B.—B.

1925. NEW ZEALAND

SINKING FUNDS.

REPORT AND ACCOUNTS OF THE COMMISSIONERS OF THE PUBLIC DEBTS SINKING FUNDS FOR THE YEAR ENDED 31st MARCH, 1925.

Presented to both Houses of the General Assembly in compliance with the 51st Section of the New Zealand Loans Act, 1908.

REPORT. Wellington, 10th August, 1925. The Commissioners of the Public Debts Sinking Funds have the honour to lay before Parliament the account of their transactions for the year ended 31st March, 1925. The Westport Harbour Loan (£150,000) and Greymouth Harbour Board Loan (£100,000) matured on the Ist March, 1925, and the debentures were in due course redeemed in London. As anticipated last year, the funds in the hands of the Commissioners were more than sufficient to meet the liability. The position of the exchange between London and New Zealand enabled the Commissioners to obtain a substantial premium of £2 per cent, on the remittance to London, with the satisfactory result that the surplus of Westport Harbour Loan (£150,000) amounted to £6,662 18s. 4d., and of Greymouth Harbour Board Loan (£100,000) to £4,855 9s. 6d. Of the latter surplus £4,600 was handed over to the Treasury in reduction of the Harbour Board's indebtedness to the Government, whilst the balance, £255 9s. 6d., has since the close of the year been used to meet the expenses of redemption of the debentures. It has been decided by the Commissioners to pay the Westport No. 1 Fund surplus to the Public Account in reduction of the loan of £30,495 advanced to the Harbour Board by the Government in 1920. Chas. E. Statham, Chairman.

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