DEBT REDUCTION.

Star (Christchurch), Volume LXVI, Issue 20653, 29 June 1935, Page 9

DEBT REDUCTION.

Decrease in Total Figures. GOVERNMENT'S EFFORTS. Per Press Association. WELLINGTON, June 28. “ Various statements have appeared in the newspapers,” said the ActingMinister of Finance, " reviewing increases in the public debt in recent years, and particularly an increase of over £20,000.000 for the financial year 1933-34. “ I would like to point out 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 is 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 the 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 of the debt as at March 31: — '£ 1J32 281,942.800 1933 282,622,958 1934 302,791,996 1935 (approx.) .... 280,580,000 “It will be observed that the total debt as at March 31, 1935. is actually less than it was as at March 31. 1932.”