B— 1 [PT. Ill].

PUBLIC ACCOUNTS, 1 938- 1 939.

TABLE VII.—TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31st MARCH, 1939.

Details of above. External debt — £ s. d. 1. London —Decrease: Redemptions from Public Debt Repayment Account .. 4,000 0 0 2. Australia—Decrease: Redemptions from Public Debt Repayment Account .. .. 3,000 0 0 Internal debt — 3. Long-term debt— Increases — New issues for capital works — £ s. d. £ s. d. Public Works Fund : General Purposes Account 6,122,279 2 0 Public Works Fund : Electric Supply Account 180,000 0 0 Main Highways Account . . .. 1,625,600 0 0 State Coal-mines Account .. .. .. 95,000 0 0 State Forests Account .. .. .. 125,000 0 0 8,147,879 2 0 New issues for redemptions .. .. .. .. .. 35,000 0 0 8,182,879 2 0 Decreases — Redemptions from— Public Debt Repayment Account .. .. 1,749,617 11 7 Sinking Funds — £ s. d. Electric supply .. .. 181,000 0 0 State Coal-mines .. .. 9,525 0 0 Samoan loans .. .. 5,355 0 0 Nauru and Ocean Islands .. 32,150 0 0 228,030 0 0 Loans Redemption Account .. .. 1,029,301 6 8 3,006,948 18 3 Long-term securities converted into Treasury bills .. .. 5,350,000 0 0 8,356,948 18 3 Net decrease .. .. £174,069 16 3 4. Floating debt— Increases — New issues for capital works — £ s. d. Public Works Fund : General Purposes Account 3,500,000 0 0 Main Highways Account .. .. 1,050,000 0 0 State Forests Account .. .. .. 50,000 0 0 — 4,600,000 0 0 New issues for Housing .. .. .. .. .. 4,000,000 0 0 New issues for conversion of long-term securities .. .. .. 5,350,000 0 0 Increase .. .. 13,950,000 0 0 NOTES.—(I) For details of redemptions from Public Debt Kepayment Account, see parliamentary paper 8.-2. (2) Money for new issues for capital works, was borrowed at the following rates :1J per cent., £4,310,000; 2 per cent., £400,000 ; 2£ per cent., £40,000 ; 3 per cent., £7,500,104 25.; 3} per cent., £647,715 ; 4 per cent., £3,850,000 : total, £16,747,879 2s. (3) Former shareholders of Reserve Bank and State Advances Corporation who now hold 4-per-cent. stock have the option of requiring redemption of such stock on giving fourteen days' notice. £35,000 was borrowed during the year at 3 per cent, to meet such redemptions, which totalled £33,893, the balance £1,107, together with £5,247 10s. Od. brought forward from the previous year leaves £6,354 10s. Od. unused at the 31st March, 1939.

14

Outstanding. + Increase. — Decrease. 31st March, 1938. 31st March, 1939. External debt— £ s. d. £ s. d. £ s. d. London .. .. .. .. 136,857,016 7 2 156,853,016 7 2 - 4,000 0 0 Australia.. .. .. .. 882,600 0 0 879,600 0 0 - 3,000 0 0 Internal debt — Long-term debt .. .. .. 129,886,725 12 3 129,712,655 16 0 - 174,069 16 3 Floating debt .. .. .. 2,575,000 0 0 16,525,000 0 0 +13,950,000 0 0 290,201,341 19 5 303,970,272 3 2 +13,768,930 3 9