INTEREST ON WAR DEBT. RETURN SHOWING AMOUNTS PAID AND TO PAY.

Appendix to the Journals of the House of Representatives, 1924 Session I, B-16

B. 16

1924. NEW ZEALAND.

INTEREST ON WAR DEBT. RETURN SHOWING AMOUNTS PAID AND TO PAY.

Return lo an Order of the House of Representatives dated Ist October, 1924. Ordered, " That there be laid before this House a return showing—(l) The amount of interest paid up to the 31st March, 1924, on the war debt ; and (2) the total amount of interest that tho Stato will have to pay up to the time of repayment of the said debt.'" —(Hon. Mr. Hanan.)

Return. (1.) The Amount of Interest paid up to the 3-lsl March, 1924, on the War Debt. £22,853,056. (2.) The Total Amount of Interest that the Stale will have to pay up to the Time of Repayment of the said Debt. The war debt at the 31st March, 1924, was £77,434,184, of which. £25,924,904, being balance of £26.340,245, is funded on an annuity basis at 6 per cent, on the original debt, calculated to pay off the principal and interest in 36| years from date of agreement—viz., 6th September, 1922. The amount of interest paid to the 31st March, 1924, on this portion of the debt was £1,955,282, and the amount remaining to be paid to date of maturity is £29,389,608, making a total of £31,344,890. On the remaining portion of the war debt —viz., £51,509,280 —the amount of interest charge at the 31st March, 1924, was £2,374,493, and on the present basis of sinking fund the total principal will be repaid in thirty-three years. The sinking fund, if accumulated at the present rate of interest for a further thirty-three years, will equal the total amount of war debt then outstanding. On the assumption that the interest rates on the loans are unaltered, the total interest remaining to be paid on the war loans will amount to £107,747,877. These figures are estimates, and are subject to debt reductions, conversions, and alterations in rates of interest on loans issued for redemption purposes, which may materially affect the ultimate amount. J. J. Esson, The Treasury, Wellington, 10th October, 1924. Secretary to the Treasury.

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