THE PUBLIC DEBT.
AUTOMATIC REDUCTION
The Minister of Finance, in course of his Budget speech, said: "The question of placing the deht on an improved basis has engaged my attention >for some time past, and I am now pleased to announce that an' arrangement satisfactory to New Zealand has been made. It has heen decided to fund £27,532,164 on a 6 peT cent annuity basis, which will have the effect of automatically discharging this slum from the public debt of New Zealand in about thirty-seven years; this leaves aside £2,090,909 State advance debt redemption, as that office has its own provision for sinking fund. The conditions include the .'concession that the whole or part of the funded debt may.te redeemed at any time. thus enabling advantage to he taken bf any future reduction in interest rates. This transaction will relieve the annual permanent charges toy £53,000, and there is the further advantage that the portion of the accumulated sinking funds relating to this debt now vested in the Public Trustee under the Finance Act, 1918 (No. >2) will be available for reduction of the public debt."
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https://paperspast.natlib.govt.nz/newspapers/WAIPO19220817.2.27
Bibliographic details
Waipa Post, Volume XXI, Issue 1282, 17 August 1922, Page 4
Word Count
186THE PUBLIC DEBT. Waipa Post, Volume XXI, Issue 1282, 17 August 1922, Page 4
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