8.—6.

The actual transactions (hiring the year may be summarized as follows : — £ Debt as at Ist April, 1931 , , .. 276,033,358 Add new loans raised — £ Public works . . . . 4,422,300 Native-land settlement ~ 175,000 State forests ~ . . 200,000 _ 4,797,300 Revenue bills outstanding (floating debt) . . 3,030,000 283,860,658 Less redemptions — Ordinary debt .. - . . . 755,203 War .. .. .. . 835,635 Discharged soldiers . , . , 35,660 State advances .. ~ .. 291,360 — 1,917,858 Debt as at 31st March, .1932 . . .. £281,942,800 Classification of Debt. £ Ordinary .. .. .. .. .. 170,749,008 War .. .. .. .. .. 66,876,165 Discharged soldiers .. .. . . . . 7,668,876 State advances .. .. .. .. 36,648,751 £281,942,800 Domicile of Debt. £ London .. .. .. .. .. 159,641,855 Australia .. .. .. .. .. 3,914,550 New Zealand .. .. .. .. 118,386,395 £281,942,800 Before leaving the subject of public debt, I may state that the possibility in future of raising additional funds overseas at a reasonable cost is at present uncertain, and we must be prepared to rely more on the local market for our essential capital requirements. As I have already pointed out, of the loan of £5,000,000 raised in April last, only £1,000,000 is available for capital works this financial year, and the balance of our requirements will have to be raised locally. Only a comparatively small amount of debt is due for repayment overseas this year, but, as indicated earlier in this Statement, the Government has the option, at any time after the 16th July last on giving three months' notice, to repay the £5,000,000 bonds issued in London in 1931. These bonds are very costly to the State (approximately £6 Is. 3d. per cent, per annum), and it would be advisable to exercise the option as soon as conversion can be secured on favourable terms. Loans falling due locally during this financial year amount to £5,301,170, of which £4,136,150 is held by the public and £472,120 represents Post Office Investment Certificates. Of the total of £5,301,170 the sum of £155,660 has already been redeemed and the debt reduced accordingly. To the extent that the available funds provided by the statutory debt-repayment scheme are not sufficient to cover the redemption of such portions of these loans as are not renewed, the funds derived from new investments will be required for this purpose. This may further decrease the amount that can be made available for capital expenditure on public works.

Debt tiansaetions.

Classification of debt,

Domicile of debt,

Loans falling due,

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