PUBLIC ACCOUNTS FOR THE FINANCIAL YEAR 1943-1944 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 81st MARCH, 1944

Appendix to the Journals of the House of Representatives, 1944 Session I, B-01-part03

B.—l [PT. Ill]

1944 NEW ZEALAND

PUBLIC ACCOUNTS FOR THE FINANCIAL YEAR 1943-1944 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 81st MARCH, 1944

CONTENTS PAGE TABLE I.—THE PUBLIC DEBT OF NEW ZEALAND OUTSTANDING ON 31ST MARCH, 1944 .. 2 TABLE lI.—STATEMENT OF ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31ST MARCH, 1944 .. .. 0 TABLE lIT.—STATEMENT OF TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31ST MARCH, 1944 .. .. 7 TABLE IV.—STATEMENT OF SINKING FUNDS ACCRUED TO THE 31ST MARCH, 1944.. .. 8 TABLE V.—STATEMENT OF RECEIPTS AND DISBURSEMENTS OF THE SINKING FUNDS DURING THE FINANCIAL YEAR ENDED 31ST MARCH, 1944 .. .. .. 8 TABLE VI.—STATEMENT OF LOANS GUARANTEED BY THE GOVERNMENT .. .. 10 This publication is one of a scries of four statements dealing with the Public Accounts as under:— 8.-l [Pt. I].—Abstract of the Public Accounts and Supplementary Statements. 8.-l | Pt. ll]. —Report of Controller and Auditor-General and Details of Revenue and Expenditure. 8.-l [Pt. Ill], —Statement of the Public Debt and Transactions in connection therewith. 8.-l [Pt. IV]. —Balance-sheets of various Government Departments.

I—B. 1 [Pt. Ill].

B.—l [Pt. Ill]

PUBLIC ACCOUNTS, 1943-1944

THE PUBLIC DEBT OF NEW ZEALAND TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1944

2

Domicile of Principal. Interest Charge. Amount, in Hew Zealand Currency. London Debt> Due | Interest in j Kemarks. New Zealand. j Australia. | London. sterlia 8- $ j When payable. New Zealand Loans Act, £ s. d. £ £ s. d. £ s. d. o/ # 1932— /0 Debentures and Stock .. 3,375 0 0 .. .. .. Various .. Unpresented or subject to eonversion under New Zealand Debt Conversion Act. 1 Feb., 1943 .. .. .. Option to repay £13,511,125 6s. 5d. 3,500,375 0 0 2,800,300 0 0 1 Jan., 1945 3J 122,513 1 July and 1 Jan. TlSttock^lfbf redeem^ behalfyearly drawings at par as at 1st July, 1944, and 1st January, 1945, holders having the option of converting such stock into New Zealand Government 3| per cent, stock, 1949-54, and 3| per cent, stock, 1955—60, at rates to _ _ __ - , be published from time to time. 249,3/o 0 0 199, oOO 0 0 lo Feb., 1945 5 12,469 15 Feb. „ 15 Aug. 9,476,134 9 10 7,580,907 11 10 1 Mar., 1945 4£ 426,426 1 Mar. „ 1 Sept. 262,270 0 0.. .. .. 15 Mar., 1945 4 10,491 15 Mar. „ 15 Sept. 2,500 0 0 .. 12,071,600 1 4 9,657,280 1 1 1 April, 1945 3 362,223 1 April „ 1 Oct. 1,206,345 0 0.. .. .. 30 June, 1945 3 36,190 30 June „ 31 Dec. 2,144,910 0 0.. .. .. 15 July, 1945 3 64,348 15 Jan. „ 15 July 2>613>636 7 2 1 9 1 Dec., 1945* 4" 117,614t 1 June „ 1 Dec. *Repayable at the option of the Go16,107,63; 14 8 12,886,110 3 9 1 Jan., 1946 5 805,381 1 Jan. ,, 1 July vernment on or after 1st December, 1925, by giving three months' notice in the London Gazette. f Interest suspended in terms of agree - n o/v-7 am _ , ment with Imperial Government. 9,807,4o0 0 0.. .. .. 15 Feb., 1946* 4 392,298 15 Feb. „ 15 Aug. % Repayable at the option of the Government at par on or after 15th February, 1943, on three i ion „ months' notice. 1,238,743 9 0.. .. .. 1 April, 1946 3 37,162 1 April „ 1 Oct. 398,332 10 0 .. .. 1 April, 1946§ 4 15,933 1 April ,, 1 Oct. § Repayable at option of the holders on fourteen days notice. _„o ;,, ,, " •• 15 April. 1946 .. .. .. Option to repay £8,933,830 maturo03, 140 0 0.. .. .. 30 June, 1946 3 15,094 30 June and 31 Dec. ine 15th April, 1949 3,321,170 0 0.. .. .. 1 Aug., 1946 2J 83,029 1 Feb. „ 1 Aug. 1® Sept., 1946 .. .. .. Option to repay £6,762,085 matur- .... in 8 September, 1948. 400,000 0 0 .. .. .. 1 April, 1947 2| 10,000 1 April and 1 Oct, ,, ,, •" "• •• 15 June, 1947 .. .. .. Option to repay £16,258,755 matur0 0 .. .. .. 15 Sept.,1947 2J 157,337 15 Mar. and 15 Sept, ing 15th June, 1949. 2,864,600 0 0.. .. .. 15 Sept.,1947 4 114,584 15 Mar. „ 15 Sept, 1,113,650 0 0 83,300 150,000 0 0 120,000 0 0 15 Sept.,1947 5 67,348 15 Mar. 15 Sept, 14,027,011 0 6 11,221,608 16 5 1 Nov., 1947 4£ 631,215 1 May 1 Nov. . - • • • • • • • 1 - Mar -> 1948 .. .. .. Option to repay £24,031,831 5s. „ ___ „ maturing 1st Maroh, 1958. 9,/7o,o30 0 0 .. .. .. lo May, 1948 2J 244,388 15 May and 15 Nov. 6, 162, 085 0 0.. .. .. 15 Sept., 1948|| 3 202,863 15 Mar. „ 15 Sept, [| Repayable at option of Government at par on or after 15th September, 1946, on three months' notice. Carried forward 46,097,580 19 0 83,300 58,195,769 13 6 j 46,556,615 14 10 3,928,906

THE PUBLIC DEBT OF NEW ZEALAND TABLE I.-STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1944-continued

B.—l [Pt. Ill]

PUBLIC ACCOUNTS, 1943-1944

3

Domicile of Principal. ! Interest Charge. I Due Remarks Amount, in New Zealand Currency. . Date. . Interest in - . London Debt, m ® New Zealand When payable. Sterling. , «| Currency. New Zealand. Australia. London. — — j £ s. d. £ £ s. d. £ s. d. % £ Brought forward 46,097,580 19 0 83,300 58,195,769 13 6 46,556,615 14 10 3,928,906 New Zealakd Loans Act, 1932'.—continued 30 Nov., 1948 4 199,672 31 May and 30 Nov. Debentures and Stock conta 4,991, -JO 0 0.. .. • 1 Feb.. 1949 .. .. •• Option to repay £8,284,251 5s. maturing 1st February, 1954. 8 933 830 0 0 .. •• 15 April, 1949* 4 357,353 15 April and 15 Oct. * Repayable at the option of the ' ' * * * * Government at par on or after 15 th April, 1946, on three months' notice. 15 May 1949 •• .. •• ! Option to repay £12,484,105, maturing 15th May, 1952. 9 -q „ 15 June, 1949t 24 406,469 15 June and 15 Dec. \ f Repayable at the option of the 10,-OS, (DO U u .. •• Government at par on or after 15th June, 1947, on three months' notice. 312 009 10 0 .. •• 15 Sept., 1949 2J .. If Interest payable at maturity. 9 375 000 0 0 7,500,000 0 0 15 Dec., 1949 5 468,750 15 June „ 15 Dec. 250 000 0 0 .. •• •• 1 15 Dec., 1950 3J 8,750 15 June „ 15 Dec. 779,000 1,562,500 0 0 1,250,000 0 0 1 Feb., 1951 5| 128,783 1 Feb. „ 1 Aug. 1 Aug., 1951 •. • • Option to repay to,ib 1,180 maturing 1st August, 1954. 19 ASA ins n fi 15 May. 1952+ 4 499,364 15 May and 15 Nov. % Repayable at the option of the 9 484, 1U U •• » Government at par on or after 15th May, 1949, on three months' notice. 15 June 1952 •. •. • • Option to repay £9,439,150 maturing 15th June, 1955. 1 July 1952 •• •• . •• i Option to repay £15,000,000 maturing 1st July, 1955. 15 Sept., 1952 •. .. • • I Option to repay £10,976,330 maturj ing 15th September, 1955. 15 Jan. 1953 •• •• •• > Option to repay £9,086,614 12s. 4d. maturing 15th January, 1957. 15 May 1953 • • . • • • Option to repay £8,746,250 matur- * * * * *" ' ' ing 15th May, 1956. q Qi a 1Q 9 1 Oct., 1953 2AS 246,598 1 April and 1 Oct. § This stock was non-interest beariy z .. .. •• ing to 1st October, 1943. Thereafter 2| per cent, per annum will be paid to 1st October, 1953. 15 Dec. 1953 • • • • Option to repay £19,596,945 maturing 15th December, 1956. 8 284 251 5 0 6 627,401 0 0 1 Feb., 1954(1 3J 289,949 1 Feb. and 1 Aug. || Repayable at the option of the ' ' ' Government at par on or after 1st February, 1949, on three months' notice. 31 May 1954 .. •. * • Option to repay £5,532,960 maturing 31st May, 1958. Carried forward 99,191,987 8 2 862,300 77,417,520 18 6 61,934,016 14 10 6,534,594

B.—l [Pt.III]

PUBLIC ACCOUNTS, 1943-1944

THE PUBLIC DEBT OF NEW ZEALAND TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1944—continued

4

Domicile of Principal. Interest Charge. Amount, in New Zealand Currency. Trmdon T)eht in Date. ! . Interest in Semarks. -— ' Sterling ' I ® New Zealand ; When payable. New Zealand. j Australia. London. ~ I S I Currency. I i 1 i ! ... * £ s d £ £ s d £ s d o/ Brought forward | 99,191,987 8 2 862,300 77,417,520 18 6 61,934,016 14 10 ° 6,534,594 New Zealand Loans Act, 1932 —continued Debentures and Stock —contd. 6,761,180 0 0.. .. .. 1 Aug., 1954* 3 202,835 1 Feb. and 1 Aug. * Repayable at the option of the Government at par on or after 1st August, 1951, on three months' notice. 9,439,150 0 0 .. .. .. 15 June, 1955f 4 377,566 15 June „ 15 Dec. f Repayable at the option of the Government at par on or after 15th June, 1952, on three months' notice. 15,000,000 0 0 12,000,000 0 0 1 July, 1955J 3 450,000 1 July „ 1 Jan. J Repayable at the option of the Government at par on or after j 1st July, 1952, on three months' notice. 10,976,330 0 0 .. .. .. 15 Sept., 1955§ 3 329,290 15 Mar. „ 15 Sept. § 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 £7,020,626 5s. maturing 15th October, 1960. 362,450 0 0 .. ' ■ 1 Jan., 1956 3 10,873 1 Jan. and 1 July 100,000 0 0.. .. .. 1 Jan., 1956 4 4,000 1 Jan. and 1 July » . • .. • • 15 Jan., 1956 .. .. .. Option to repay £6,275,680 maturing 15th January, 1959. 8,746,250 0 0 .. .. j .. 15 May, 1956jj 3 262,387 15 May and 15 Nov. || Repayable at the option of the Government at par on or after 15th May, 1953, on three months' notice. 1 Nov., 1956 .. .. .. Option to repay £6,250,000 maturing 1st November, 1971. 19,596,945 0 0 .. .. .. 15 Dec., 1956 3 587,908 15 June and 15 Dec. Repayable at option of Government at par on or after 15th December, 1953, on three months' notice. • - 9,086,614 12 4 .. .. j .. 15 Jan., 19571; 3J 318,032 15 Jan. ,, 15 July II Repayable at the option of the I | Government at par on or after 15th January, 1953, on three months' notice. 1.874.709 14 11 .. .. .. 15 Jan., 1957 2b 46,868 15 Jan. ,, 15 July 586,810 0 0.. .. .. 15 Jan., 1957 3i 20,538 15 Jan. ,, 15 Julv 1,417,000 0 0 .. .. .. 15 May, 1957 2| 35,425 15 May „ 15 Nov. 5,673,753 13 7 .. .. .. 15 May, 1957 3 170,213 15 May „ 15 Nov. 1,395,086 0 0 .. .. .. 15 May, 1957 3£ 48,828 15 Mav „ 15 Nov. 32,239,432 14 0 .. .. .. 15 Aug., 1957 2£ 805,986 15 Feb. „ 15 Aug. 21,547,845 0 0 .. .. | .. 15 Aug., 1957 3 646,435 15 Feb. „ 15 Aug. 2.055.710 0 0 .. .. .. 15 Aug., 1957 4 82,22S 15 Feb. „ 15 Aug, 15 Sept., 1957 .. .. .. Option to repay £14,536,190 maturing 15th September, 1960. Carried forward 231,051,254 3 0 862,300 j 92,417,520 18 6 73,934,016 14 10 I 10,934,006 ! ' . ! ' Ta 0

THE PUBLIC DEBT OF NEW ZEALAND TABLE I.-STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1944—continued

B.—l [Pt. TLT]

PUBLIC ACCOUNTS, 1 943-1944

5

. Domicile of Principal. ; Interest Charge. — Amount, in New Zealand Currency. j Interest in Remarks. ' m j 5 Sew Zealand When payable. fcri L1I1—,. PiiTrPTiov New Zealand. Australia. London. £ s. d. £ £ s. d. £ s. d. °/ £ Brought forward .. 231,051,254 3 0 862,300 92,417,520 18 6 73,934,016 14 10 ° 10,934,006 New Zealand Loans Act, 1932 COTZtZTbU Debentures and Stock —contd. 3,606,835 3 8 .. .. .. 15 Feb., 1958 2J 90,171 15 Feb. and 15 Aug. 24,031,831 5 0 19,225,465 0 0 j 1 Mar., 1958* 4| 1,081,432 1 Mar „ 1 Sept. * Repayable at the option of the Government at par on or after 1st March, 1948, on three months' notice. 5,532,960 0 0 .. .. .. I 31 May, 1958f 4 221,318 31 May „ 30 Nov. f 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 35,425 15 June „ 15 Dec. 1,521,250 0 0 .. .. .. 15 June, 1958 3| 53,243 15 June „ 15 Dec. 2,678,400 0 0.. .. .. 15 Sept., 1958 2j 66,960 15 Mar. „ 15 Sept. 2,842,000 0 0.. .. .. 15 Dec., 1958 2| 71,050 15 June ,, 15 Dec. 26,157,358 7 6.. .. .. 15 Dec., 1958 3 784,721 15 June „ 15 Dec. 6,275,680 0 0.. .. .. 15 Jan., 1959J 3J 203,960 15 Jan. „ 15 July {Repayable at the option of the : Government at par at any time on or after the 15th January, 1956, on three months' notice. 2,537,014 15 3 .. .. .. 15 Mar., 1959 2J 63,425 15 Mar. „ 15 Sept. 205,491 3 4 .. .. .. 15 Mar., 1959 3 6,165 15 Mar. „ 15 Sept. 2,980,679 0 0.. .. .. 15 July, 1959 2J 74,517 15 Jan. „ 15 July 380,000 0 0.. .. .. 15 July, 1959 3f 14,250 15 Jan. ,, 15 Julv 1,703,035 14 1 .. .. .. 15 Oct., 1959 3 51,091 15 April „ 15 Oct. 4,245,535 0 0.. .. .. 15 Nov., 1959 3 127,366 15 May „ 15 Nov. 1 Mar., 1960 .. .. .. : Option to repay £9,174,570 maturing 1st March. 1964. 264,950 0 0.. .. .. 22 May, 1960 3J 9,273 22 May and 22 Nov. 14,536,190 0 0.. .. .. 15 Sept., 1960§ 3J- 472,426 15 Mar. „ 15 Sept. ; § Repayable at the option of the Government at par on or after 15th September, 1957, on three months' notice. 7,020,626 5 0 5,616,501 0 0 15 Oct., 1960|| 3J 245,723 15 April „ 15 Oct. [| Repayable at the option of the Government at par on or after 15th October, 1955, on three months' notice. 378,638 14 4 .. 13,132,486 12 1 10,505,989 5 8 1 Feb., 19631 4 540,445 1 Feb. „ 1 Aug. IF Repayable at the option of the Government at par on or after 1st February, 1943, on three months' notice. 9,174,570 0 0 7,339,656 0 0 1 Mar., 1964 3£ 321,110 1 Mar. ,, 1 Sept. Repayable at option of the Government at par on or after 1st March, 1960, on three months' notice. 6,250,000 0 0 5,000,000 0 0 1 Nov., 1971** 5 312,500 1 May „ 1 Nov. ;*» Repayable at the option of the Government at par on or after 1st November, 1956, on three months' . notice. Carried forward 308,314,272 1 2 862,300 152,027,035 0 7 121,621,628 0 6 j 15,780,577

B.—l [Pt. Ill]

PUBLIC ACCOUNTS, 1 943- 1 944

THE PUBLIC DEBT OF NEW ZEALAND TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 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 £482,083,494 2s. od. 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 an additional 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, 1944, were as follows : State Coal-mines Account, £21,052 ; Electric Supply Account, Nil; Westport Harbour Account, £241,691 10s. lOd.; Samoan Loan Suspense Account, £3 3s. sd. ; Nauru and Ocean Islands, Nil; total, £262, /46 14s. 3d.. 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 6of 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, 1944, £191,048' 19s. sd. was outstanding, against which the Public Trustee held sinking funds totalling £113,975 12s. lid.

TABLE II.—ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31st MARCH, 1944

6

Authority for Adv&Dccs. Particulars of Accomit« Amouut* " ~ ~ ~~~~ . £ s. d. Marketing Act, 1936, Section 10 .. . - .. • ■ Advances in respect of dairy-produce purchased for export and sale Dairy Industry Account .. .. 1,243, 065 11 6 Marketing Amendment Act, 1939, Section 5 .. .. .. Advances in respect of primary products purchased for sale .. Internal Marketing Account .. .. 348,312 12 11 Marketing Amendment Act, 1939, Section 5 .. .. -■ Advances in respect of sundry products purchased for export and Sundry Products Account .. .. 51,894 11 8 sale Total advances as at 31st March, 1944.. .. .. .. .. -• -• •• •• •• •• •• •• •• £1,643,272 16 1

Domicile of Principal. Interest Charge. Amount, in New Zealand Currency. Stl ! Interest in Eemarts. m £ Hew Zealand When payable. Sterling. 53 fVirrpnpv New Zealand. Australia. London. P3 i I £ s. d. £ £ s. d. £ s. d. % £ Brought forward .. 308,314,272 1 2 862,300 152,027,035 0 7 121,621,628 0 6 15,780,577 New Zealakd Loans Act, 1932 —continued Debentures and Stock —contd. 1,263,000 17 4 .. -■ Various* .. Free .. .. * The currency of the major portion of this loan is for the duration of the war and six months thereafter. Advance subscriptions .. 1,554,660 0 0 .. • Funding Agreement with Im- 30,125,249 8 3 24,100,199 10 7f .. .. 1,491,538} 1 June and 1 Dec. f Balance of £27,532,164, Imperial perial Government Government advances, funded in Memorandum of Security .. •• •• 16,732,500 0 0 13,386,000 0 0 15 Aug., 1965 3 501,975 15 April and 15 Oct. terms of section 8, Finance Act, Treasury bills .. .. 5,000,000 0 0.. .. Various .. 1 50,000 .. 1922. Details of original loan as 50,615,000 0 0.. .. „ 1J 759,225 .. funded shown in B.-l [Pt. II], Total securities charged 1921-22. on the Public Revenues j: Payments suspended in terms of and outstanding at agreement with Imperial Govern31st March, 1944 .. 366,746,932 18 6 862,300 198,884,784 8 10 159,107,827 11 1 18,583,315 ment. £566,494,017 7 4

B.—l [Pt. Ill]

PUBLIC ACCOUNTS, 1 943-1 944

TABLE III.—TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31st MARCH, 1944

* £;J9,508,574 9s. lid. represents t-he exchange, which lias been added to the London debt at Ist April, J913, in order to show the London debt In Treasury books in New Zealand currency. External debt— Details op above 1. London— Increases— £ s. d. Exchange on London debt as at 31st March, 1943 .. .. .. .. .. .. 39,568,574 911 New issues for War Expenses Account .. .. .. .. .. .. 11,732 500 0 0 51,301,074 9 11 Decreases — Redemptions from— £ s , d. Public Debt Repayment Account .. .. .. ~ .. 2,313,875 0 0 Loans Redemption Account .. .. .. ~ 5,000,588 0 10 Renewals and conversions to internal long-term debt .. • .. .. 558,125 0 0 Renewals and conversions to internal floating debt .. .. .. 2,818,000 0 0 10,690,588 0 10 Increase .. .. .. .. .. .. .. £40,610,486 9 1 2. AustraliaNo change. Internal debt— 3. Long-term debt— Increases: — New issues for capital works— £ s. d. - National Development Loans Account .. .. .. 4,000,000 0 0 New issues • War Expenses Account .. .. .. .. .. 56,022,312 8 10 Issues in renewal and conversion of floating debt .. .. .. 3,157,000 0 0 Issues in renewal and conversion of external debt (London) .. .. 558,125 0 0 63,737,437 8 10 Decreases—■ Redemption from— Public Debt Repayment Account, .. .. . . .. .. 106,605 0 0 Sinking Funds— £ s. d. Electrio Supply .. .. .. .. .. 239,456 8 5 State Coal-mines .. .. .. .. .. 14,324 0 0 Samoan Loans .. .. .. .. .. 6,080 0 0 Westport Harbour .. .. .. .. .. 257,500 0 0 517,360 8 5 Loans Redemption Account .. .. .. ~ .. 716,312 16 7 1,340,278 5 0 Increase .. .. .. .. .. .. .. £62,397,159 3 10 4. Floating debt— Increases — . £ s , c j_ New issues for War Expenses Account .. .. .. .. 5,000,000 0 0 Issues in renewal and conversion of external debt (London) .. .. 2,818,000 0 0 7,818,000 0 0 Decreases— £ s , j. Redemptions from Loans Redemption Account .. .. .. 5,000,000 0 0 Renewals and conversions to long-term internal debt .. .. .. 3,157,000 0 0 8,157,000 0 0 Decrease .. .. .. .. .. .. .. £339,000 0 0

Notes—(l) For details of redemptions from Public Debt Repayment Account— see parliamentary paper 8.-2. (2) The following amounts were transferred from National Development Loans Account during 1943-44—Post Office Account, £100000 ; Electric Supply Account, £1,655,000- Housing Account £160,000 Main Highways Account, £200,000; Public Works Account, £1,400,000; State Coal Mines Account, £320,000; State Forests Account £110 000 ; and Working Railways Account £5,000, leaving a balance in the account at 31st March, 1944, of £25,000,

7

I Outstanding 31st March, Outstanding 31st March. , , 1943. (London Debt only 1944 (New Zealand _ increase. in Sterling Currency.) Currency). JJecrease. External debt— £ g. d. £ s. d. £ s. d. London .. .. .. .. 158,274,207 19 9 198,884,784 8 10 +*40,010,486 9 1 Australia .. .. .. .. 862,300 0 0 862,300 0 0 Internal debt— Long-term debt .. .. .. 248,734,773 14 8 311,131,932 18 0 + 02,397,159 3 10 Floating debt .. .. .. .. 55,954,000 0 0 55,615,000 0 0 — 339,000 0 0 463,825,371 14 5 566,494,017 7 4 +102,668,645 12 11

B.—l, [Pt. Ill]

PUBLIC ACCOUNTS, 1943-1944

TABLE IV.—STATEMENT of SINKING FUNDS ACCRUED to the 31st March, 1944, in respect of various Loans.

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

8

PUBLIC DEBT£ s. d. Samoan Loan Sinking Fund, — Funds held in Deposits Account, Samoan Loan Sinking Fund Account .. .. .. 3 3 5 Westport Harbour Loans Sinking Fund, — Funds held by the Public Trustee .. .. .. .. .. .. .. 241,691 10 10 241,694 14 3

RECEIPTS. £ s. d. SAMOAN LOAN SINKING FUND Accumulation held on 31st March, 1943,— In Deposits Account, Samoan Loan Sinking Fund Account .. .. .. .. 2711 Contribution by Samoan Treasury .. .. .. .. .. .. .. 0,080 15 0 0,088 3 5 ELECTRIC SUPPLY SINKING FUND Accumulation held on 31st March, 1943, — In Electric Supply Sinking Fund Account— North Island Scheme .. .. .. .. .. .. .. .. 97 15 4 South Island Scheme .. . . .. .. .. .. .. .. 91 3 0 Transfer from Electric Supply Account in accordance with section 12 of the State Supply of Electrical Energy Act, 1917, — North Island. Scheme .. .. .. .. .. .. .. .. 197,652 7 4 South Island Scheme .. .. .. .. .. .. .. .. 41,015 2 9 239,456 8 5 WESTPORT HARBOUR LOANS SINKING FUND Finance Act, 1928, section 13, — Accumulated funds as at 31st March, 1943 .. .. .. .. .. .. 408,420 11 2 Subsection (4) (a) —Contribution for the financial year 1943-44 .. .. .. .. 7,000 0 0 Subsection (4) (d) —Balance of contribution for 1942-43 and contribution for 1943-44 at the rate of 4| per cent, per annum in respect of Sinking Funds used to 31st March, 1943, to redeem debentures .. .. .. .. .. .. .. 5,788 2 0 Interest on Investments .. .. .. .. .. .. .. .. 18,001 17 2 499,216 10 10

B. —I [PT. 11l

PUBLIC ACCOUNTS, 1943-1944

FUNDS during the FINANCIAL YEAR ended 31st March, 1944

2—B. 1 [PT. Ill]

9

DISBURSEMENTS. £ s. d. SAMOAN LOAN SINKING FUND Loans redeemed in terms of section 4 of the Finance Act, 1932 (No. 2) .. .. .. 6,080 0 0 Accumulation held in Deposits Account, Samoan Loan Sinking Fund Account, on 31st March, 1944 .. .. .. .. .. .. .. .. .. .. 335 6,083 3 5 ELECTRIC SUPPLY SINKING FUND Securities redeemed in terms of section 23 (1) of the Finance Act, 1928 .. .. .. 239,456 8 5 239,456 8 5 WESTPORT HARBOUR LOANS SINKING FUND Finance Act, 1928, section 13 — Securities redeemed .. .. .. .. .. .. .. 257,500 0 0 Annual fee for administering fund .. .. .. .. .. .. .. 25 0 0 Accumulation held by the Public Trustee on 31st March, 1944 .. .. .. .. 241,691 10 10 499,216 10 10

B.—l [Pt. 11l

PUBLIC ACCOUNTS, 1 943-1 944

TABLE VI.—LOANS GUARANTEED BY THE GOVERNMENT Contingent Liability outstanding on 31st March, 1944

i i i i i E. L. Greensmith, Assistant Secretary to the Treasuary. C. J. Atkin, Accountant to the Treasury. The Treasury, Wellington, 11th July, 1944.

Examined and found correct. Cyeil G. Collins, Controller and Auditor General. Audit Office, Wellington, 14th July, 1944.

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

Price 0

10

i AMOUNT ! R4TE ' ACCUMULATED Loans guaranteed. Authority fob Govebnment Guabantee. outstanding ' Dde Date - Sinking Remarks. i i Int. i S.P. FuNI1 - i 1 I LJ I LOANS OP LOCAL AUTHORITIES. ! £ £ % % £ s. d. Havelock North Town Board .. .. Local Bodies' Loans Act, 1913, Part IV .. 21,075 j July' 1948 if 18 0 Te Puke Town Board .. .. .. Local Bodies 5 Loans Act, 1913, Part IV .. .. 11,000 1 Jan., 1948 4| 1 £ 8,962 3 6 Oamaru Harbour Board .. .. Finance Act, 1937, sec. 42 .. .. .. .. 71,177 1 April, 1952 4 Nil .. Repayable by half-yearly instalments. Total Local Authorities Loans .. 103,252 STATE ADVANCES CORPORATION STOCK AND DEBENTURES. Special Series .. .. .. .. State Advances Corporation Act, 1936, sec. 25 7,744,850 1 Aug., 1960 3f ......... „ .. 6,500,000 1 Aug., 1963 3| „ .. 6,500,000 1 Aug., 1966 3f .. ......... „ .. 6,500,000 1 Aug., 1969 3f ......... „ .. 6,500,000 1 Aug., 1972 3| ......... „ .. 6,500,000 1 Aug, 1975 3f ......... ., .. 7,000,000 1 Aug., 1978 3f Series "A" ........ „ .. 477,860 1 Sept., 1955-60 3f .. Series "B" ........ .. 291,540 1 June, 1944 3J .. Total State Advances Corporation Loans 48,014,250