THE PUBLIC DEBT OF NEW ZEALAND. STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1931—continued.

9—B. 1 [Pt. lII].

B.—l [Pt. lIIJ.

PUBLIC ACCOUNTS, 1930-1931.

II Sinking funds to the amount stated below exist for the extinction of that portion of the debt relating to the following accounts : State Coal-mines Account, £7,738 13s. Od.; Electric Supply Account, £42,654 17s. 7d.; Nauru and Ocean Islands Account, £48 17s. 6d.; Westport Harbour Account, £261,676 3s. lid.; Samoan Loan Suspense Account, £18,739 lis. 3d.: total, £330,858 3s. 3d., particulars of which appear on pages 64 to 66. In addition to the special sinking funds mentioned above, special provision exists for the repayment of that portion of the debt funded by agreement with the Imperial Government, particulars of which are given on page 60. It is estimated that this portion of the debt will be extinguished during the financial year ending on the 31st March, 1958. By the Repayment of the Public Debt Act, 1925, means are provided whereby the whole of the Public Debt other than those portions for which separate sinking funds exist will be extinguished in approximately sixty years from the time of coming under the provisions of the Act. The Redemption Fund Capital Account under the above Act is as follows : (1) Held by State Advances Office, £3,258,955 19s. 4d.; (2) held by Public Trustee, £7,966,688 lis. 2d. ; (3) held in Discharged Soldiers Settlement Account, £10,850,000 : total, £22,075,644 10s. 6d. The interest on the Redemption Fund capital is paid over to the Consolidated Fund as a set-off against the annual payments made by the latter fund to the Repayment of the Public Debt Account— viz., J per cent, of the public debt coming under the provisions of the Act, together with 3J per cent, of the debt redeemed in accordance with the Act.

59

Amount outstanding. I Date of Inception of Loans for Annual Charge. | Purposes of Repayment Appropriate Account and Authorizing Act. Due Date. | 01 1 u^ lic Debt Act, 1925. Remarks. Act. Account. Details. j £ £ Amount. When payable. Amount. j Year ended jgc - - . j . £ £ £ s. d. £ % £ Brought forward .. .. 275,350,608 275,350,608 275,350,607 18 7 .. |203,291,505 .. .. 12,449,056 SEPARATE ACCOUNTS —continued. Westport Harboub Account :— New Zealand Loans Act, 1908 — Westport Harbour Act, 1920 — Westport Harbour Board Act, 1884, 482,750* .. 482,750 0 0 1 Jan., 1949 .. .. 4 19,310 1 Jan. and 1 July. * Loans raised by the late and Loan Acts, 1896, 1897, and 776f 31 Mar. „ 30 Sept. Westport Harbour Board 1900 7,000{ 1 Mar. ,, 1 Sept. and taken over by the Westport Harbour Board Loan Act, 200,000* .. 200,000 0 0 15 Feb., 1945 .. .. 5 10,000 15 Feb. „ 15 Aug. Government in terms of 1908 the Westport Harbour Act, 1920. Total Westport Harbour Account 682,750 j f Sinking fund of 4£ per cent payable in respect of sinking funds used for redempTotal .. .. .. .. 276,033,358|| 276,033,358 276,033,357 18 7 .. 203,291,505 .. j .. 12,486,142 tions. — —— — — ' ' J Sinking fund 1 per cent. payable on £700,000 Westport Harbour Loans. Analysis of Annual Charge. J Interest (chargeable to £ Consolidated Fund) 12,476,900 Interest (chargeable to, Native Land Settlement Account) .. 1,466 Sinking Fund (chargeable to Consolidated § In addition to this amount Fund) .. .. 7,776 there is a charge under the Repayment of the Public : Debt Act, 1925, estimated 12,486, 142§ at £1,288,298.