TREASURY BILLS.

Auckland Star, Volume LXVII, Issue 184, 5 August 1936, Page 11

TREASURY BILLS.

"Consequent on tlie surplus of revenue over expenditure, no Treasury bills were outstanding on March 31," said the Minister of Finance, Mr. Nash, in his Budget speech Inst night. He added: "In this connection I would mention

that it is customary to arrange temporary finance from other Government accounts on the security of Treasury bills in anticipation of revenue receipts, and in the financial year under review recourse to bills was necessary to the extent of £3,050,000. All such bills, however, were redeemed by March 31. The bills had a currency not exceeding three months, and interest ranging from rates of 1J per cent to 2.J per cent was paid on tliein. In addition to repaying all Treasury bills, the amount outstanding under a deed of hypothecation entered into for liquidating reserves invested in discharged soldiers settlement securities was reduced during the year by £950,000, leaving the amount outstanding as at March 31 last at £2,900,000. This amount is held departmentally, and is not part of the public debt in the ordinary sense of the term."