B.—l LPt. ll].

XII

Increase and Decrease of the Debt. The Public Debt Accounts disclose a net increase in the public debt for the year of £3,191,360 Is. 3d. This was made up as follows : — Total debt as at 31st March, 1929 (8.-l [Part lII], £ s. d. 1929, page 26) .. .. .. .. .. .. 264,191,982 17 1 Increase— New loans raised during the year — £ s. d. For the purposes of various accounts .. .. 5,720,219 14 9 Decrease— Loans paid off during the year — £ s. d. From cash in various accounts .. 653,163 4 7 Repayment of funded debt .. 405,676 1 4 From Public Debt Repayment Account .. .. .. 1,158,471 14 11 From receipts in respect of war expenses .. .. '.. 100 0 0 From reparation-moneys .. 258,860 0 0 From various sinking funds .. 39,140 10 0 From loans raised in the previous year for redemption of securities .. .. .. 3,925 10 3 Discount on loans redeemed below 9,522 12 5 par 2,528,859 13 6 Net increase for the year .. .. .. .. .. .. 3,191,360 1 3 Total debt as at 31st March, 1930 (8.-l [Part lII], 1930, page 24) .. .. £267,383,342 18 4 The amount of loans under the Rural Advances Act, 1926, outstanding as at the 31st March, 1929, was £1,591,850, and on the 31st March, 1930, was £2,771,200, an increase during the year of £1,179,350. This was in addition to the increase of the public debt shown above. At the 31st March, 1930, a sum of £220,150 7s. 2d., appropriated for the redemption of loans, was lying at credit of the Loans Redemption Account, particulars being as follows : — Finance Act, 1925, section 13 — £ s. d. Amount received in respect of war expenses, to be applied in redemption of war loans .. .. .. .. .. .. .. 18,636 2 6 Public Revenues Act, 1926, section 135 (2) — Amount received on account New Zealand share of German Reparations to be applied in redemption of war loans .. .. .. 99,683 14 5 Public Revenues Act, 1926, section 135 (4) — Amount received from Main Highways Account (Revenue Fund) for redemption of main-highways loans .. .. .. .. .. .. 100,456 0 0 Amount transferred from Ordinary Revenue Account for redemption of mainhighways loans (representing interest received on main-highways moneys held in Loans Redemption Account) .. .. .. .. 1,374 10 3 £220,150 7 2 New Zealand Consolidated Stock, 1929. The redemption of the 4-per-cent. New Zealand Consolidated Stock which matured on Ist November, 1929, was completed during the year. This loan, which originally amounted to £29,591,063 4s. Id. was redeemed during the three years ended on 31st March, 1930, at a total cost, including cash disbursements and new indebtedness, of £30,672,451 17s. 6d. Particulars are as follows : —

v Particulars of Cash or New Loans applied to Amount of Cash 7™ x69>ri 1 j j , . 1 ti -vt t iiOSill r6C166ID.6Cl or Redemption and Expenses. or New Loans. converted £ s. d. £ s. d. 1927-28 Cash from Public Debt Repayment Account applied 98,642 11 2 100,211 0 1 in redemptions 1928-29 Cash from Public Debt Repayment Account applied 498,370 18 8 502,500 0 0 in redemptions Consolidated Stock loans issued, in redemption or 17,331,900 19 1 17,331,496 0 0 conversion Consolidated Stock loans issued for expenses .. 742,888 6 1 Cash from Conversion Account applied for expenses 31 5 2 Cash from Public Works Fund applied for expenses.. 192,504 12 4 1929-30 | Cash from Public Debt Repayment Account applied 672,000 0 0 672,000 0 0 in redemptions