REPAYMENT OF THE PUBLIC DEBT Report and accounts of the public debt commission for the year ENDED 31st MARCH, 1944

Appendix to the Journals of the House of Representatives, 1944 Session I, B-02

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1944 NEW ZEALAND

REPAYMENT OF THE PUBLIC DEBT Report and accounts of the public debt commission for the year ENDED 31st MARCH, 1944

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

R E P O lIT Wellington, 7th September, 1944. The Public Debt Commission has the honour to lay before Parliament the account of its transactions for the year ended 31st March, 1944. The following certificate in terms of the Repayment of the Public Debt Act, 1925, was furnished by the Controller and Auditor-General Pursuant to section 7 of the Repayment of the Public Debt Act, 1925, I hereby certify that—■ (a) The total amount of the public debt within the meaning of the Act outstanding at the end of the financial year ended on the .31st day of March, 1944, was four hundred and eighty-two million eighty-three thousand four hundred and ninetyfour pounds two shillings (£482,083,494 25.). (b) The amount of the public debt repaid or redeemed under the provisions of the Act within the financial year aforesaid was two million four hundred and twenty thousand four hundred and eighty pounds (£2,420,480). (c) The aggregate amount of the public debt that has been so repaid or redeemed since the commencement of the Act and to the end of the financial year aforesaid was twenty-nine million three hundred and sixty-eight thousand two hundred and thirty-two pounds fifteen shillings and eleven pence (£29,368,232 15s. lid.). Cykil G. Collins, Controller and Auditor-General. In terms of section 11 of the Repayment of the Public Debt Act, 1925, the sum of £3,053,514 ss. Id. was paid to the credit of the Public Debt Repayment Account from the Ordinary Revenue Account of the Consolidated Fund, and of this sum, together with the balance at the beginning of the year (£276,278 ss. 4d.), the amount of £2,420,480 was utilized in the discharge of the public debt of securities of a nominal amount of £2,420,480, as per statement hereunder. Public Debt Repayment Account Receipts Balance at beginning of year— £ s. d. £ s. d. Cash in the Public Account .. .. .. .. .. .. .. 276,278 5 4 Repayment of the Public Debt Act, 1925, section II — Transfers from the Consolidated Fund— Subsection (a), being one-half of 1 per cent, of the amount of the public debt outstanding at 31st March, 1943 .. .. .. .. 1,932.947 15 5 Subsection (a), being one-half of I per cent, of the amount of the public debt redeemed to 31st March, 1943 .. .. .. .. 134,738 15 3 Subsection (6), being 3J per cent, of the amount of the public debt redeemed to 31st March, 1943 . . .. .. .. .. 943,171 6 9 Subsection (b), being 3J per cent, of the amount of the public debt cancelled during the year, computed from the dates of redemption .. . . 42,656 7 8 3,053,514 5 1 £3,329,792 10 5 »

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Payments Securities redeomed and cancelled in terms of section 13 of the Repayment of the Public Debt Act, 1925— New Zealand Loans Act, 1932 — £ s. d. £ s. d. Debentures .. .. .. .. •. ■ • • • 100 0 0 Stock .. .. .. .. •• •• •• 2,317,775 0 0 Death-duty stock .. .. .. .. .. .. 102,605 0 0 2,420,480 0 0 Balance at end of year — Cash in the Public Account .. .. .. .. .. .. .. 909,312 10 5 £3,329,792 10 5

Statement of Securities redeemed and cancelled in Terms of Section 13 of the Repayment of the Public Debt Act, 1925, during the Financial Year 1943-44

* Various dates of redemption of death-duty stock. The capital accounts which have been relieved of liability due to the above redemptions are : — £ s. d. (1) Discharged Soldiers' Settlement Account .. .. .. 1,001 12 0 (2) Greyniouth Harbour Board Account .. . . .. 186 2 7 (3) Naval Defence Account .. .. .. .. 858,902 5 5 (4) Public Works Account .. .. .. .. .. 2,700 0 0 (5) War Expelises Account.. .. .. .. .. 82,445 0 0 (6) War Loans (1914-18) Account .. .. .. .. 1,012,470 0 0 (7) Exchange (Ordinary) Account .. .. .. .. 462,775 0 0 2,420,480 0 0 Vt Chairman, Public Debt Commission.

Approximate Cost of Paper.—Preparation, not given ; printing (452 copies), £4.

Authority: E. Y. Paul, Government Printer, Wellington.—l 944.

Price 3d.~\

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Nature of Security. Nominal Value. Cash utilized Rp^lptfon. £ £ Debentures 3f 15/11/41 100 100 15/8/41 Stock 3 15/7/41 750 750 15/7/41 3f 15/11/41 2,600 '2,600 15/8/41 4 15/3/43 ' 550 550 15/9/41 3>~ 1/1/45 1,070,500 1,070,500 1/7/43 3i 1/1/45 1,243,375 1,243,375 1/1/44 4 15/2/46 255 255 * 21 1/8/46 7,250 7,250 * 21 15/9/47 1,360 1,360 * 3 15/9/48 6,220 6,220 * 4 30/11/48 700 700 * > 2J 15/6/49 1,520 1,520 * 2| 1/10/53 7,385 7,385 * 3" 1/8/54 6,700 6,700 * 3 15/9/55 15,100 15,100 * 3 15/5/56 27,930 27,930 * 3 15/12/56 15,200 15,200 * 3| 15/9/60 12,985 12,985 * 2,420,480 2,420,480