MATURING DEBT.

Auckland Star, Volume LXX, Issue 179, 1 August 1939, Page 14

MATURING DEBT.

NEXT SEVEN YEARS.

TOTAL OVER £108,000,000.

NEW ZEALAND'S FINANCES,

Conversion of N"e\v Zealand's loan of £17,173.191, maturing in London on January 1, 1940, is the first of a series of conversion operations, internal and external, which must be undertaken duriiig the next seven years. The total sum involved, in New Zealand ourrenev, is £7:1,800,000.

The loans to be dealt with during these years are (values in New Zealand currency) : — In In London. New Zealand. £ £ lt)40 _ 25,141 .... _ 500,010 J ,,42 •••• — 4,er»0,505 i'-l 4 '" •••• — 13.C75.170 1!)44 0,174,r.70 — 1!»45 .... 0,725.510 l!Mtt 25.1tJ6,!)75 9,844,070 Totals .. . 47,007.055 25,0'J5,796 In Australia. 1942 £17,300 Jn addition, New Zealand will require to repay during this period the whole of the loan for which the Minister of Finance,, the Hon. W. Nash, completed conversion negotiations last week, and it is expecte<l that the £9.000.000 special credits raised in London will also have to Ihj repaid in the near future. These amounts in New Zealand currency represent a total of £32.71 (i.490. Added to the other totals, they make up an aggregate of £108.510,500 national indebtedness to be dealt with during a period of seven years, or an average of over £1.")/>02,000 a vear.

The figures of London debt given in the Official Year Book are in sterling and are therefore smaller than those used in this calculation.

In the total of £108..-)1<;.500, no account i« taken of £13.1,-{2.000 (in New Zealand currency) maturing in London between 1943 and 19t»3 (optional dates), or of over £8.000.000 o f local body debt maturing overseas in the next "seven v eti re.