B—6

Table No. 7 LONDON DEBT* Movement in Balance and in Annual Interest Charge (All amounts in sterling currency)

1 Rectification of domicile during 1933 debt conversion operations. 2 Rural advances bonds incorporated in public debt as at 31st March, 1938. 3 Includes £18,000,000 borrowed under the Memorandum of Security, and repayment of loans on Ist January, 1946, and list February, 1946, amounting to £12,885,000 and £10,808,800 respectively. 1 Interest savings due to 1946 repayments : Memorandum of Security, £540,000 per annuiL : other loans, £1,064,000 per annum. 5 £11,221.609 4|-per-cent. loan repaid, making annual interest saving of £504,972 per annum. * Conversion of £19,225,465 4|-per-cent. loan to £16,000,000 3-per-cent. 1/9/68 stock ; balance repaid, £3,225,465. ' Conversion of £7,500,000 5-per-cent. loan 15/12/49 to 3s-per-cent. 15/12/63-66 £6,000,000 ; balance of £1,500,000 repaid. Conversion of £7,322,579 3.V-per-cent. loan 1/2/49-54 to 3-per-cent. 1/6/73-77 £7,000,000 ; balance of £322,579 repaid.

Table No. 8 BURDEN OF PUBLIC DEBT Interest and Administration Charge as Percentage of National Income £N.Z. (thousands)

39

Year Ended 31st March, Debt. Interest. New Borrowings. Repayments. Net Movement. Balance of Debt. Annual Charge. Movement Compared With Previous Year. 1933 1934 1935 1930 1937 1938 1939 1940 1941 1942 1943 1944 1945 194(5 1947 1948 1949 1950 £ 10,602 1 101425 1 120,000 2 3,183,445 7,598,618 8,284,051 15,436,635 9,386,000 6,784,000 2,830,000 16,000,000 13,000,000 £ 503,200 37,000 2,260,300 1,974,914 4,000 2,173,190 7,090,300 12,900,077 10,917,900 8,552,471 6,609,444 41,392,100 ll,34i,608 19,225,465 14,822,579 £ - 492,598 + 64,125 - 2,260,300 - 1,974,914 + 120,000 4,000 + 1,010,255 + 508,318 - 4,616,026 + 4,518,735 + 833,529 + 174,556 —38,562,100 3 -11,341,608 s - 3,225,465® - 1,822,579 7 £ 135,209,594 134,716,996 134,781,121 132,520,821 130,545,907 130,665,907 130,661,907 131,672,162 132,180,480 127,564,454 132,083,189 132,916,718 133,091,274 94,529,174 94,529,174 83,187,566 79,962,101 78,139,522 £ 5,812,327 5,931,417 5,921,037 5,725,115 5,294,088 5,280,144 5,282,869 5,669,801 5,421,338 5,406,264 5,341,556 5,259,028 5,321,255 5,636,409 3,729,085 3,726,096 3,273,064 2,774,797 £ + 119,090 - 10,380 - 195,922 - 431,027 - 13,944 + 2,725 + 386,932 - 248,463 - 15,074 - 64,708 - 82,528 + 62,227 + 315,154 -1,907,324 4 - 2,989 - 453,032 5 - 498,267 Total 82,734,476 139,804,548 -57,070,072 -3,037,530 * Excludes £26,191,108 of debt in respect of which no payments are made.

Year Ended 31st March, Interest. Administration and Management. Total Burden. Percentage of Net National Income at Factor Cost. London. Australia. New Zealand. Total. 1939 1940 1947 1948 .. 1949 .. 1950 6,712* 7,045 4,661 4,657 3,273 2,775 48 47 47 45 39 35 4,719 11,492 12,851 13,123 13,308 13,927 11,479 18,584 17,559 17,825 16,620 16,737 56 248 208 210 226 355 11,535 18,832 17,767 18,035 16,846 17,092 6-0 5-4 4-9 4-4 4-0 3-6f * Exchange has been assessed and added to interest charge. t Provisional.