Dominion’s Finances

Waipukurau Press, Volume XXIV, Issue 129, 5 November 1930, Page 7

Dominion’s Finances

GOVERNMENT LOANS DUE

FINANCE MINISTER’S STATEMENT

By Telegraph—Copyright—Press Assn. WELLINGTON, Last Night. The Hon. E. A. Ransom, acting Minister of Finance, to-day made a statement in regard to various public loans which recently fell due for redemption in the Dominion. These, he said, included 5 J per cent, securities amounting to £294,640, the extent of £974,480, and a comparatively small issue of 5 per cent, securities amounting to £294,650, which matured on July 15. The bulk of maturities, however, consisted of 4J per cent, free-of-income-tax securities issued for war purposes in 1916, the total under this heading being £4,855,340. The total amount of the debt matured was thus £6,124,560. 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 paying off matured

securities. Mr. Ransom here referred to the debt redemption scheme established under the repayment of the Public Debt Act, 1925. Contributions from this source towards these redemptions amounted to £1,186,000; reparation moneys provided for a further £290,000, whilst capital moneys available in separate accounts were utilised to the extent of £194,000, mounting up the total of £1,670,000 mentioned. The proceeds of the present issue of 51 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 further issues of 51 per cent, securities, with currency to September 1, 1937.