PUBLIC DEBT REDUCED.

New Zealand Herald, Volume LXI, Issue 18711, 17 May 1924, Page 8

PUBLIC DEBT REDUCED.

LAST YEAR'S REDEMPTIONS. SUM OF £1,344,742. OTHER TRANSFERS £1,150,000.

[BY TELEGRAPH. CORRESPONDENT.] WELLINGTON. Friday. An interesting feature of the financial returns for the year ended March 31 is that' the Minister for Finance has been able to apply considerably more than he anticipated last year to the redemption of loans maturing. The balance of accumulated surpluses brought forward on April 1, 1923, "was £5,637,090. The Minister for Finance has transferred £1,000,000 to the Public Works Fund, and £100,000 to the Education Loans Account for school buildings, thus providing funds for capital expenditure , without borrowing. Mr. Massey intended to apply £500,000 to the redemption of debt maturing during the year. He has been able to devote £1,344,742 to that purpose, conforming with the practice of the three previous • financial years. The sum of £50,000 has been transferred to the Discharged Soldiers' Settlement. Depreciation Fund Account.

The year's operations may be summarised as follows: —Balance brought forward, April 1, 1923, £5,637,090; revenue, £27,960,371; expenditure, £26,148,005; leaving a surplus of £1,812,366; total, £7,449,456. From the latter the following transfers are to be deducted: Loans Redemption Account., £1,344,742; Public Works Fund, £1,000,000; Education Loans Account, £100,000; Discharged Soldiers' Settlement Depreciation Fund, £50,000; total, £2,494,742. The balance at March 31, 1924, is therefore £4,954,714. . The "accumulated surpluses" now amount to' £26,799,258, of which £21,500,000 have been applied to capital investments and £5,064,713 to the redemption of debt, the latter in the last three, years. Details of the investments all made in the last four years are as follows :Discharged Soldiers Settlement Account, £13,500,000; Discharged Soldiers' Settlement Depreciation Fund Account, £200,000; Public Works Fund, £1,500,000; Reserve Fund Securities Account, £1,200,000; Education Loans Account, £100,000.

Mr. Massey does not disguise his pleasure at the result of the year's operations. "I do not wish to anticipate the Financial Statement," he said to-day. "The people are able to judge for themselves whether the finances of New Zealand are in a satisfactory position."