PUBLIC ACCOUNTS FOR THE FINANCIAL YEAR 1942-1943. 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, 1943.

Appendix to the Journals of the House of Representatives, 1943 Session I, B-01-part03

B.—l [PT. Ill]

1943. NEW ZEALAND.

PUBLIC ACCOUNTS FOR THE FINANCIAL YEAR 1942-1943. 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, 1943.

I—B, 1 [PT. Ill].

B.—l [PT. lII].

C 0 N T E NTS. PAGE TABLE I.—THE PUBLIC DEBT OF NEW ZEALAND OUTSTANDING ON 31ST MARCH, 1943 .. 3 TABLE lI.—STATEMENT OF ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31ST MARCH, 1943 .. .. 8 TABLE lII.—STATEMENT OF TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31ST MARCH, 1943 .. .. .. .. .. 9 TABLE IV.—STATEMENT OF SINKING FUNDS ACCRUED TO THE 31ST MARCH, 1943.. ... 10 TABLE V.—STATEMENT OF RECEIPTS AND DISBURSEMENTS OF THE SINKING FUNDS DURING THE FINANCIAL YEAR ENDED 31st MARCH, 1943 .. .. .. 10 TABLE VI.—STATEMENT OF LOANS GUARANTEED BY THE GOVERNMENT .. .. 12

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, 1943

B.—l [Pt. Ill].

PUBLIC ACCOUNTS, 19 4 2-1 943.

3

Annual Charge. Domicile of Principal. Nominal j : ' Amount Due Date. *•£* outstanding. ® g "N"ominal -Remarks. -g-S Interest. When payable. Xew Zealand. London. Australia. — 1 —— rtl " 1 ' 1 I ' New Zealand Loans Act, 1932: — £s. d. % £ £sd£d£ Debentures and Stock .. .. 6,470 0 0 Various fi d7n n n ' tt 600 0 0 1 Sept.,1937 5} 33 1 Mar. ani 1 Sept. 600 0 0 " " Resented. 1,800 0 0 15 Nov., 1938 4£ 81 15 May „ 15 Nov. 1 800 0 0 " " o, . . , , T "S o J 8S?S2 a » »«5' • :: :: 5 0 0 15 Dec., 1940 4J .. 15 June „ 15 Dee. 5 0 0 1 Feb 1Q43 " '" "' • • • • • • - - Option to repay £10,884,628 matur15 Feb 1941 ing 1st February, 1963. ' '• •' •• •• •• •• Option to repay £9,839,080 matur7,339,656 4 9 1 Mar., 1944 4| 330,284 1 Mar., and 1 Sept. .. 7 339 656 4 9 n ° February, 5,926,400 0 0 1 Jan., 1940-5* 3J 207,424 1 Jan. „ 1 July .. 5! 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 j 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 instal- I ments will be made available by two equal payments in each year 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 Government 3J per cent, stock, 19491954, and as to one-half into New I Zealand Government 3J per cent, i stock, 1955-1960, at rates to be 199,500 0 0 15 Feb., 1945 5 9,975 15 Feb., „ 15 Aug. .. 199,500 0 0 pubhshed from time to time. 7,580,907 11 10 1 Mar., 1945 4J- 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 1 748,810 0 0 30 June, 1945 3 22,464 30 June „ 31 Dec. 748,810 0 0 2,144,910 0 0 15 July, 1945 3 64,347 15 Jan. „ 15 July 2,144,910 0 0 Carried forward .. 33,871,508 17 8 .. .. 1,276,048 .. 3,167,565 0 0 30,703,943 17 8 i : : _J

B.—l [Pt. Ill].

PUBLIC ACCOUNTS, 1942-1943.

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.-STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1943— continued.

4

Annual Charge. Domicile of Principal. Nominal . Remarks. — Amount Due Date. outstanding. © g Nominal When payable. New Zealand. London. Australia "Ss-g Interest. ! | ! f s. d. % £ ! £ s - d* £ sBrought forward .. 33,871,508 17 8 .. 1,276,048 .. 3,167,565 0 0 30,703,943 17 8 New Zealand Loans Act, 1932 DdbeatoBsmd Stock—continued. 2,090,909 1 9 1 Dec., 1945* 4J 94,090f 1 June and 1 Dec. .. 2,090,909 1 9 .. * after 1st Decernber, 1925, by giving three months' 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 .. 9 839 080 0 0 15 Feb., 1946+ 4 393,563 15 Feb. „ 15 Aug. 9,839,080 0 0 .. .. {Repayable at the option of the ' ' Government at par on or alter 15th February, 1943, on three months' notice. 1,238,743 9 0 1 April, 1946 3 37,162 1 April „ 1 Oct. 1,238,743 9 0 .. .. 406 690 15 0 1 April, 19465 4 16,268 1 April „ 1 Oct. 406,690 15 0 .. .. § Repayable at option of the holders 5 on 14 days notice. 15 April 1946 .. .. • ■ • • • • Option to repay £8,963,205 maturing " ' " " " 15th April, 1949. 3,331,550 0 0 1 Aug., 1946 2\ 83,289 1 Feb. and 1 Aug. 3,331,550 0 0 .. .. 15 Sept 1946 .. •• •• •• •• Option to repay £6, / 68,965 maturing 400,000 0 0 1 April, 1947 2£ 10,000 1 April and 1 Oct. 400,000 0 0 .. •• 15 Sept., 1948. 0 0 15 Sept., 1947 2| 157,514 15 Mar. „ 15 Sept. 6,300,560 0 0 2,856,250 0 0 15Sept.,1947 4 114,250 15 Mar. and 15Sept. 2,856,250 0 0 .. oi'onn 1,325,300 0 0 15 Sept., 1947 5 66,265 15 Mar. „ 15 Sept. 1,122,000 0 0 120,000 0 0 83,300 11! 221 16 5 1 Nov.. 1947 4J 504,972 1 May „ 1 Nov. .. i 11,221,608 16 5 .. . X Mar 1948 •• •• I •• "I Option to repay £19,225,465 maturing 9,767,330 0 0 15 May, 1948 2J 244,183 15 May and 15 Nov. 9,767,330 0 0 .. j 1st March, 1958. 6,768,965 0 0 15 Sept., 19481 3 203,069 15 Mar. „ 15 Sept. 6,768,965 0 0 .. .. K Repayable at option of Govern- ' ' ment at par on or alter 15 Sept., 1946, on three months' notice. 4,993,490 0 0 30 Nov., 1948 4 199,740 31 May „ 30 Nov. 4,993,490 0 0 10,500 0 0 1 Jan., 1949 4 420 1 Jan. „ 1 July 10,500 0 0 .. .. 9n(! „„, . 1 Feb 1949 • • • • * * * * Option to repay £o,206,701 matur- *' '' *' ing 1st February, 1954. 8 963,205 0 0 15 April, 19491] 4 358,528 15 April and 15 Oct. 8,963,205 0 0 .. .. || Repayable at the option of the ' ' r " Government at par on or alter 15th April, 1946, on three months' notice. 15 May, 1949 .... .. •• •• Option to repay £12 484,105 maturJ ' mg 15th May, 1952. 312,009 10 0 15 Sept., 1949 2J 7,800 15 Mar. and 15 Sept. 312,009 10 0 x _ rn ■■ a A 7,500,000 0 0 15 Dec., 1949 5 375,000 15 June „ 15 Dee. .. 7,"500, 000 0 0 250,000 0 0 15 Dec., 1950 3* 8,750 15 June „ 15 Dec. 250,000 0 0 •• m ! 2,029,000 0 0 1 Feb., 1951 5£ 111,595 1 Feb. „ 1 Aug. „ l,2o0,000 0 0 < 79,000 ; Carried forward .. 126,362,810 13 7 .. .. 4,906,811 .. 59,727,938 14 0 j 65,772,571 19 7 862,300 \ | j 1

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1943—continued.

B.—l [PT. Ill]

PUBLIC ACCOUNTS, 1942-1943

5

Annual Charge. Domicile of Principal. Nominal — 1 :— Dne Date. o"| . ! Remarks, ng. _2 J5 When payable. New Zealand. London. Australia. As\ "J £ g # d % £ £ d £ s» d £ Brought forward .. 126,362,810 13 7 .. ,° 4,906,811 .. 59,727,938 14 o' 65,772,571 19 7 862,300 New Zealand Loans Act, 1932 —continued. Debentures and Stock-continued. .. 1 Aug., 1951 .... .. .. .. .. j Option to repay £6,800,990 maturing 1st August 1954. 12,484,105 0 0 15 May, 1952* 4 499,364 15 May and 15 Nov. 12,484,105 0 0 .. .. * Repayable at the option of the Government at par on or after 15th May, 1949, on three months' I i notice. • • v 15 June, 1952 .. .. .. .. .. I Option to repay £9,468,520 maturing 15th June, 1955. 1 1952 .. .. .. .. .. i Option to repay £12,000,000 matur- j j ing 1st July, 1955. Sept., 1952 .. .. .. .. .. .. i Option to repay £11,032,405 maturing 15th September, 1955. 15 Jan., 1953 .. .. .. .. .. e # Option to repay £9,115,989 12s. 4d. maturing 15th January, 1957. 15 May, 1953 .. .. .. .. .. Option to repay £8,788,630 matures 15th May, 1956. 9,929,/ 86 19 2 1 Oct., 1953 t •• 1 April and 1 Oct. 9,929,786 19 2 .. .. "f* This stock is non-interest bearing to 1st October, 1943. Thereafter ! per cent, per annum will be | „ paid to 1st October, 1953. 6,206,701 0 0 1 Feb., 1954J 3£ 217,235 1 Feb. „ 1 Aug. .. 6,206,701 0 0 .. J Repayable at the option of the j Government at par on or after 1st February, 1949. on three months' notice. 31 May, 1954 .. .. .. .. . # _ Option to repay £5,537,960 matur- I _ . ' ing 31st May, 1958. 6,800,990 ,0 0 I Aug.. 1954$ 3 204,030 1 Feb. and 1 Aug. 6,800,990 0 0 .. .. § Repayable at the option of the Government at par on or after 1st August, 1951, on three months' no^ ce - 9,468,520 0 0 15 June, 1955|j 4 378,741 15 June ,, 15 Dec. 9,468,520 0 0 .. .. jj Repayable at the option of the Government at par on or after 15th June, 1952, on three months' notice. 12,000,000 0 0 1 July, 3 360,000 1 Jan. „ 1 July .. 12,000,000 0 0 .. at the option of the Government at par on or after 1st July, 1952, on three months' notice. 11,032,405 0 0 15 Sept., 1955* 3 330,972 15 Mar., „ 15 Sept. 11,032,405 0 0 .. .. *Repayable at the option of the Government at par on or after 15th September, 1952, on three months' notice. 15 Oct., 1955 .. .. .. .. .. .. Option to repay £5,195,801 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 • — — .— — _________________ Cairied forward .. |l94,747,768 12 9 .. .. J 6,912,026 .. 109,906,195 13 2 83,979,272 19 7 862,300

B.—l [Pt. Ill].

PUBLIC ACCOUNTS, 1942-1 9 43.

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1913—continued.

6

Annual Charge. Domicile 'f Principal. Nominal r~ i ! T , Amount Due Date. 1 , Remarks. outstanding. © m Nominal When payable. New Zealand. London. Australia. -•-» , interest. 1 I | £ s. d. % £ £ s. d. £ s. d. £ Brought forward .. 194,747,768 12 9 .. •• 6,912,026 .. 109,906,195 13 2 83,979,272 19 7 862,300 New Zealand Loans Act, 1932 QOTlfilflK, @c[ Debentures and Stock—continued. .. 15 Jan., 1956 .... .. .. .. .. Option to repay £6,275,680 maturing 15th January, 1959. 8,788,630 0 0 15 May, 1956a 3 263,659 15 May and 15 Nov. 8,788,630 0 0 .. .. a Repayable at the option of the Government at par on or after 15th May, 1953, on three months' j notice. 1 Nov., 1956 .... .. .. • ■ .. Option to repay £5,000,000 maturing 1st November, 1971. 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 j Government at par on or after j 15th January, 1953, on three months' notice. 1,874,709 14 11 15 Jan., 1957 2| 46,868 15 Jan. „ 15 July 1,874,709 14 11 46,900 0 0 15 Jan., 1957 3 1,407 15 Jan. „ 15 July 34,000 0 0 12,900 0 0 586,810 0 0 15 Jan., 1957 3£ 20,538 15 Jan. „ 15 July 586,810 0 0 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 2£ 35,425 15 May „ 15 Nov. 1,417,000 0 0 5,761,753 13 7 15 May, 1957 3 172,853 15 May „ 15 Nov. 5,761,753 13 7 1,395,086 0 0 15 May, 1957 3J 48,828 15 May „ 15 Nov. 1,395,086 0 0 17,834,932 14 0 15 Aug., 1957 2£ 445,873 15 Feb. „ 15 Aug. 17,834,932 14 0 8,200,000 0 0 15 Aug., 1957 3 246,000 15 Feb. „ 15 Aug. 8,200,000 0 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 £14,577,930 maturing 15th September, 1960. 3,606,835 3 8 15 Feb., 1958 2£ 90,171 15 Feb., and 15 Aug. 3,606,835 3 8 19,225,465 0 0 1 Mar., 1958t 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. 5,537,960 0 0 31 May, 1958J 4 221,518 31 May „ 30 Nov. 5,537,960 0 0 .. .. {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 15 June, 1958 3® 53,243 15 June „ 15 Dec. 1,521,250 0 0 2,678,400 0 0 15 Sept., 1958 2| 66,960 15 Mar. „ 15 Sept. 2,678,400 0 0 2,842,000 0 0 15 Dec., 1958 2£ 71,050 15 June „ 15 Dec. 2,842,000 0 0 26,216,308 7 6 15 Dec., 1958 3 786,489 15 June „ 15 Dec. 26,216,308 7 6 6,275,680 0 0 15 Jan., 1959§ 3J 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. Carried forward .. 321,306,458 18 9 .. .. 10,994,200 .. 217,226,520 19 2 103,217,637 19 7 862,300

THE PUBLIC DEBT OF NEW ZEALAND. TABLE OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1943—continued.

B.—l [I't. Ill],

PUBLIC ACCOUNTS, 1 942-1 943

7

Annual Charge. Domicile of Principal. Nominal . _ Amount Due Date. ! " 1 „ outstanding. ; % g Nominal _ Remarks. Interest. I " nen payable. New Zealand. London. j Australia. i e*. J L- ! £ d ° I ~ Brought forward .. 321,306,458 18 9 .. % .. 217,226,520 19 % 103,217,637 19 *7 862^300 New Zealand Loans Act, 1932 —continued. Debentures and Stock continued. 2,537,014 15 3 15 Mar., 1959 2* 63,425 15 Mar. and 15 Sept. 2 537 014 15 3 205,491 3 4 15 Mar. 1959 3 6,165 15 Mar. „ 15 Sept. '2051491 3 4 n n 4 25 ' 226 15 Mar " » 15 Sept- 630 640 0 0 1! " 2,980,6/9 0 0 lo July, 1959 2} 74,517 15 Jan. „ 15 July 2,980 679 0 0 , MS ,2 ? ** 14 ' 250 15Jan - » asSlooo oo :: :: t a ? T " 3 51,091 15 April „ 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 May, 1960 34 9,273 22 May " 22 Nov. 264 950 0 0 14,577,930 0 0 15 Sep., 1960* 3* 473,783 15 Mar. „ 15 Sept. 14,577,930 0 0 !! " * Repayable at the option of the Government at par on or after 15th September, 1957, on three months' 5,195,801 0 0 15 Oct., 1960t 34 181,853 15 April „ 15 Oct. .. 5,195,801 0 0 .. f Repayable at the option of the Government at par on or after 15th October, 1955, on three months' 10,884,628 0 0 1 Feb., 1963 J 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' 5,000,000 0 0 1 Nov., 1971§ 5 250,000 1 May „ 1 Nov. .. 5,000,000 0 0 .. § Repayable at the option of the Government at par in whole or in part on or after 1st November, l 9?;s «4ft « a u„ " nnn m r 1956, on three months' notice. i,zoo,o4o o o Various II .. free .. 1 9p;s sj.fi fi a *rrr<i f ,, . .« ±,zoo, 045 o o .. .. II lhe currency of the major portion of this loan is for the duration of 2,345,490 0 0 j Advance .. .. .. 2,345,490 0 0 the war and six months thereafter. I subscriptions Total Debentures and Stock 373,516,501 19 11 .. .. 12,706,534 .. 248,734,773 14 8 123,919,428 5 3 862,300 F Go d ve S r D^r entWithIlaPerial 5 "' 446 11 511 1945- .. 28,363ft 1 June and 1 Dec. 577,446 1! 5 ~ || Balance of £27,532,164, Imperial 23,522,752 19 2|| 1 Dec, 1957** 1,164, 867ft 1 June „ 1 Dec, .. 23,522,752 19 2 .. Total Funded Debt •• 24,100,199 10 7 .. .. 1,193,230 .. 7 24,100,199 10 7 .. ft£L fa 1921-22. ** Approximately. ff Payments suspended in terms of agreement with Imperial GovernMemorandum of Security ■■ 10,254,670 3 11 15 Aug., 1965 3 307,640 15 April and 15 Oct. .. 10,254,670 3 11 .. " Total Memorandum of Security 10,254,670 3 11 .. .. 307,640 .. ~ 10,254,670 3 11 ~ Carried forward .. 407,871,371 14 5 .. .. 14,207,404 .. 248,734,773 14 8 158,274,297 19 9 862,300

B.—l [Ft. lII].

PUBLIC ACCOUNTS, 1942-1943.

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1943-continued.

By the Repayment 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 Repayment of the Public Debt Act, 1925, is £386,589,554 Bs. 4d. The Public Debt Redemption 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 Redemption Fund capital is paid over to the Consolidated Fund as a set-off against the annual payments made by the latter fund to the Repayment 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 Repayment of the Public Debt Act, 1925, do not apply : The balances of these sinking funds at the 31st March, 1943, were as follows: State Coal-mines Account, £14,324; Electric Supply Account, £188 18s. 4d.; Westport Harbour Account, £468,426 Us. 2d. • Samoan Loan Suspense Account, £2 7s. lid.; Nauru and Ocean Islands, Nil; total, £482,941 17s. sd. 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 were published in 8.-l [Pt. Ill] 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 during the financial year ending on the 31st March, 1958. Payments have been suspended by arrangement with the Imperial Government. Section 6 of the Hutt Road Act, 1939, provides that the Wellington City Council shall be kept indemnified out of the Main Highways Account from all liability in respect of loans specified in the First Schedule of the Act totalling £276,020. At 31st March, 1943, £197,870 18s. sd. was outstanding, against which the Public Trustee held sinking funds totalling £108,099 15s. 6d.

TABLE II.—ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31st MARCH, 1943.

8

Annual Charge. Domicile of Principal. Nominal ; ; ; Amount Due Date. . Remarks. outstanding. «| When payable. New Zealand. London. Australia. dS £ s. d. % £ £ s. d. £ s. d. £ Brought forward .. 407,871,371 14 5 .. .. 14,207,404 .. 248,734,773 14 8 158,274,297 19 9 862,300 New Zealand Loans Act, 1932 —continued. Treasury bills .. .. 5,000,000 0 0 Various .. 1 50,000 Various .. .. 5,000,000 0 0 50,954,000 0 0 „ .. 1J 764,310 „ .. .. 50,954,000 0 0 Total Treasury bills .. 55,954,000 0 0 .. .. 814,310 .. 55,954,000 0 0 Amortization Charges. £ 3,000,000* Repayment of the .. .. * Estimated. Public Debt Act, 1925 458,700f Funded Debt .. .. .. f Represents principal repayment also suspended by agreement | with Imperial Government. 20,000 J 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 Total securities charged on Sinking Fund payable in respect of sinking funds the Public Revenues and 3,489,559 used for redemption; and°£7,000 outstanding at 31st March, sinking fund, 1 per cent, payable on 1943 463,825,371 14 5 .. .. 18,511,273 .. 304,688,773 14 8 158,274,297 19 9 862,300 £700,000 Westport Harbour Loans.

Authority for 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 .. .. 3 240 093 15 10 Marketing Amendment Act, 1939, Section 5 .. . . Advances in respect of fruit purchased for export and sale .. Fruit Industry Account .. .. '591 '451 18 6 ; Marketing Amendment Act, 1939, Section 5 .. .. Advances in respect of meat purchased for export and sale.. Meat Industry Account .. 388' 067 8 10 Total advances as at 31st March, 1943 .. .. .. .. .. .. .. .. ., .. .. .. ., .. 1 £4 219 613 3 2

B.—l [PT. lII].

PUBLIC ACCOUNTS, 1 9 42-1 943.

TABLE III.—TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31st MARCH, 1943.

External debt — Details of Above. 1. London — Increases — £ g _ a. New issues for War Expenses Account .. .. .. .. .. .. 15,436,634 15' 0' Decreases— Redemptions from— £ s _ a. Public Debt Repayment Account .. .. .. .. .. 2,538,300 0 0 Loans Redemption Account .. .. .. ~ .. .. 200 0 0 Renewals and conversions to internal long-term debt .. .. .. 8,379,400 0 0 10,917,900 0 0Increase .. .. .. .. .. .. .. £4,518,734 15 0 2. Australia— No change Internal debt— 3. Long-term debt— Increases—New issues for capital works—• £ 3 , d. National Development; Loans Account .. .. .. .. .. 2,300,000 0 0 New issues: War Expenses Account .. .. .. .. .. 40,103,870 18 5 New issue to cover costs, charges, and expenses of conversions of internal long-term debt .. .. .. .. .. .. 200 0 0 New issues to cover exchange on renewal and conversions of external debt (London) .. .. ~ .. .. .. 90 600 0 0 New issues for redemptions .. .. .. .. .. .. 5 000 0 0 Issues in renewal and conversion of floating debt .. .. .. .. 6,484,500 0 0 Issues in renewal and conversion of external debt (London) .. .. .. 8,379,400 0 0 57,363,570 18 5> Decreases —■ Redemption from— Public Debt Repayment Account .. .. .. .. .. 70 745 0 0 Sinking Funds— £ s . d. Electric Supply .. .. .. .. .. 14,632 13 6 State Coal-mines .. .. .. .. .. 9,164 10 4 Samoan Loans .. .. .. .. .. 5,890 0 0 Nauru and Ocean Islands .. .. .. .. 21,795 12 9 51,482 16 7 Loans Redemption Account .. .. .. .. ~ 325,439 0 8 — 447,666 17 3Increase .. .. .. .. .. .. .. £56,915,904 1 2' 4. Floating debt— Increases— New issues for capital works — £ s d. National Development Loans Account .. .. .. .. .. 750 000 0 0 New issues for War Expenses Account .. . . .. .. . . 22,500,000 0 0 New issues to cover costs, charges, expenses, and exchange on renewals and conversions of external debt (London) .. .. .. 2,278,867 10 0 25,528,867 10 ODecreases— Redemptions from— £ s , d. Electric Supply Sinking Fund .. .. .. .. 348,500 0 0 Land for Settlements Account .. .. .. ~ 1,700,000 0 0 Loans Redemption Account .. .. .. .. 2,867 10 0 2,051,367 10 0 Renewals and conversions to long-term internal debt .. .. 6,484,500 0 0 8,535,867 10 0Increase .. .. .. .. .. .. .. £16,993,000 0 0 Notes. — (1) For details of redemptions from Public Debt Repayment Account, see parliamentary paper 8.-2 (2) Money for new issues was borrowed at the following rates: 1J per cent,., £23,250,000; 2i per cent., £16,153,641 5s- 3 per cent £39,315,192 3s. lid.; interest-free, £31,182 4s. 6d.; advance subscriptions, £2,345,490: total, £81,095,505 13s. sd. In addition money was borrowed to cover costs, charges, expenses, and exchange on renewal and conversion of internal and external debt (London) at the following rates: 1% per cent.,' £2,278,867 10s.; 3 per cent., £90,600; 3i per cent., £200, making a total gross increase of £83,465,173 3s. sd. (3) Former shareholders of Reserve Bank and State Advances Corporation who now hold 4-per-cent stock have tlio option of requiring redemption of such stock on giving fourteen days' notice. £5,000 was borrowed during the year at 3 per cent., and from this sum and the balance of £5,038 brought forward from the previous year, redemptions totalling £5 332 5s were effected, leaving a balance of £4,705 15s. unused at the 3!st March, 1943. (4) The following amounts were transferred from National Development Loans Account during 1942-43: —Post Office Account, £132,000; Electric Supply Account £1 186 000- Housing Account, £1,100,000; Iron and Steel Industry Account, £2,000; Main Highways Account, £270,000; State Coal Mines' Account £225,000; and State Forests Account, £110,000, leaving a balance in the account at 31st March, 1943, of £25,000

2-B. 1 [PT. Ill]

9

Outstanding. -f- Increase. 31st March, 1942 31st March, 1943 ~ Decease. (Nominal Amount). (Nominal Amount). External debt— £ s . a. £ s . d. £ s. d. London .. .. .. .. .. .. .. 153,755,563 4 9 158,274,297 19 9 +4,518,734 15 0 Australia .. .. .. .. .. .. .. 862,300 0 0 862,300 0 0 Internal debt— Long-term debt .. .. .. .. .. .. 191,818,869 13 6 248,734,773 14 8 +56,915,904 1 2 Floating debt .. .. .. .. .. .. 38,961,000 0 0 55,954,000 0 0 +16,993,000 0 0 385,397,732 18 3 463,825,371 14 5 +78,427,638 16 2

B.—l [PT. 11l

PUBLIC ACCOUNTS, 1942-1943.

TABLE IV.—STATEMENT of SINKING FUNDS ACCRUED to the 31st March, 1943, in respect of various Loans.

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

10

PUBLIC DEBT£ s - d - £ B - d. Samoan Loan Sinking Fund, — Funds held in Deposits Account, Samoan Loan Sinking Fund Account.. .. 2 7 11 Electric Supply Sinking Fund, — Funds held in Electric Supply Sinking Fund Account — North Island Scheme .. .. .. •. • • • • 97 15 4 South Island Scheme .. .. .. .. •• •• 91 3 0 188 18 4 Westport Harbour Loans Sinking Fund, — Funds held by the Publio Trustee .. .. .. •. .. 468,426 11 2 468,617 17 5

RECEIPTS. £ s. d. j £ s. d. SAMOAN LOAN SINKING FUND Accumulation held on 31st March, 1942, — In Deposits Account, Samoan Loan Sinking Fund Account .. .. .. 2 14 5 Contribution by Samoan Treasury .. .. .. .. .. .• 5,889 13 6 5,892 7 11 ELECTRIC SUPPLY SINKING FUND Accumulation held on 31st March, 1942, — In Electric Supply Sinking Fund AccountNorth Island Scheme .. .. .. .. .. . • 11,748 12 5 South Island Scheme .. .. .. . • •• •• •• 2,888 6 3 Transfer from Electric Supply Account in accordance with section 12 of the State Supply of Electrical Energy Act, 1917, — North Island Scheme .. .. .. .. .. •• •• 178,020 6 2 South Island Scheme .. .. .. .. .. •. •• 170,512 18 3 Interest on Investments — North Island Scheme .. .. .. .. • • • • • • 79 2 9 South Island Soheme .. .. .. .. •. • • • • 72 6 0 363,321 11 10 WESTPORT HARBOUR LOANS SINKING FUND Finance Act, 1928, section 13, — Accumulated funds as at 31st March, 1942 .. .. .. .. .. 437,850 11 2 Subsection (4) (a) —Balance contribution for 1941-42 and contribution for the financial year 1942-43 .. .. •• •• •• •• 10,500 0 0 Subsection (4) (d)—Contribution at the rate of 4J per cent, per annum in respect of Sinking Funds used to 31st March, 1942, to redeem debentures (on account)* .. .. .. .. •• •• 3,858 15 0 Interest on Investments .. .. .. •• •• •• 16,242 5 0 468,451 11 2 * A further payment of £1,929 7s. 6d. due on 31st March, 1943, and paid by Treasury on that date was not credited to the Public Trustee's Account until 1st April, 1943.

B.—l [PT. lII].

PUBLIC ACCOUNTS, 1942-1943

FUNDS during the FINANCIAL YEAR ended 31st March, 1943.

11

DISBURSEMENTS. £ s _ d SAMOAN LOAN SINKING FUND Loans redeemed in terms of section 4 of the Finance Act, 1932 (No. 2) .. .. .. 5 890 0 0 Accumulation held in Deposits Account, Samoan Loan Sinking Fund Account, on 31st March, 2 7 11 5,892 7 11 ELECTRIC SUPPLY SINKING FUND Securities redeemed in terms of section 23 (1) of the Finance Act, 1928 .. .. . 363 132 IS fi Accumulation held in Electric Supply Sinking Fund Account on 31st March, 1943 — " ' North Island Scheme .. .. .. .. ,. ' , _ . South Island Scheme .. .. .. .. 91 3 0 363,321 11 10 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, 1943 .. .. . [ ° 468,426 11 2 468,451 11 2

B.—l [Pt. lII.]

PUBLIC ACCOUNTS, 1 942-1943.

TABLE VI.—LOANS GUARANTEED BY THE GOVERNMENT. Contingent Liability outstanding on 31st March, 1943.

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, 24th May, 1943.

Examined and found correct. Cyril G. Collins, Controller and Auditor-General. Audit Office, 24th May, 1943.

By Authority: E. V. Paul, Government Printer, Wellington.

Price 9d.]

12

j I Rate. accumulated Loans guaranteed. Authority eob Govkbsmekt Guarantee. , oc Dce Date ' Remarks. Int. S.F. LOANS OF LOCAL AUTHORITIES. I r 1/425 \ / 1 July, 1947 4£ if 14 6 Havelock North Town Board .. .. Local Bodies' Loans Act, 1913, Part IV .. 1,650 J" 1 ' 07s \ 1 July, 1948 5 1J 1,350 0 7 Tp Puke Town Board . .. Local Bodies' Loans Act, 1913, Part IV .. .. 11,000 1 Jan., 1948 1J Wancranui Hospital Board .. Local Bodies' Loans Act, 1913, Part IV, and .. 1,500 1 April, 1943 6£ 2£ 1,292 Hospitals and Charitable Institutions Amendment Act, 1920 (No. 2) , ,, , . , , Oamaru Harbour Board .. .. Finance Act, 1937, sec. 42 78,082 1 April, 1952 4 Nil .. * half-yearly metalTotal Local Authorities Loans .. 111,657 STATE ADVANCES CORPORATION STOCK AND DEBENTURES. Snppiil Spripg .. .. State Advances Corporation Act, 1936, sec. 25 .. 7,802,450 1 Aug., 1960 3| bpeciai benes .... r 6,500,000 1 Aug., 1963 3| .. >■•••••" " 6,500,000 1 Aug., 1966 3f ' .. 6,500,000 1 Aug., 1969 3| ' .. 6,500,000 1 Aug., 1972 3f .. ' 6,500,000 1 Aug., 1975 3| .. •■ •••• " ' 7,000,000 1 Aug., 1978 3| .. Series "A" " " " •• 478 > 100 1 Sept. 1955-60 3| .. IS-B- :: 291 ' 5 *> 1 1944 3 ± •• Total State Advances Corporation Loans 48,072,090 ■ r~i