936, sec. 25 .. 7,845,750 1 Aug., 1960 3f .. •>•••••••• 6,500,000 1 Aug., 1963 3f .. 6,500,000 1 Aug., 1966 3f >. .. 6,500,000 1 Aug., 1969 3f .. .» 6,500,000 1 Aug., 1972 3f "•••• •••• „ .. 6,500,000 1 Aug., 1975 3f .. •• •• •• » -• 750,000 1 Nov., 1939 3 Series "A .... ..... „ .. 480,780 1 Sept. 1955-60 3f Series " B .. ... „ .. 2,944,960 1 June, 1944 3i Total State Advances Corporation Loans 44,521,490

B.—l [PT. Ill]

10

PUBLIC ACCOUNTS, 193 8-193 9

TABLE IV.—Particulars of the Public Debt funded in Terms of Finance Act, 1922, Section 8.

Total Daht rer>aid Amount of Funded Annual Charge. Amount of Debt Aotal Debt repaid Debt outstanding — fnndpfi at i • ■ , i When payable. 31st March, 1939. 31at Ma^ h> 1939 . Interest . : °' 1 Total . Finance Act, 1922, see. 8:— £ £ £ £ £ £ Advances from the Imperial Government funded in terms of the above Act on the basis of an annuity of 6 per cent. Interest at the rate of £4 19s. 5-88d. per cent, per annum, — Public Revenues Amendment Act, 1914, sec. 8 (War Expenses) 2,067,411 237,040 1,830,371 .. .. 124,045 1 June and 1 Dee. Public Revenues Amendment Act, 1915, sec. 5 (War Expenses) 8,105,992 929,395 7,176,597 .. .. 486,360 1 June „ 1 Dec. Finance Act, 1916, sec. 35 .. .. .. .. 4,736,842 543,104 4,193,738 .. .. 284,212 1 June „ 1 Dec. War Purposes Loan Act, 1917 .. .. .. .. 4,830,000 553,785 4,276,215 .. .. 289,800 1 June „ 1 Dec. Finance Act, 1918, sec. 10 .. .. .. .. 6,600,000 756,725 5,843,275 .. .. 396,000 1 June „ 1 Dec. Total War Loans .. .. .. .. 26,340,245 3,020,049 23,320,196 .. .. 1,580,417 Naval Defence Act, 1909 .. .. .. .. 963,131 385,684 577,447 .. ; .. 57,787 1 June and 1 Dec. Aid to Public Works and Land Settlement Act, 1910 .. 191,010 21,900 169,110 .. 11,460 1 June „ 1 Dec. Land for Settlements Act, 1908 .. .. .. .. 37,778 4,332 , 33,446 ; .. 2,266 1 June „ 1 Dec. Totals .. .. .. .. .. 27,532,164 3,431,965 24,100,199 * * 1,651,930* * Annual instalment of principal and interest £1,651,929 16s. 8d„ but all instalments subsequent to 1st June, 1931, have been suspended. The amount of interest and repayment of debt varies with each instalment, and details will again be shown when payment of instalments is resumed.

B.—l FPT.. Ill].

PUBLIC ACCOUNTS, 1938-1939.

TABLE V.—STATEMENT of SINKING FUNDS ACCRUED to the 31st March, 1939, in respect of various Loans.

11

PUBLIC DEBT £ s. d. £ s. d. State Coal-mines Sinking Fund, — Funds held in State Coal-mines Sinking Fund Account .. .. .. 11,767 3 8 Samoan Loan Sinking Fund,— Funds held in Deposits Account, Samoan Loan Sinking Fund Account.. .. 1 14 11 Electric Supply Sinking Fund,— Funds held in Electric Supply Sinking Fund Account— South Island Scheme .. .. .. .. .. .. .. 10,321 2 3 Westport Harbour Loans Sinking Fund, — Funds held by the Public Trustee .. .. .. .. .. 367,076 6 6 £389,166 7 4

B.—l [Pt. Ill].

PUBLIC ACCOUNTS, 1938-1939.

TABLE VI.—STATEMENT of the RECEIPTS and DISBURSEMENTS of the SINKING

12

RECEIPTS. £ s. d £ s. d. I STATE COAL-MINES SINKING FUND Accumulation held on 31st March, 1938, — In State Coal-mines Sinking Fund Account .. .. .. .. .. 9,525 10 0 Transfer from State Coal-mines Account, Finance Act, 1928, section 22, — Subsection (1) —2 per cent, of amount of Loans raised to 31st March, 1939, less amount redeemed otherwise than from the Sinking Fund .. 6,022 0 5 Subsection (3) —4 per cent, of amount redeemed from Sinking Fund to 31st March, 1938 .. .. .. .. .. .. 5,474 6 2 Subsection (3) —4 per cent, of amount redeemed from Sinking Fund during the current year from the date of redemption .. .. .. 270 7 I 11,766 13 8 21,292 3 8 SAMOAN LOAN SINKING FUND Accumulation held on 31st March, 1938, — In Deposits Account, Samoan Loan Sinking Fund Account .. .. .. 4 11 9 Contribution by Samoan Treasury .. .. .. .. .. .. 4,852 3 2 4,856 14 11 ELECTRIC SUPPLY SINKING FUND Accumulation held on 31st March, 1938, — In Electric Supply Sinking Fund Account —- South Island Scheme .. .. .. .. .. .. .. 11,679 15 1 Transfer from Electric Supply Account in accordance with section 12 of the State Supply of Electrical Energy Act, 1917, — North Island Scheme .. .. .. .. .. .. .. 154,938 7 9 South Island Scheme .. .. .. .. .. .. .. 24,702 19 5 191,321 2 3 WESTPORT HARBOUR LOANS SINKING FUND Finance Act, 1928, section 13, — Accumulated funds as at 31st March, 1938 .. .. .. .. .. 343,458 6 6 Subsection (4) (a) —Contribution for the financial year 1938-39 .. .. 7,000 0 0 Subsection 4 (d) —Contribution at the rate of 41 per cent, per annum in respect of Sinking Funds used to 31st March, 1938, to redeem debentures ,, .. .. .. .. .. .. .. 3,858150 Interest on Investments .. .. .. .. .. .. .. 12,784 5 0 367,101 6 6

B.—l [PT. HI

PUBLIC ACCOUNTS, 1938-1939.

FUNDS during the FINANCIAL YEAR ended 31st March, 1939.

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DISBURSEMENTS. £ s. d. STATE COAL-MINES SINKING FUND Securities redeemed in terms of section 22 (2) of the Finance Act, 1928 .. .. .. 9,525 0 0 Accumulation held on 31st March, 1939, — In State Coal-mines Sinking Fund Account .. .. .. .. .. .. 11,767 3 8 21,292 3 8 gfl , H I HE " ' HB R1> ' Mm - WM H SAMOAN LOAN SINKING FUND Loans redeemed in terms of section 4 of the Finance Act, 1932 (No. 2) .. .. .. 4,855 0 0 Accumulation held in Deposits Account, Samoan Loan Sinking Fund Account, on 31st March, 1939 .. .. .. .. .. .. .. .. .. ..I 1 14 11 4,856 14 11 ELECTRIC SUPPLY SINKING FUND Securities redeemed in terms of section 23 (1) of the Finance Act, 1928 .. .. .. 181,000 0 0 Accumulation held in Electric Supply Sinking Fund Account on 31st March, 1939, — South Island Scheme .. .. .. .. .. .. .. .. 10,321 2 3 191,321 2 3 WESTPORT HARBOUR LOANS SINKING FUND Finance Act, 1928, section 13, — Annual fee for administering fund .. .. .. ., .. .. .. 25 0 0 Accumulation held by the Public Trustee on 31st March, 1939 ., .. .. 367,076 6 6 367,101 6 6

B— 1 [PT. Ill].

PUBLIC ACCOUNTS, 1 938- 1 939.

TABLE VII.—TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31st MARCH, 1939.

Details of above. External debt — £ s. d. 1. London —Decrease: Redemptions from Public Debt Repayment Account .. 4,000 0 0 2. Australia—Decrease: Redemptions from Public Debt Repayment Account .. .. 3,000 0 0 Internal debt — 3. Long-term debt— Increases — New issues for capital works — £ s. d. £ s. d. Public Works Fund : General Purposes Account 6,122,279 2 0 Public Works Fund : Electric Supply Account 180,000 0 0 Main Highways Account . . .. 1,625,600 0 0 State Coal-mines Account .. .. .. 95,000 0 0 State Forests Account .. .. .. 125,000 0 0 8,147,879 2 0 New issues for redemptions .. .. .. .. .. 35,000 0 0 8,182,879 2 0 Decreases — Redemptions from— Public Debt Repayment Account .. .. 1,749,617 11 7 Sinking Funds — £ s. d. Electric supply .. .. 181,000 0 0 State Coal-mines .. .. 9,525 0 0 Samoan loans .. .. 5,355 0 0 Nauru and Ocean Islands .. 32,150 0 0 228,030 0 0 Loans Redemption Account .. .. 1,029,301 6 8 3,006,948 18 3 Long-term securities converted into Treasury bills .. .. 5,350,000 0 0 8,356,948 18 3 Net decrease .. .. £174,069 16 3 4. Floating debt— Increases — New issues for capital works — £ s. d. Public Works Fund : General Purposes Account 3,500,000 0 0 Main Highways Account .. .. 1,050,000 0 0 State Forests Account .. .. .. 50,000 0 0 — 4,600,000 0 0 New issues for Housing .. .. .. .. .. 4,000,000 0 0 New issues for conversion of long-term securities .. .. .. 5,350,000 0 0 Increase .. .. 13,950,000 0 0 NOTES.—(I) For details of redemptions from Public Debt Kepayment Account, see parliamentary paper 8.-2. (2) Money for new issues for capital works, was borrowed at the following rates :1J per cent., £4,310,000; 2 per cent., £400,000 ; 2£ per cent., £40,000 ; 3 per cent., £7,500,104 25.; 3} per cent., £647,715 ; 4 per cent., £3,850,000 : total, £16,747,879 2s. (3) Former shareholders of Reserve Bank and State Advances Corporation who now hold 4-per-cent. stock have the option of requiring redemption of such stock on giving fourteen days' notice. £35,000 was borrowed during the year at 3 per cent, to meet such redemptions, which totalled £33,893, the balance £1,107, together with £5,247 10s. Od. brought forward from the previous year leaves £6,354 10s. Od. unused at the 31st March, 1939.

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Outstanding. + Increase. — Decrease. 31st March, 1938. 31st March, 1939. External debt— £ s. d. £ s. d. £ s. d. London .. .. .. .. 136,857,016 7 2 156,853,016 7 2 - 4,000 0 0 Australia.. .. .. .. 882,600 0 0 879,600 0 0 - 3,000 0 0 Internal debt — Long-term debt .. .. .. 129,886,725 12 3 129,712,655 16 0 - 174,069 16 3 Floating debt .. .. .. 2,575,000 0 0 16,525,000 0 0 +13,950,000 0 0 290,201,341 19 5 303,970,272 3 2 +13,768,930 3 9

B.—l [Pt. Ill]

PUBLIC ACCOUNTS, 1938-1939. TABLE VIII.—ALLOCATION OF THE PUBLIC DEBT AS AT 31st MARCH, 1939 ACCORDING TO THE EXPENDITURE APPEARING IN THE DEPARTMENTAL BALANCE SHEETS PREPARED IN TERMS OF SECTION 57 OF THE FINANCE ACT, 1932. £ Railways .. .. .. .. .. .. 68,245,952 Hydro-electric Schemes .. .. .. .. .. 13,902,944 Post and Telegraph Services .. .. .. .. 15,183,733 Public Buildings, Schools, and Sites .. .. .. 16,627,048 Roads and Highways .. .. .. .. .. 35,773,210 Harbours and Lighthouses .. .. .. .. 2,140,217 State Forests .. .. .. .. .. .. 2,447,097 Housing.. .. .. .. .. .. .. 6,458,945 Land Settlement and Improvement .. .. .. 25,833,722 Shares in Bank of New Zealand .. .. .. .. 875,000 Shares in Reserve Bank of New Zealand .. .. .. 1,630,787 Investment in State Advances Corporation .. .. .. 38,045,375 Share in Nauru and Ocean Island Phosphates .. .. 317,850 Development of Mining .. .. .. .. .. 1,072,693 Tourist Resorts .. .. .. .. .. .. 719.930 Immigration .. , .. .. .. .. 3,317,380 War and Defence .. .. .. .. .. 63,143,292 Miscellaneous Assets and Services .. .. .. .. 7,596,223 Cash and Investments in hand .. .. .. .. 6-38,874 £303,970,272 B. C. Ashwin, Secretary to the Treasury. A. R. F. Mackay, M.Com. (N.Z.), Ph.D. (Lond.), Accountant to the Treasury. The Treasury, Wellington, 31st July, 1939. Examined and found correct. J. H. Fowleb, Controller and Auditor-General. Audit Office, Ist August, 1939.

By Authority: E. V. Paul, Government Printer, Wellington.—l 939. Price 6d.]

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