ACCOUNT SURPLUS
£lom Paid To Bank
(N.Z. Press Association) WELLINGTON, April 1. There was a £12.4 million excess of receipts over payments in the Public Account for the last year, from which a special payment of £lO million had been made to the Reserve Bank, leaving a net excess of £2.4 million, the Minister of Finance (Mr Lake) announced today. He explained that the net excess arose from many loan and current revenue transactions and that more detail would be available when the accounts were published in May.
From external borrowing came £l2 million and £8 million of overseas debts had been repaid, said Mr Lake. In accordance with the indication given when the third internal loan was issued, that the principle purpose of that loan was to reduce excessive liquidity, £lO million had been paid to the Reserve Bank in reduction of government indebtedness.
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Bibliographic details
Press, Volume CIII, Issue 30405, 2 April 1964, Page 3
Word Count
145ACCOUNT SURPLUS Press, Volume CIII, Issue 30405, 2 April 1964, Page 3
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