NATIONAL BALANCE-SHEET.

New Zealand Herald, Volume LIX, Issue 18173, 19 August 1922, Page 10

NATIONAL BALANCE-SHEET.

ASSETS AGAINST DEBT. CASH, SECURITIES, AND PROPERTY A balance-sheet of the public debt of New Zealand is published in an appendix to the Financial Statement. It shows that at March 31, 1922, the gross debt was £218,896,515, comprising ordinary debt £115,255,162, and State Advances debt £12,619,950, a total of £127,875,112, and war debt £81,843,543, with which is associated the capital cost, including purchase of estates, of discharged soldiers' settlement £9,335,730. Against the debt are the following assets, totalling £44,122,079: Sinking funds accrued, £10,655,394; investments of cash balances of the Public Account, £11,402.894; Bank of New Zealand shares (nominal value), £1,125,000; Reserve Fund securities (London) at cost, £2,000,000; New Zealand consols, investments, and cash,, £475,992; State advances, mortgages, and investments, £13,529,851; advances made by Treasury, £1,268,346; cash in the Public Account, less outstanding liabilities at March 31, £3,646602. Oth'/r assets are set down at the following valuations: Total amount expended for railways, public buildings, telegraphs, native lands, harbours, lighthouses, housing, electric development, etc., to March 31, 1922. £85,989,788; Crown lands, £25,750,000; and State forests £37,909,875. An excess of liabilities over assets of £25,124,?73. Against this is the fact that the war debt is nearly £82,000,000. Moreover, no account has been taken of assets created by the expenditure of £18,920,325. on indirectly productive services, including roads, immigration, tourist and health resorts, development of mining, etc.