DEBT SERVICE.
ADDED BURDEN. £1,500,000 ANNUALLY. STATE AND LOCAL BODY. (By Telegraph.—Special to "Star.") WELLINGTON, this day. The exchange rise means an immediate addition of £1,500,000 yearly to the Government and local body payments ii respect of overseas debt service, according to a prominent banker who was asked to make an estimate of the position. Ho said he assumed the Government's overseas payments were represented by £8,000,000. To-day's increased exchange meant an added charge of £1,200,000 i". meeting this obligation. Local bodies pay nearly £2,000,000 interest oversea. Their added obligation is £200,000, making a total of approximately £1,500,000 as the extra burden duo to the pegged exchange. The same authority declared there was bound to be a very heavy loss from the falling imports consequent on tho drop in Customs receipts.
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Auckland Star, Volume LXIV, Issue 16, 20 January 1933, Page 8
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131DEBT SERVICE. Auckland Star, Volume LXIV, Issue 16, 20 January 1933, Page 8
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