DOMINION FINANCES

Poverty Bay Herald, Volume LV, Issue 17407, 4 November 1930, Page 9

DOMINION FINANCES

REPAYMENT OF LOANS RECENT TRANSACTIONS (Per Press Association.) WELLINGTON, this day. The Hon. E. A. Ransom, actingMinister of Finance, to-day made the following statement in regard to various public loans which recently fell due for redemption in the Dominion. These iricluded 5i per-cent, securities which matured on July 1, 1930, to the extent of £974,480, and a comparatively small issue of 5 per cent, securities amounting to £294,640, winch matured on July 15. The bulk of the maturities, however, consisted of per cent, free of income tax securities issued for war purposes in 1916. The total under I his heading was £4,855.340. The lota! amount of debt matured was thus £6.124.460.

Approximately £1,700,000 was renewed on the application of the original holders, whilst redemption funds, to the extent of £1,670,000. available were utilised in the paying off of matured securities. *

Mr. Ransom referred lo the debt redemption scheme established under the Repayment of the Public Debt Act, 1925. Contributions from (his source towards these redemptions amounted to £1.086,000. Reparation moneys pro vided for a further £290.000, whilst capital moneys available in separate accounts were utilised to tile extent of £194,000. making up the total of £1,670,000 mentioned.

The proceeds of the recent issue of per cent, over-the-counter sales were applied in redemption of maturing loans to the extent of £490,000, and the balance of the cash necessary to meet redemptions was provided temporarily from various Treasury accounts. These temporary loans are being replaced from the proceeds of a further issue of 51 per cent, securities with currency to September 1, 1937.