TREASURY BILL ISSUES.

New Zealand Herald, Volume LIX, Issue 18087, 11 May 1922, Page 8

TREASURY BILL ISSUES.

YEAR'S TRANSACTIONS.

NONE OUTSTANDING. [BY TELEGRAPH. —OWN CORRESPONDENT.] FEILDISTG. Wednced«.y. The following statement regarding temporary borrowing on the security of Treasury Bills was made by the Prime MiilafteH in the course of his speech thia evening: — " As a large portion of our revenue, especially the land and income taxes, did not coiub in until toward the end of the financial year, special arrangements had • to be made to meet current requirements when the expenditure was in excess of the receipts. During the year Treasury Bills amounting to £1,155,453 were issued in , anticipation of loan moneys and ordinary I revenue, upon iihd receipt of which they : v/ere redeemed. *',No Treasury Bills were outstanding ' at March 31 nor have any been issued since, although it wJii probably be necessary, as usual, to anticipate receipts in this manner before March 31, 1923. " The rates of interest varied Ironi 3$ to 5 per cent. The use of Treasury Bills in preference to the sale of certain securities held by th«\ different investment accounts resulted ira a considerable saving. For example, Imperial 5 per cent, stock, purchased at £95, was quoted at a discount at the time the bills were floated, but increased in value and is now quoted j at a fraction over £100."