8.—6

V

Statement showing the Position of the Public Works Fund as at 31st March, 1923. £ £ Balance brought forward on Ist April, 1922 .. .. .. 429,682 Receipts — Loan-money : Aid to Public Works and Land Settlement Act, 1921 .. .. .. .. 2,902,420 Transfer from Railways Improvement Authorization Account in terms of section 5, subsection (l), Finance Act, 1922 .. .. .. .. 1,000,000 Other receipts .. .. .. .. .. 22,337 3,924,757 4,354,439 Expenditure — Under appropriations .. .. .. .. 3,850,047 Other expenditure .. .. .. .. 5,562 Charges and expenses of raising loans .. .. 57,276 3,912,885 Balance at 31st March, 1923 .. .. £441,554* * The balance on 31st March, 1923, is made up as follows:— £ Cash in Public Account .. .. .. .. .. 10,859 investments .. .. .. .. .. .. 230,(XX1 imprests in the hands of officers of the Government .. .. 200,695 £441,551 FIVE-PER-CENT. BRITISH WAR LOAN STOCK. The amount of this stock, redeemable at par, but purchased for investment purposes at £95 and held by the different accounts at 31st March, 1923, totalled £2,570,000, nominal value. The price quoted on the market at that date was £102. As the purchase price was £2,441,500, this represents profits on the transaction amounting to £179,900, less accrued interest for four months included in the quotation price, leaving a net investment profit of £137,540, in addition to the interest earned at 5 per cent. Subsequently in 1922-23 loan-moneys amounting to £2,000,000 were temporarily invested in this stock at prices varying from £99j to and sold as required, the balance remaining at 31st March being £130,000. Some of the early sales showed a slight loss, but the net return on this investment of £2,000,000 yielded above 5 per cent., leaving the unsold securities with accrued profits of £3,237. REDEMPTIONS AND RENEWALS. The loans which matured during the year amounted to £9,004,986, to which must be added £8,975 matured loans for which debentures had not been presented up to the 31st March. 1922. making a total of £9,013,961. Of this sum securities amounting to £2,431,695 were redeemed, and £6,576,706 renewed at rates of interest varying from 4 to 5| per cent. In addition to the redemption of securities at maturity as above, other securities totalling £6,034,506 were redeemed as under : — In terms of section 24 of the Finance Act, £ 1921-22 (before maturity) .. .. ..5,893,335 Kundeddebt .. .. .. .. .. 141,171 £6,034,506 making a total ol £8,466,201 redeemed during the year. Securities remaining unpresented at the 31st March, 1923, totalled £5,500.