8.—6

XII

Deduct — Raised for redemption of debentures on the following due dates, and consequently shown twice in the debt— £ Due 15th May, 1914 .. .. .. 10,800 Due 30th June, 1914 .. .. .. 381,500 Due Ist July, 1914 .. .. .. 4,584,300 *4,976,600 Net increase .. .. .. .. .. £4,693,064 * A further sum of £218,010 was borrowed during tho year for the redemption of debentures, but as redemption was effected within the year the amount is not shown twice in the public debt. Comparison of Loans. The following is a comparison of the last five loans, giving particulars of the cost and showing the purposes to which the moneys were applied when raised: —

Allocation of £4,500,000 Loan. The following allocation table shows the purposes to which the recent loan of £4,500,000 was applied :— Public Works Fund .. .. .. ..1,750,000 Advances to settlers .. .. .. .. 250,000 Advances to workers .. .. .. .. 250,000 Advances to local authorities .. .. .. 500,000 Land for settlements .. .. .. .. 23,400 Native-land settlement .. .. .. .. 250,000 Redemption of debentures .. .. .. 1,476,600 £4,500,000 Loans falling due. The loans falling due during the seven years ending with the year 1921 are as follows :—

Loan. Date raised. Repayment of Advances I T>rir.p -R/cto Annual Cost, Taken obtained in Expenditure ' nf nfTii including up by Anticipation in London t=.,,» rLt =+ Redemption, Under- of loan or in (Naval issue. rerest. &0 writers. Payment of Defence). Maturing Debentures. Balance available for Expenditure in the Dominion. £5,000,000 loan of 1910 .. £4,500,000 loan of 1911 .. £3,000,000 loan of 1912 .. Nov. 11, 1910 June 7, 1912 Feb. 13, 1913 Per Cent. 98J 99 98 Per Cent. H 3* 4 Per Cent. £ s d. 4 11 5 5 1 1 4 5 4 Bonds, £4 8s. 5d.; stook, £4 3s. 3d. £4 Is. 3d. Per Cent. 93 88 80 £ 992,000 2,785,500 451,800 £ Nil. 283,500 ' Nil. £ 4,008,000 1,431,000 2,548,200 £3,500,000 loan of 1913*.. Oct. 9, 1913 ', 98J 4 | [-92 3,500,000 Nil. Nil. £4,500,000 loan of 1913-14t Jan. 29, 1914 100J J Nil. 1,476,600 Nil. 3,023,400 4 * £1,873,000 of this loi •f- The whole of this loa Hay, 1914. in has been conv m was convertec -erted inti I into N< > New w Zei Zealand 4-pi (.land 4-per-( er-cent. ] lent. Insi inscribed Std bribed Stock, >k, 1943-63. 1943-63, as at the 31st

Year ending 31st March. London. Australia. I New Zealand. Total. .915 .916 .917 .918 .919 920 921 £ 8,280,100 848,900 222,100 40,700 147,250 38,000 3,000 £ 320,200 127,550 1,087,800 84,400 60,000 26,800 550,300 £ 1,390,565 3,299,471 575,240 3,281,456 1,585,665 704,980 362,200 £ 9,990,865 4,275,921 1,885,140 3,406,556 1,792,915 769,780 915,500 9,580,050 2,257,050 11,199,577 23,036,677