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NATIONAL DEBT

INCREASE OF TEMPORARY NATURE STATEMENT BY HON. A. HAMILTON (By Telegraph—Press Association) WELLINGTON, This Day. “Various statements have appeared in the Press,” said the Acting-Minister of Finance, the lion. Adam Hamilton, “reviewing increases in the public debt of recent years, and particularly an increase of over £20,000,000 for the financial year 1933-34. I would like to point out, however, that this large increase was mostly of a temporary nature and consisted of Treasury bills issued to finance operations under the Banks Indemnity Exchange Act. All these bills have since been paid off and the large increase in the debt for the financial year 1933-34 balanced by a correspondingly large decrease in the total debt figures. For the financial year 1934-35, in fact, since the relative burden of debt charges ■was increased through a fall in prices and contraction in the national income, the Government has been particularly careful to keep fresh borrowing down to a minimum and confine it to essential requirements or productive works so as not to add to the burden of debt charges. As proof of the success of the Government’s efforts in this direction, I would draw attention to the following figures: Debt as at 31st March, 1932, £281,942,800; 1933, £282,622,958; 1934, £302,791,996; 1935 (approximately), £280,580,000.”

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/NEM19350629.2.46

Bibliographic details

Nelson Evening Mail, Volume LXVI, 29 June 1935, Page 7

Word Count
212

NATIONAL DEBT Nelson Evening Mail, Volume LXVI, 29 June 1935, Page 7

NATIONAL DEBT Nelson Evening Mail, Volume LXVI, 29 June 1935, Page 7

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