B. —1 [Ft. lII].

PUBLIC ACCOUNTS, 19 41-19 42.

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.-STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1942—continued.

Bv the Eemvment of the Public Debt Act, 1925, means are provided whereby the whole of the public debt other than that raised for State Advances purposes and those portions for which seoaraL sinkS- funds exist will be extinguished in approximately sixty years from the time of coming under the provisions of the Act. The total of loans coming within the provisions of separate smtan tunas exx £309 132 695 12s. 2d. The Public Debt Redemption Fund Capital Account established under this Act comprises investments of sinking funds accumulatcS ijnder fo4fr lection fndUw Lested with the State Advances Corporation £3,250,000 and the Pn&ie Trustee £7,966,688 lis 2d.: total, £11,216,688 lis 2d 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 fond to the Repayment of the Public Debt Account-viz., i per cent of the public debt coming under the provisions of the Act, together with 4 per cent, of the debt redeemed in accordance with the Act r ,,, ~ . Sinking funds as indicated exist for the extinction of portions of the debt to which the provisions of the Repayment of.the -Public Debt Act, 1925, do not apply The balances of these sinking funds at the 31st March, 1942, were as follows: State Coal-mines Account, £9,164 10s. 4d.; Electric Supply Account, £14,636 18s. Bd.; Westport Haibour Account, £437,850 11.. -d., Samnan T,oan Susnense \ccount £2 14s. 5d.; Nauru and Ocean Islands, £7 6s. 4d. : total, £461,662 os. lid. .. , Samoan Loan Su pe s , fun(la m ' entioned abo7e , special provision exists for the repayment of that portion of the debt funded by agreement wrth the Imperial Government. Particulars were pubhshed in B -1 fPt lII] for the year ended 31st March, 1941, and previous years. Details have not changed since 1932. It was estimated that this portion of the debt would under the original agreement be extinguished durinsz the financial vear ending on the 31st March, 1958. Payments have been suspended by arrangement with the Imperial Government. g Section 6 of Hutt Road Act, 1939, provides that the Wellington City Council shall be kept indemnified out of the Mam Highways Account from aE habity in respect of loans specified m the First Schedule of the Act totalling £276,020. At 31st March, 1942, £265,017 16s. 9d. was outstanding, against which the Public Trustee held sinking funds totalling £153,301 18s. _d.

TABLE II.-ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31st MARCH, 1942.

8

B — — - s -. - • - __; 1. : . r J Annual Charge. Domicile of Principal. Nominal . ■ ' i ~ ] Romar^ Amount Due Date. 1 I outstanding. Z g Nominal When payable. New Zealand. London. | Australia. | "ts •+» , Lnterest. \As 1 __ j £ 8 d I % I £ I £ s. d. £ s. d. £ Brought forward ..385,397,732 18 3 .. ..13,196,181 .. 1230,779,869 13 6 153,755,563 4 9, 862,300 Amortization i Charges. £ 2,561,087*. Repayment of the .. .. •• * Estimated. Public Debt Act, 1925 458,700f Funded Debt .. •• t Represents principal repayment also suspended by agreement with Imperial Government. 11,512J State Goal - mines .. •• t Payable from the State Coal-mines Sinking Fund Account. Estimated. 10,859§ Westport Harbour .. ! §£3,859 sinking fond, 4| per cent. Sinking Fund payable in respect of sinking funds 3 042.158 i used for redemption ; and £7,000 ! ' sinking fund, 1 per cent, payable Total securities charged on 385,397,732 18 3 .. ..16,238,339 .. [230,779,869 13 6 153,755,563 4 9 862,300 onjETOO, 000 Westport Harbour the Public Revenues and ===== i outstanding at 31st March, j 1942 i i - 1 : *1 1 1 * — : ; !

Authority lor Advances. Particulars of Advances. Account. Amount. : " £ s. d. Marketing Act, 1936, Section 10 Advances in respect of dairy-produce purchased for export and sale Dairy Industry Account .. .. 6,925,956 15 5 Marketing Amendment Act, 1939, Section 5 .. • - Advances in respect of fruit purchased for export and sale Fruit Industry Account .. .. 465,8 0 9 Marketing Amendment Act, 1939, Section 5 .. . . Advances in respect of sundry products purchased for export Sundry Products Account .. .. J- , I and sale £7 790 11 9 Total advances as at 31st March, 1942 .. .. •- •• •• •• •• •• •• *• "* "" ** "* 9 ~ '