PUBLIC ACCOUNTS FOR THE FINANCIAL YEAR 1941-1942. 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, 1942.

Appendix to the Journals of the House of Representatives, 1942 Session I, B-01-part03

B.—l [Pt. Ill]

1942. NEW ZEALAND.

PUBLIC ACCOUNTS FOR THE FINANCIAL YEAR 1941-1942. 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, 1942.

I—B. 1 [PT. Ill].

B.—l [PT. lII].

CONTENTS. PAGE TABLE I.—THE PUBLIC DEBT OF NEW ZEALAND OUTSTANDING ON 31ST MARCH, 1942 .. 3 TABLE n.—STATEMENT OP ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31ST MARCH, 1942 .. .. 8 TABLE lII.—STATEMENT OF LOANS GUARANTEED BY THE GOVERNMENT .. . 9 TABLE IV.—STATEMENT OF SINKING FUNDS ACCRUED TO THE 31ST MARCH, 1942.. 10 TABLE V.—STATEMENT OF RECEIPTS AND DISBURSEMENTS OF THE SINKING FUNDS DURING THE FINANCIAL YEAR ENDED 31st MARCH, 1942 10 TABLE VI.—STATEMENT OF TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31ST MARCH, 1942 .. .. .. .. .. 12 TABLE VII.—STATEMENT, AS AT 31ST MARCH, 1942, SHOWING ANALYSIS OF THE PUBLIC DEBT ACCORDING TO THE EXPENDITURE APPEARING IN THE DEPARTMENTAL ACCOUNTS PREPARED IN TERMS OF SECTION 57 OF THE FINANCE ACT, 1932 .. .. .. .. .. .. .. .. 13

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, 1942.

B.—l [Pt. lIIJ.

PUBLIC ACCOUNTS, 19 4 1-19 42.

3

Annual Charge. Domicile of Principal. Nominal ; : • ? " r j j Amount Due Date. Remarks. outstanding. o* When payable. New Zealand. London. j Australia. tfflj " j 9 - j — - — I ' New Zealand Loans Act, 1932: — £ s. d. % £ £ s. d. £ s. d. £ Debentures and Stock .. .. 35,880 0 0 Various .. I .. .. 35,880 0 0 .. .. Unpresented. 600 0 0 1 Sept.,1937 5£ 33 1 Mar. and 1 Sept. 600 0 0 .. • • 1 2,000 0 0 15 Nov., 1938 i 90 15 May „ 15 Nov. 2,000 0 0 .. .. I Subject to conversion under New 200 0 0 20 April, 1939 9 20 April „ 20 Oct. 200 0 0 .. .. f Zealand Debt Conversion Act. 5 0 0 15 Dec., 1940 4f .. 15 June „ 15 Dec. 5 0 0 .. J J 1 Feb., 1943 .. .. • • .. .. .. Option to repay £10,884,628 maturing 1st February, 1963. 15 Feb., 1943 ■ .. .. • • .. .. j Option to repay £9,840,855 maturing 15th February, 1946. 7,339,656 4 9 1 Mar., 1944 j 4£ 330,284 1 Mar., and 1 Sept. .. 7,339,65 6 4 9 8,944,300 0 0 1 Jan., 1940-5* ! 313,050 1 Jan. „ 1 July .. 8,944,300 0 0 .. !*The stock will be redeemed by purchases at or under par exclusive of accrued interest or by halfyearly drawings at par, in sums of £100, commencing 1st July, 1940. The New Zealand Government have undertaken to repay by instalments as set out below the whole of this issue by 1st January, 1945 : In the year ending 31st December, 1940, £2,000,000 ; 1941, £3,500,000 ; 1942, £3,500, 000; 1943, £3,500, 000; 1944, £3,500,000. These instalments will be made available by I | two equal payments in each year i on or before the 30th June and the 31st December respectively, commencing 30th June, 1940. During the periods 5th to 20th June and 5th to 20th December in each year commencing in 1940, holders of stock, including holders of stock drawn in accordance with the above provisions, will have the option of converting such ; i | stock in sums of £100 as to onehalf into New Zealand Govern- | ment per cent, stock, 1949- ! 1954. and as to-one-half into New I Zealand Government per cent, j stock, 1955-1960, at rates to be ! i published from time to time. 199,500 0 0 15 Feb., 1945 5 9,975 15 Feb., „ 15 Aug. .. 199,500 0 0 7,580,907 11 10 1 Mar., 1945 4£ 341,141 1 Mar. „ 1 Sept. .. 7,580,907 11 10 262,270 0 0 15 Mar., 1945 4 10,491 15 Mar. „ 15 Sept. 262,270 0 0 .. 9,659,980 1 1 1 April, 1945 3 289,799 1 April „ 1 Oct. 2,500 0 0 9,657,480 1 1.. 387,247 11 1 30 June, 1945 3 11,617 30 June „ 31 Dec. 387,247 11 1 2,144,920 0 0 15 July, 1945 3 64,347 15 Jan. „ 15 July 2,144,920 '0 0 Carried forward .. 36,557,466 8 9 .. .. 1,370,836 .. 2,835,622 11 1 33,721,843 17 8 I

B.—l [Pt. Ill]

PUBLIC ACCOUNTS, 194 1-1942

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1942—continued.

4

Annual Charge. Domicile oi Principal. Nominal — __ : . i Amount Due Date. | Remarks. ou tan in e . j3 When payable. New Zealand. London. Australia, la I j i f s. d. % £ £ s. d. £ s. d. £ Brought forward .. 36,557,466 8 9 .. .. 1,370,836 .. 2,835,622 11 1 33,721,843 17 8 New Zealand Loans Act, 1932 —continued. Debentures and Stock continued. 2,090,909 1 9 1 Dec., 1945* 4£ 94,090f 1 June and 1 Dec. .. 2,090,909 1 9 .. * Repayable at the option of the Government on or after 1 st December, 1925, by giving three montlis' notice in the London Gazette. f 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 9,840,855 0 0 15 Feb., 1946J 4 393,634 15 Feb. „ 15 Aug. 9,840,855 0 0 .. .. J Repayable at the option of the Government at par on or after 15th February, 1943, on three months' notice. 1,248,743 9 0 1 April, 1946 3 37,462 1 April „ 1 Oct. 1,248,743 9 0 412,023 0 0 1 April, 1946§ 4 16,481 1 April „ 1 Oct. 412,023 0 0 .. .. § Repayable at option of the holders on 14 days' notice. 15 April, 1946 .. .. .. .. .. .. Option to repay £8,963,205 maturing 15th April, 1949. 3,336,700 0 0 1 Aug. 1946 2£ 83,417 1 Feb. and 1 Aug. 3,336,700 0 0 Sept., 1946 .. .. .. .. .. .. Option to repay £6,297,060 maturing 15 Sept., 1948. 2,855,750 0 0 15Sept., 1947 4 114,230 15 Mar. and 15Sept. 2,855,750 0 0 1,325,800 0 0 15 Sept., 1947 5 66,290 15 Mar. „ 15 Sept. 1,122,500 0 0 120,000 0 0 83,300 11,221,608 16 5 1 Nov. 1947 4| 504,972 1 May „ 1 Nov. .. 11,221,608 16 5 1 Mar. 1948 .. .. .. .. .. .. Option to repay £19,225,465 maturing 1st March, 1958. 6,297,060 0 0 15 Sept., 19481] 3 188,912 15 Mar. and 15 Sept. 6,297,060 0 0 .. .. at option of Government at par on or after 15 Sept., 1946, on three months' notice. 4,994,190 0 0 30 Nov. 1948 4 199,768 31 May and 30 Nov. 4,994,190 0 0 10,500 0 0 1 Jan. 1949 4 420 1 Jan. „ 1 July 10,500 0 0 1 Feb., 1949 .. .. .. .. .. .. Option to repay £6,156,701 maturing 1st February, 1954. 8,963,205 0 0 15 April, 1949|j 4 358,528 15 April and 15 Oct. 8,963,205 0 0 .. .. [j Repayable at the option of the Government at par on or after 15th April, 1946, on three months' notice. 15 May, 1949 .. .. .. .. .. .. Option to repay £12,484,105 maturing 15th May, 1952. 7,500,000 0 0 15 Dec., 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 5f 111,595 1 Feb. „ 1 Aug. .. 1,250,000 0 0 779,000 Carried forward .. 111,819,920 19 8 .. .. 4,568,690 .. 42,167,149 0 1 68,790,471 19 7 862,300

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.-STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1942-continued.

B.—l [Pt. lII].

PUBLIC ACCOUNTS, 1941-1942

5

Annual Charge. Domicile of Principal. Nominal «. Amount Due Date. ,, outstanding. c g Isominai „ „ „ , Remarks. -S® Interest vvnen paj'able. New Zealand. London. Australia. Ss Brought forward .. 111,819,920 19 *8 .'° 4,56sf690 .. 42,167,149 0 t 68,790,471 19 7 862f300 New Zealand Loans Act, 1932 —continued. Debentures and Stock —continued* .. . ®"' "' '" " * • • ♦ • .. Option to repay £6,897,240 maturing > 12,484,105 0 0 15 May, 1952* 4 499,364 15 May and 15 Nov. 12,484,105 0 0 .. .. * option of the Government at par on or after 15th May, 1949, on three months' 15 June ' 1002 '' •' • • ■ • • ■ .. Option to repay £9,498,775 matur1 T 1 l Q*o 15th June, 1955. J y ' ' • ' ■ • • • • • • .. Option to repay £12,000,000 matur15 TPTI 1 <Wi lst Jul y> 1965 - J n " lyM "• ■■ •• .. Option to repay £9,115,989 12s. 4d. | 10,016,736 19 2 1 Oct., 1953 f .. 1 April and 1 Oct. 10,016,736 19 2 .. .. f j to lst October, 1943. Thereafter per cent, per annum will be 6,156,701 0 0 1 Feb., 1954J 3J 215,485 1 Feb. „ 1 Aug. .. 6,156,701 0 0 .. t of the Government at par on or after lst February, 1949, on three months' notice. 31 May, 1954 .. .. .. .. #< Option to repay £5,538,110 matur6,897,240 0 0 1 Aug., 1954§ 3 206,917 1 Feb. and 1 Aug. 6,897,240 0 0 .. .. § theoption of the Go- j vernment at par on or after lst August, 1951, on three months' notice 9,498,775 0 0 15 June, 1955|| 4 379,951 15 June „ 15 Dee. 9,498,775 0 0 .. .. 11 Repayable at the option of the Government at par on or after 15th June, 1952, on three months' 12,000,000 0 0 lJuly, 19551f 3 360,000 1 Jan. „ 1 July .. 12,000,000 0 0 .. If Repayable at the option of the Government at par on or after lst July, 1952, on three months' _ notice. ® Oct., 1955 .. .. .. .. _ _ _ Option to repay £5,145,801 matur- ... . . ing 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 .. !! Jan., 1956 .. .. .. .. _ _ Option to repay £6,275,680 maturing 15th January, 1959. v.' 1956 .... .. .. _, _ _ Option to repay £5,000,000 matur- — ing lst November, 1971. Carried forward .. 169,335,928 18 10 .. .. 6,245,280 .. 81,526,455 19 3 86,947,172 19 7 862,300 — - - i

B.—l [Pt. Ill] ,

PUBLIC ACCOUNTS, 194 1-1942.

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.-STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1942-continued.

6

Annual Charge. Domicilt of Principal. Nominal r~ i ] " : i „ . Amount Due Date. Remarks. outstanding. eg Surest When payable. New Zealand. London. : Australia, ; ) __J £ s. d. % £ £ s. d. £ s. d. £ Brought forward .. 169,335,928 18 10 .. •• 6,245,280 .. 81,526,455 19 3 86,947,172 19 7 862,300 New Zealand Loans Aot, 1932 —conformed Debentures arid Stock —continued. 9,115,989 12 4 15 Jan., 1957* 3£ 319,060 15 Jan. and 15 July 9,115,989 12 4 .. .. * 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 July 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 1,044,519 14 11 15 Jan., 1957 3J 36,558 15 Jan. „ 15 July 1,044,519 14 11 93,720 0 0 1 Feb., 1957 3 2,812 1 Feb. „ 1 Aug. 93,720 0 0 1,417,000 0 0 15 May, 1957 2J 35,425 15 May „ 15 Nov. 1,417,000 0 0 5,769,753 13 7 15 May, 1957 3 173,093 15 May „ 15 Nov. 5,769,753 13 7 1,395,086 0 0 15 May, 1957 3J 48,828 15 May „ 15 Nov. 1,395,086 0 0 1,417,000 0 0 15 Aug., 1957 2J 35,425 15 Feb. „ 15 Aug. 1,417,000 0 0 5,426,932 14 0 15 Aug., 1957 3 162,808 15 Feb. „ 15 Aug. 5,426,932 14 0 2,122,260 0 0 15 Aug. 1957 4 84,890 15 Feb. „ 15 Aug. 2,122,260 0 0 15 Sept., 1957 .. .. ■ ■ • • • • ■ • Option to repay £14,628,245 maturing 15th September, 1960. 1,417,000 0 0 15 Feb., 1958 2£ 35,425 15 Feb., and 15 Aug. ! 1,417,000 0 0 2,189,835 3 8 15 Feb., 1958 3£ 76,644 15 Feb. „ 15 Aug. ' 2,189,835 3 8 19,225,465 0 0 1 Mar., 1958f 4| 865,146 1 Mar. „ 1 Sept. .. 19,225,465 0 0 .. f Repayable at the option of the Government at par on or after 1st March, 1948, on three months' notice. 5,538,110 0 0 31 May, 1958{ 4 221,524 31 May „ 30 Nov. 5,538,110 0 0 .. .. J Repayable at the option of the Government at par on or after 31st May, 1954, on three months' notice. 1,417,000 0 0 15 June, 1958 2J 35,425 15 June „ 15 Dec. 1,417,000 0 0 1,521,250 0 0 15June, 1958 3J 53,243 15 June „ 15 Dec. 1,521,250 0 0 1,417,000 0 0 15 Sept., 1958 2J 35,425 15 Mar. „ 15 Sept. 1,417,000 0 0 1,261,400 0 0 15 Sept., 1958 3J 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 26,277,533 7 6 15 Dec., 1958 3 788,326 15 June „ 15 Dec. 26,277,533 7 6 6,275,680 0 0 15 Jan., 1959§ 3£ 203,959 15 Jan. „ 15 July 6,275,680 0 0 .. .. § Repayable at the option of the Government at par at any time on or after the 15th January, 1956, on three months' notice in the New Zealand Gazette. 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 0 630,640 0 0 15 Mar., 1959 4 25,226 15 Mar. „ 15 Sept. 630,640 0 0 2,980,679 0 0 15 July, 1959 3 89,420 15 Jan. „ 15 July 2,980,679 0 0 380,000 0 0 15 July, 1959 3f 14,250 15 Jan. „ 15 July 380,000 0 0 Carried forward .. 274,718,189 3 5 .. .. 9,830,359 .. 167,670,351 3 10 106,185,537 19 7 862,300

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1942—continued.

B. —1 [Pt. lII].

PUBLIC ACCOUNTS, 1941-19 42.

7

Annual Charge. Domicile of Principal. Nominal — j~. j j ~ Remarks. Amount Due Date. ! o" r I outstanding. o| : When payable. New Zealand. London. Australia. i A" I i | £ s. d. % £ £ a. d. £ s. d. £ Brought forward .. 274,718,189 3 5 .. .. 9,830,359 .. 167,670,351 3 10 106,185,537 19 7 862,300 j New Zealand Loans Act, 1932 Debentures and Stock —continued. 1,703,035 14 1 15 Oct., 1959 3 51,091 15 April and 15 Oct. 1,703,035 14 1 4,245,535 0 0 15 Nov., 1959 3 127,366 15 May „ 15 Nov. 4,245,535 0 0 264.950 0 0 22 Mav, 1960 te 9,273 22 May „ 22 Nov. 264,950 0 0 .. .. „ 11L r ... - 14,628,245 0 0 15 Sep. 1960* 3| 475,418 15 Mar. „ 15 Sept. 14,628,245 0 0 .. .. * Repayable at the option oi the Gor vernment at par on or after 15tn September, 1957, on three months' notice. 5,145,801 0 0 15 Oct., 1960+ 3A 180,103 15 April „ 15 Oct. .. 5,145,801 0 0 .. + Repayable at the option of the Government at par on or alter 15tn October, 1955, on three months' notice. 10,884,628 0 0 1 Feb., 1963+ 4 435,385 1 Feb. „ 1 Aug. 378,638 14 4 10,505,989 5 8 .. {Repayable at the option of the Government at par on or alter 1st February, 1943, on three months' notice. 5,000,000 0 0 1 1 Nov., 1971$ 5 250,000 1 May „ 1 Nov. .. 5,000,000 0 0 .. § Repayable at the option of the GoI vernment at par m whole or m part on or after 1st November, 1956, on three months' notice. 1,244,564 1 3 i Various 1 ..free .. .. 1,244,564 1 3 .. .. II The currency of the major portion of this loan is for the duration 01 - the war and six months after. 1,683,550 0 0 Advance .. .. .. 1,683,550 0 0 subscriptions Total Debentures and Stock 319,518,497 18 9 .. .. 11,358,995 .. 191,818,869 13 6 126,837,328 5 3 862,300 Funding Agreement with Imperial 577,446 11 5|| 1 June, 1945** .. 28,363ff 1 June and 1 Dec. . .. 577,446 11 5 .. || Balance of £27,532,164, Imperial Government Government advances, funded in 23,522,752 19 211 1 Dec., 1957** .. 1,164,867++ 1 June „ 1 Dec. .. 23,522,752 19 2 .. terms of section 8, Finance Act, _______ - 1922. Details of original loan as Total Funded Debt .. 24,100,199 10 7 .. .. 1,193,230 .. .. 24,100,199 10 7 .. in B.-l [Pt. II], ** Approximately. ++ Payments suspended in terms of agreement with Imperial Government. Memorandum of Security .. 2,818,035 8 11 15 Aug. 1965 3 84,541 15 April and 15 Oct. .. 2,818,035 8 11 Total Memorandum of Security 2,818,035 8 11 .. .. 84,541 .. 2,818,035 8 11 Treasurv bills .. ..I 5,000,000 0 0 j Various ..:1 50,000 Various .. .. 5,000,000 0 0 33,961,000 0 0 1 „ ! 14 509,415 „ .. .. 33,961,000 0 0 Total Treasury bills .. ] 38,961,000 0 0 j .. j .. 559,415 .. 38,961,000 0 0 j Carried forward .. {385,397,732 18 3] .. .. 13,196,181 .. 230,779,869 13 6 153,755,563 4 9 862,300 ! I | i _

B. —1 [Ft. lII].

PUBLIC ACCOUNTS, 19 41-19 42.

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.-STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1942—continued.

Bv the Eemvment 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 seoaraL sinkS- 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 separate smtan tunas exx £309 132 695 12s. 2d. The Public Debt Redemption Fund Capital Account established under this Act comprises investments of sinking funds accumulatcS ijnder fo4fr lection fndUw Lested with the State Advances Corporation £3,250,000 and the Pn&ie Trustee £7,966,688 lis 2d.: total, £11,216,688 lis 2d The interest on the Redemption Fund capital is°paid over to the Consolidated Fund as a set-off against the annual payments made by the latter fond to the Repayment of the Public Debt Account-viz., i 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 r ,,, ~ . Sinking funds as indicated exist for the extinction of portions of the debt to which the provisions of the Repayment of.the -Public Debt Act, 1925, do not apply The balances of these sinking funds at the 31st March, 1942, were as follows: State Coal-mines Account, £9,164 10s. 4d.; Electric Supply Account, £14,636 18s. Bd.; Westport Haibour Account, £437,850 11.. -d., Samnan T,oan Susnense \ccount £2 14s. 5d.; Nauru and Ocean Islands, £7 6s. 4d. : total, £461,662 os. lid. .. , Samoan Loan Su pe s , fun(la m ' entioned abo7e , special provision exists for the repayment of that portion of the debt funded by agreement wrth the Imperial Government. Particulars were pubhshed in B -1 fPt lII] for the year ended 31st March, 1941, and previous years. Details have not changed since 1932. It was estimated that this portion of the debt would under the original agreement be extinguished durinsz the financial vear ending on the 31st March, 1958. Payments have been suspended by arrangement with the Imperial Government. g Section 6 of Hutt Road Act, 1939, provides that the Wellington City Council shall be kept indemnified out of the Mam Highways Account from aE habity in respect of loans specified m the First Schedule of the Act totalling £276,020. At 31st March, 1942, £265,017 16s. 9d. was outstanding, against which the Public Trustee held sinking funds totalling £153,301 18s. _d.

TABLE II.-ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31st MARCH, 1942.

8

B — — - s -. - • - __; 1. : . r J Annual Charge. Domicile of Principal. Nominal . ■ ' i ~ ] Romar^ Amount Due Date. 1 I outstanding. Z g Nominal When payable. New Zealand. London. | Australia. | "ts •+» , Lnterest. \As 1 __ j £ 8 d I % I £ I £ s. d. £ s. d. £ Brought forward ..385,397,732 18 3 .. ..13,196,181 .. 1230,779,869 13 6 153,755,563 4 9, 862,300 Amortization i Charges. £ 2,561,087*. Repayment of the .. .. •• * Estimated. Public Debt Act, 1925 458,700f Funded Debt .. •• t Represents principal repayment also suspended by agreement with Imperial Government. 11,512J State Goal - mines .. •• t Payable from the State Coal-mines Sinking Fund Account. Estimated. 10,859§ Westport Harbour .. ! §£3,859 sinking fond, 4| per cent. Sinking Fund payable in respect of sinking funds 3 042.158 i used for redemption ; and £7,000 ! ' sinking fund, 1 per cent, payable Total securities charged on 385,397,732 18 3 .. ..16,238,339 .. [230,779,869 13 6 153,755,563 4 9 862,300 onjETOO, 000 Westport Harbour the Public Revenues and ===== i outstanding at 31st March, j 1942 i i - 1 : *1 1 1 * — : ; !

Authority lor Advances. Particulars of Advances. Account. Amount. : " £ s. d. Marketing Act, 1936, Section 10 Advances in respect of dairy-produce purchased for export and sale Dairy Industry Account .. .. 6,925,956 15 5 Marketing Amendment Act, 1939, Section 5 .. • - Advances in respect of fruit purchased for export and sale Fruit Industry Account .. .. 465,8 0 9 Marketing Amendment Act, 1939, Section 5 .. . . Advances in respect of sundry products purchased for export Sundry Products Account .. .. J- , I and sale £7 790 11 9 Total advances as at 31st March, 1942 .. .. •- •• •• •• •• •• •• *• "* "" ** "* 9 ~ '

B.—l [PT. lII].

PUBLIC ACCOUNTS, 194 1-1942.

TABLE III.—LOANS GUARANTEED BY THE GOVERNMENT. Contingent Liability outstanding on 31st March, 1942.

2 —B. 1 [PT. lII].

9

. ! amount I Bate. accumulated Loans guaranteed. Authority fob Govebnment Guarantee. i outstandino Dce Date - Siskins Bemarks. Int. S.F. ruSD - i - p - t jf 1— — — LOANS OP LOCAL AUTHORITIES. £ £ I % % £ s. dJ Auckland City Council (Grey Lynn Borough Local Bodies' Loans Amendment Act, 1908 .. 1" 45 ' 000 31 Jnlv,. 1942 4£ 1 30,315 8 5 I Loan) ' I Under subsec. (6) of sec. 10 of Chnstchurch City Council .. .. Local Bodies' Loans Amendment Act, 1908 .. .. 9,500 30 Sept., 1942 4£ 1> 9 666 0 11 I Local Bodies' Loans AmendCambridge Borough Council .. .. Local Bodies' Loans Amendment Act, 1908 .. .. 5,000 30 April, 1942 4A 1 3,384 17 8 V ment Act, 1908 one-half of Levin Borough Council .. .. .. Local Bodies' Loans Amendment Act, 1908 .. .. 18,000 19 June, 1942 , 4J 1£ 17,779 16 9 the sinking fund 'is payable by Port Chalmers Borough Council .. .. Local Bodies' Loans Amendment Act, 1908 .. .. 3,500 1 July, 1942 4£ 1 2,423 12 0 the Treasury. Taihape Borough Council .. .. Local Bodies' Loans Amendment Act, 1908 .. .. 25,000 1 Feb., 1943 4J 1 16 440 14 4 Havelock North Town Board .. .. Local Bodies' Loans Act, 1913, Part IV .. \ 21 075 J ! J®47 4J 1£ 14,576 0 10 \ 1.650 J ' ° \ 1 July, 1948 5 1J 1,279 12 10 Te Puke Town Board .. .. .. Local Bodies' Loans Act, 1913, Part IV .. .. 11,000 1 Jan., 1948 4J l| 8,047 9 7 VVanganui Hospital Board .. Local Bodies' Loans Act, 1913, Part IV, and .. 1,500 1 April, 1943 6J 2f l'206 8 6 Hospitals and Charitable Institutions Amendment Act, 1920 (No. 2) Oamaru Harbour Board .. .. Finance Act, 1937, sec. 42 84,719 1 April, 1952 4 Nil .. Repayable by half-yearly instalrr, ~~ ments. Total Local Authorities Loans .. 224,294 STATE ADVANCES CORPORATION STOCK AND DEBENTURES. Special Series .. .. .. .. State Advances Corporation Act, 1936, sec. 25 .. 7,845,750 1 Aug., 1960 3§ , -• 6,500,000 1 Aug., 1963 3f ! !! ......... „ .. 6,500,000 1 Aug., 1966 3f .. .. 6,500,000 1 Aug., I960 3| ■,•••••••• •• 6,500,000 1 Aug., 1972 3J .. . .......... .. 6,500,000 1 Aug., 1975 3f „ -• 5,000,000 1 Aug., 1978 3| Series "A" .... ... „ .. 478,340 1 Sept. 1955-60 3| . . Series" B" .. . ... .. 291,640 1 June, 1944 3J Total State Advances Corporation Loans 46,115,730

B.—l ,[PfT. ILL,,

PUBLIC ACCOUNTS, 1941-1942.

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

10

TABLE !V. —STATEMENT of SINKING- FUNDS ACCBUED to the 31st Mabch, 1942, in respect of various Loans. PUBLIC DEBT£ s. d. £ s. d. Samoan Loan Sinking Fund, — Funds held in .Deposits Account, Samoan Loan Sinking Fund Aocouut.. .. 2 14 5 Electric Supply Sinking Fund, — Funds held in Electric Supply Sinking Fund Account— North Island Scheme .. .. .. .. •. •• 11,748 12 5 South Island Scheme .. .. -. ■. • • • ■ 2,888 6 3 —— 14,636 18 8 Westport Harbour Loans Sinking Fund, — Funds held by the Public Trustee .. .. .. .. 437,850 11 2 452,490 4 3

RECEIPTS. £ s. d. j £ e. d. j SAMOAN LOAN SINKING FUND :— Accumulation held on 31st March, 1941, — In Deposits Account, Samoan Loan Sinking Fund Account .. .. .. 3 111 Contribution by Samoan Treasury .. .. .. .. .. .. I 5,624 12 6 5,627 14 6 ELECTRIC SUPPLY SINKING FUND Accumulation hold on 31st March, 1941, — In Electric Supply Sinking Fund Account— North Island Scheme .. .. .. .. .. •. .. 25,110 9 11 South Island Scheme .. .. .. .. .. •• 14,212 2 4 Transfer from Electric Supply Account in accordance with section 12 of the State Supply of Electrical Energy Act, 1917,— North Island Scheme .. .. .. .. .. •• 148,937 2 6 South Island Scheme .. .. .. .. •• •• 126,227 3 11 Interest on Investments —- North Island Scheme .. .. .. .. • • ■ • ■ • 81 0 0 South Island Scheme .. .. .. .. • ■ ■ • • • 69 0 0 314,636 18 8 WESTPORT HARBOUR LOANS SINKING FUND:— Finance Act, 1928, section 13,— Accumulated funds as at 31st March, 1941 .. .. .. .. 417,114 18 7 Subsection (4) (a) —Contribution for the financial year 1941-42 (onaccount) .. 3,500 0 0 Subsection (4) (d) —Contribution at the rate of per cent, per annum in respect of Sinking Funds used to 31st March, 1941, to redeem debentures (on aooount) .. .. .. .. .. .. .. 1,929 7 6 Interest on Investments .. .. .. .. .. .. 15,331 5 1 437,875 11 2

B.—i [PT. 11l

PUBLIC ACCOUNTS, 1941-1942.

FUNDS during the FINANCIAL YEAR ended 31st March, 1942.

3—B„ 1 [Pt, lII]

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DISBURSEMENTS. £ s, d. SAMOAN LOAN SINKING FUND :— Loans redeemed in terms of section 4 of the Finance Act, 1932 (No. 2) .. .. .. 5,625 0 0 Accumulation held in Deposits Account, Samoan Loan Sinking Fund Account, on 31st March, 1942 .. .. .. .. .. .. .. .. .. .. 2 14 5 5,627 14 6 ELECTRIC SUPPLY SINKING FUND Securities redeemed in terms of section 23 (1) of the Finance Act, 1928 .. .. .. 300,000 0 0 Accumulation held in Electrio Supply Sinking Fund Account on 31st March, 1942, — North Island Scheme .. .. .. .. .. .. .. .. 11,748 12 5 South Island Scheme .. .. .. .. .. .. .. .. 2,888 6 3 314,636 18 8 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, 1942 .. .. 437,850 11 2 437,875 11 2

B.—l [PT. lII].

PUBLIC ACCOUNTS, 1 9 41-1942.

TABLE VI.—TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31st MARCH, 1942.

External debt— Details of Above. 1. London — Increases —■ £ s. d. New issues for War Expenses Account .. . . . . .. .. . . .. 8,284,051 3 4 Decreases — Redemptions from— £ s. d. Loans Redemption Account .. .. .. .. .. .. 2,182,143 3 4 Renewals and conversions to internal floating debt .. .. .. .. 10,462,134 1 6 Renewals and conversions to internal long-term debt .. .. .. 255,800 0 0 12,900,077 4 10 Decrease .. .. .. .. .. .. .. £4,616,026 1 6 2. Australia — Decrease — Redemptions from — Public Debt Repayment Account .. .. .. .. .. .. .. .. 17,300 0 0 Decrease .. .. .. .. .. .. .. .. £17,300 0 0 Internal debt — 3. Long-term debt— Increases — New issue for capital works— £ s. d. Public Works Fund : General Purposes Account .. .. 5,787,351 411 Public Works Fund: Electric Supply Account .. .. 719,794 611 Iron and Steel Industry Account .. .. .. 8, 000 0 0 Main Highways Account .. .. .. .. 257,069 8 2 State Coal-mines Account .. .. .. .. 30,000 0 0 State Forests Account .. .. .. .. .. 150,000 0 0 6,952,215 0 0 New issues: War Expenses Account .. .. .. .. .. 18,183,358 6 1 New issue to cover costs, charges, and expenses of conversions of internal long-term debt .. .. .. .. .. .. 419,660 0 0 New issues to cover exchange on renewal and conversions of external debt (London) .. .. .. .. .. .. 62,660 0 0 New issues for redemptions .. .. .. .. .. .. 15,000 0 0 Issues in renewal and conversion of floating debt .. .. .. .. 7,705,000 0 0 Issues in renewal and conversion of external debt (London) .. .. .. 255,800 0 0 — 33,593,693 6 1 Decreases — Redemption from— Public Debt Ropayment Account .. .. .. .. .. 1,070.660 0 0 Sinking Funds — £ s. d. State Coal-mines .. .. .. .. .. 6,320 0 0 Samoan Loans .. .. .. .. .. 5,625 0 0 Nauru and Ocean Islands .. .. .. .. 35,865 0 0 47,810 0 0 Loans Redemption Account .. .. .. .. .. 99,438 17 6 — 1,217,908 17 6 Increase .. .. .. .. .. .. .. £32,375,784 8 7 4. Floating debt—• Increases — New issues for capital works — £ s. d. Public Works Fund : General Purposes Account .. .. 250,000 0 0 Public Works Fund : Electric Supply Account .. .. 900,000 0 0 State Coal-mines Account .. .. .. .. 100,000 0 0 State Forests Account .. .. .. .. .. 50,000 0 0 —- 1,300,000 0 0 New issues for War Expenses Account .. .. .. .. .. 5,300,000 0 0 New issues for Housing .. .. .. .. .. .. .. 3,700,000 0 0 New issues to cover costs, charges, expenses, and exchange on renewals and conversions of external debt (London) .. .. .. 2,352,802 18 6 New issues for conversion of long-term external debt (London) .. .. 10,462,134 1 6 23,114,937 0 0 Decreases — Redemptions from— £ s. d. Public Debt Repayment Account .. .. .. 1,760,437 0 0 Electric Supply Sinking Fund .. .. .. .. 300,000 0 0 Loans Redemptions Account .. .. .. .. 5,121,800 0 0 7,182,237 0 0 Renewals and conversions to long-term internal debt .. .. .. 7,705,000 0 0 14,887,237 0 0 Increase .. .. .. .. .. .. .. £8,227,700 0 0

Notes. —(1) For details of redemption from Public Debt Repayment Account, see parliamentary paper 8.-2. (2) Money for new issues was borrowed at the following rates: 1.1 per cent,., £402,41.8; 1§ per cent., £11,150,384 18s. (id.; 2 per cent., £1,100,000; 2J per cent., £3,339,400; 3 per cent., £22,979,592 17s! sd. 3i per cent., £4,998,500; 4 per cent., £3,245; 4i per cent., £41,000 ; interest free, £130,732 12s. Od. ; free to Ist October, 1943, thereafter 2J per cent, to Ist October, 1953, £740,863 19s. (id.; advance subscriptions, £1,683,550 : total, £46,569,747 7s. lid. (3) Former shareholders of Reserve Bank anil State Advances Corporation who now hold 4-per-cent. stock have the option of requiring redemption of such stock on giving fourteen days' notice. £15,000 was borrowed during the year at 3 per cent., and from this sum and the balance of £2,163 10s. brought forward from the previous year, redemptions totalling £12,125 10s. wore effected, leaving a balance of £5,038 unused at the 31st March, 1912.

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Outstanding. + Increase. 81st March, 1941 31st March, 1942 ~ D 60 "® 86 - (Nominal Amount). (Nominal Amount). External debt — £ s. d. £ s. d. £ s. d. London .. .. .. .. .. .. 158,371,589 6 3 153,755,563 4 9 -4,616,026 1 6 Australia .. .. .. .. .. .. .. 879,600 0 0 862,300 0 0 -17,300 0 0 Internal debt— Long-term debt .. .. .. .. .. .. 159,443,085 4 11 191,818,869 13 6 +32,375,784 8 7 Floating debt .. .. .. .. .. .. 30,733,300 0 0 38,961,000 0 0 +8,227,700 0 0 349,427,574 11 2 385,397,732 18 3+35,970,158 7 1

B.—l [PT. Ill],

PUBLIC ACCOUNTS, 1941-194 2. TABLE VII.-ALLOCATION OF THE PUBLIC DEBT AS AT 31st MARCH, 1942, ACCORDING TO THE EXPENDITURE APPEARING IN THE DEPARTMENTAL ACCOUNTS PREPARED IN TERMS OF SECTION 57 OF THE FINANCE ACT, 1932. £ Railways .. .. .. .. .. .. 75,091,393 Hydro-electric Schemes .. .. .. .. .. 16,801,733 Post and Telegraph Services .. .. .. .. 16,960,326 Public Buildings, Schools, and Sites .. .. .. 19,502,017 Roads a.nd Highways .. .. .. .. .. 40.102,105 Harbours and Lighthouses . . .. .. .. .. 2,218,799 State Forests .. .. .. .. .. .. 3,387,438 Housing.. .. .. .. .. .. .. 20,618,945 Land Settlement and Improvement .. .. .. .. 32,286,592 Shares in Bank of New Zealand .. .. .. .. 875,000 Shares in Reserve Bank of New Zealand .. .. .. 1,129,785 Investment in State Advances Corporation .. .. .. 35,173,859 Share in Nauru and Ocean Island Phosphates .. .. 213,840 Development of Mining .. .. .. .. .. 1,161,195 Tourist Resorts .. . . .. ~ .. 780,414 Immigration .. .. .. .. .. .. 1,698,019 War and Defence (including £43,704,794 in respect of present war) 105,344,680 Miscellaneous Assets and Services .. .. .. .. 8,367,627 Cash and Investments in hand . .. .. .. 3,683,966 £385,397,733

B. C. Asiiwin, Secretary to the Treasury. A. R. F. Mackay, M.Com. (N.Z.), Ph.D. (Lond.), Accountant to the Treasury. The Treasury, Wellington, 22nd June, 1942. Examined and found correct. Cyril G. Collins, Controller and Auditor-General. Audit Office, 23rd June, 1942.

By Authority: E. V. Paul, Government Printer, Wellington.- 1942. Price 9d.]

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