8.—6

XXV

Subdivision of Debt. The gross debt at 31st March, 1924, may be subdivided as under : — Public debt— £ £ Ordinary debt .. .. .. 117,290,539 Discharged - soldiers settlement (including purchase of estates) .. .. .. .. 9,791,116 War debt .. .. .. .. 77,434,184 State Advances purposes .. 4,458,122 State Advances debt (incurred prior to 1913) .. .. 12,642,400 —— 17,100,522 £221,616,361 Distribution op Debt and Annual Charges The debt at the 31st March, 1924, was held as under : — Gross Annual Amount. charge _ Held in— £ £ New Zealand .. .. 104,632,868 4,554,057 Australia .. .. .. 2,106,600 86,828 London .. .. .. 114,876,893 4,977,563 £221,616,361 9,618,448 Annual sinking funds .. .. .. 739,442 Repayment of Imperial funded debt .. 307,718 Total gross charge .. ' .. 10,665, 608 Estimated recoveries from trading and other accounts .. .. .. .. 2,108,111 Net annual charge at 31st March, 1924 £8,557,497 War Debt. By the purchase of free-of-income-tax securities, the application of capital repayments to redemption purposes and Imperial debt repayments, the net war debt shows a reduction during the past three years of £6,279,673 The reductions represent a decrease in the annual interest and sinking-fund charges of £160,276. Year ended Gross Sinking Fund Net Decrease in 31st March. War Debt. accrued. War Debt. Net Debt. 1921 .. 81,538,570 2,507,165 79,031,405 1922 .. 81,843,543 3,451,107 78,392,436 638,969 1923 .. 80,563,885 4,160,066 76,403,819 1,988,617 1924 .. 77,434,184 4,682,452 72,751,732 3,652,087 Total reduction in net war debt .. £6,279,673

i v _B. 6.