Small Surplus In Public Account
(Neu? Zealand Press Association)
WELLINGTON, April 5
The Public Account showed an over-all surplus of £363,535 for the year ended March 31, the Minister of Finance (Mr Lake) announced today.
He said the surpl substantial overseas be
us was achieved after Trowing.
During the year gold required for New Zealand's subscription to the International Monetary Fund, the World Bank and the International Finance Corporation was purchased from the Reserve Bank by issuing noninterest - bearing stock amounting to £6.4 million. Mr Lake said. “The position at the end of the year made it possible to re-purchase an equal amount of 1 per cent New Zealand Government stock and so avoid an increase in the Government’s indebtedness to the Reserve Bank. “Tiie remainder of the subscription to the I.M F and related organisations was met by issuing special non-interest-bearing non-negoti-able stock ”
Mr Lake said the surplus was not affected by the purchase of the 1 per cent, stock, but had it not been necessary to purchase the gold from the Reserve Bank the overall surplus in Vie public account would have been £6 4 million greater.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19620406.2.113
Bibliographic details
Press, Volume CI, Issue 29791, 6 April 1962, Page 12
Word Count
189Small Surplus In Public Account Press, Volume CI, Issue 29791, 6 April 1962, Page 12
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in