N.Z. PUBLIC DEBT
“Only £Bom. Is Unproductive” (Parliamentary Reporter)' WELLINGTON, June 25. Details of the Public Debt of £lolom were given in the Budget Mr Lake said that more than half the money had been spent on such items as electric power projects, land development, and postal and telephone facilities. All of this was earning full interest
Some £l23m had been invested in rental housing, which was returning a reduced rate of 3 per cent A further £274m was not earning any interest but was in permanent assets such as education buildings, State forests, roads and highways, and railways, “all of which are of national importance.” Of the rest only £Bom was unproductive, including £62m of war debt
“Expenditure of loan moneys on revenue-earning and nationally-important projects is not only reasonable but is also essential if the country is to continue to progress,” Mr Lake said. i
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Bibliographic details
Press, Volume CIII, Issue 30477, 26 June 1964, Page 1
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147N.Z. PUBLIC DEBT Press, Volume CIII, Issue 30477, 26 June 1964, Page 1
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