B.—l |Pt. 11l

PU B LIC ACCOUNTS, 1944- 1 9 4 5

THE PUBLIC DEBT OF NEW ZEALAND TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1945—continued

By the Repayment 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 special statutory provision has been made 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 the Repayment of the Public Debt Act, 1925, is £516,100,618 18s. Bd. The Public Debt Redemption Fund Capital Account established under this Act comprises investments of sinking funds accumulated under former legislation and now invested with the State Advances Corporation £3,250,000 and the Public 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 fund to the Repayment of the Public Debt Account— viz., £ per cent, of the public debt coming under the provisions of the Act, together with an additional 4 per cent, of the debt redeemed in accordance with the Act. In addition, special provision exists for the repayment of that portion of the debt funded by agreement with the Imperial Government. Particulars were published in R.-l [Pt. Ill] 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 during the financial year ending on the 31st March, 1958. Payments have been suspended by arrangement with the Imperial Government. Section 6 of the Hutt Road Act, 1939, provides that the Wellington City Council shall be kept indemnified out of the Main Highways Account from all liability in respect of loans specified in the First Schedule of the Act totalling £276,020. At 31st March, 1945, £189,148 15s. 4d. was outstanding, against %vhieh the Public Trustee held sinking funds totalling £123,671 Is. 6d.

TABLE II.—ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31st MARCH, 1945

6

Domicile of Principal. Interest Charge. Amount, in New Zealand Currency. Date. . Interest in Remarks. -t , Sterling. § New Zealand When payable. New Zealand. ! Australia, i London. P3 Currency. __ I 1 ! £ s. d. £ £ s. d. i £ s. d. % £ Brought forward .. 354,908,587 2 4 861,300 143,765.229 5 9 115,012.183 8 8 16,440,167 New Zealand Loans Act, continued Debentures and Stock —contd. . . .. 6,250,000 0 0 5,000,000 0 0 1 Nov., 1971* 5 312.500 1 Mav and 1 Nov. *Repayable at the option of the Government at par on or after 1st November, 1956, on three months' notice. 1,275,545 18 4 .. .. Variousf .. Free .. .. tThe currency of the major portion of this loan is for the duration of the war and six months thereafter. Funding Agreement with Im- .. .. 30,125,249 8 3 24,100,199 10 71 .. .. l,491,538>j 1 June and 1 Dec. JBalance of £27,532,164, Imperial perial Government Government advances, funded in Memorandum of Security .. -• 18,962,500 0 0 15,170,000 0 0 15 Aug., 1965 3 568,875 15 April ,, 15 Oct. terms of section 8, Finance Act, Treasury bills .. .. 5,000,000 0 0 .. Various .. 1 50,000 .. 1922. Details of original loan as 42,000,000 0 0 .. .. .. „ .. 1J 630,000 .. funded shown in B.-l jPt. II], Total securities charged 1921-22. on the Public Revenues i suspended in terms of and outstanding at — — agreement with Imperial Govern31st March, 1945 .. 403,274,133 0 8 861.300 199,102,978 14 0 159,282,382 19 3 19,493,080 ment. £603,238,411 14 8

Authority for 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 .. .. 1,210,689 10 5 Marketing Amendment Act, 1939, section 5 .. .. Advances in respect of sundry products purchased for export and Sundry Products Account .. .. 5,386 17 6 sale Total advances as at 31st March, 1945 .. .. .. .. .. . . . . .. .. . . .. .. .. .. £1,216,076 7 11