8.—6,

38

London Loan, 1930. £5,500,000 raised in May, 1930, for — £ Public Works—General purposes .. .. .. 4,500,000 Development of hydro-electric-power works . . .. 500,000 Construction of and additions to railways and rolling-stock 500,000 £5,500,000 Loan very favourably commented upon by leading financial papers. Loan obtained on better terms than other borrowing States. Summary of Debt Operations. £ Debt as at Ist April, 1929 .. .. .. .. .. 264,191,983 Add new loans raised — £ Ordinary .. . .. .. 3,576,145 State advances .. .. .. 2,144,075 5,720,220 269,912,203 Less redemptions—Ordinary .. .. .. .. .. 766,350 War .. .. .. .. .. 1,097,744 Discharged soldiers .. .. .. .. 425,770 State advances .. .. .. .. 238,996 2,528,860 Debt as at 31st March, 1930 .. £267,383,343 Classification of the Debt. £ Ordinary .. .. .. .. .. .. 154,297,847 War .. .. .. .. .. .. 69,783,525 Discharged soldiers .. .. .. .. .. 7,861,886 State advances .. .. .. .. .. 35,440,085 £267,383,343 Domicile of the Debt. £ London .. .. .. .. .. .. 146,580,502 Australia .. .. .. .. .. .. 4,276,750 New Zealand .. .. .. .. .. .. 116,526,091 £267,383,343 War debt during year reduced by £1,097,744, the total reduction over the past eight years amounting to £12,462,148, or approximately 15 per cent. Government's borrowing policy is to restrict further loan expenditure as far as possible to directly productive works, but will not hesitate to borrow the necessary capital for purposes considered to be essential for the economic development of the country. Conversion Operations. £29,490,852 4-per-cent. consolidated stock which fell due on Ist November, 1929, was disposed of as follows £ Converted into other stock .. .. .. 21,759,496 Redeemed out of the proceeds of special London issues for purchases on the market .. .. 575,949 Redeemed out of the proceeds of New Zealand issues in redemption .. .. .. .. 5,968,786 Redeemed out of public-debt-repayment moneys and sinking fund .. .. .. .. 1,186,621 £29,490,852