REPAYMENT OF THE PUBLIC DEBT. REPORT AND ACCOUNTS OF THE PUBLIC DEBT COMMISSION FOR THE YEAR ENDED 31st MARCH, 1926.

Appendix to the Journals of the House of Representatives, 1926 Session I, B-02a

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1926. NEW ZEALAND.

REPAYMENT OF THE PUBLIC DEBT. REPORT AND ACCOUNTS OF THE PUBLIC DEBT COMMISSION FOR THE YEAR ENDED 31st MARCH, 1926.

Presented to both Houses of the General Assembly in compliance with Section 14 of the Repayment of the Public Debt Act, 1925.

REPORT. Wellington, 28th July, 1926. The Public Debt Commission lias the honour to lay before Parliament the account of its transactions for the year ended 31st March, 1926. The following certificates in terms of the Repayment of the Public Debt Act, 1925, were furnished by the Controller and Auditor-General: — I. Pursuant to section 7 of the Repayment of the Public Debt Act, 1925, I hereby certify that— (a.) The total amount of the public debt within the meaning of that Act outstanding at the end of the financial year ended on the 31st day of March, 1925, was one hundred and seventy-four million one hundred and twenty-eight thousand one hundred and thirty-four pounds thirteen shillings and twopence (£174,128,134 13s. 2d.). (b.) The amount of the public debt repaid or redeemed under the provisions of that Act within the financial year aforesaid, and the aggregate amount that has been so repaid or redeemed since the commencement of that Act, was nil. G. F. C. Campbell. 11. Capital Moneys of the Public Debt Redemption Fund. —As required by subsection (3) of sect ion 10 of the Repayment of the Public Debt Act, 1925, I hereby certify as follows : — (1.) The amount of the capital moneys referred to in subsection (1) of section 10 of that Act as on the 31st day of March , 1925, being all moneys (together with the accumulated interest thereon) held by the Superintendent of the State Advances Office at the commencement of the Act pursuant to section 11 of the Public Debt Extinction Act, 1910, less an amount equal to the moneys to be paid by the Superintendent to the Advances Office Sinking Fund, was three million two hundred and fifty-eight thousand nine hundred and fifty-five pounds nineteen shillings and fourpence (£3,258,955 19s. 4d.). (2.) The amount of the capital moneys referred to in subsection (2) of section 10 of that Act as on the 31st day of March, 1925, being all moneys (together with the accumulated interest thereon) held by the Public Trustee at the commencement of the Act pursuant to section 88 of the Local Bodies' Loans Act, 1908, section 54 of the New Zealand Loans Act, 1908, section 7 of the Naval DefenceAct, 1909, section.6 of the Finance Act, 1918 (No. 2), and subsections (4), (5), and (6) of section 26 of the State Advances Act, 1913, was seven million nine hundred and sixty-six thousand six hundred and eighty-eight pounds eleven shillings and twopence (£7,966,688 lis. 2d.). (3.) I further certify that none of the capital moneys above referred to has been expended since the Ist day of April, 1925, and before the date of passing of the Repayment of the Public Debt Act, 1925. G. F. C. Campbell, Controller and Auditor-General. Regulations in terms of section 17 of the Public Debt Repayment Act, 1925, were made and published in the New Zealand Gazette of the 18th March, 1926. In terms of section 11 of the Repayment of the Public Debt Act, 1925, the sum of £872,733 16s. was paid to the credit of Public Debt Repayment Account from the Ordinary Revenue Account of the Consolidated Fund, and of this sum the amount of £870,637 13s. 6d. was utilized in the discharge from the public debt of securities of a nominal value of £889,732 13s. 2d., as per statement hereunder. PUBLIC DEBT REDEMPTION FUND. Statement of Capital Moneys constituting the Fund. £ s. d. Held by Superintendent, State Advances Office .. .. .. .. 3,258,955 19 4 Held by Public Trustee .. .. .. .. .. .. .. 7,966,688 11 2 Amount transferred by way of loan from the Consolidated Fund to the Discharged Soldiers Settlement Account .. .. .. .. .. .. 13,500,000 0 0 £24,725,644 10 6

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Public Debt Repayment Account for the Year ended 31st March, 1926. lieceipls. Payments. Repayment of the Public Debt Act, 1925, £ s. d. Securities redeemed and cancelled in £ s. d. section 11— terms of section 13 of Repayment Transfers from the Consolidated Fund — of the Public Debt Act, 1925— Subsection (a), being one-half of 1 New Zealand Loans Act, 1908— per cent, of amount of Public Debt Aid to Public Works and Land outstanding at 31st March, 1925 870,640 13 6 Settlement Act, 1900, and Finance Subsection (b), being 3J per cent, of Act, 1915, section 106 (nominal amount of Public Debt cancelled value £500) .. .. 485 0 0 during the year, computed from Finance Act, 1915, section 105 dates of redemption .. .. 2,093 2 6 (Public Works), (nominal value £35,050) .. .. .. 34,085 10 0 * Finance Act, 1916, section 35 (War Expenses), (nominal value £4,050) 3,868 0 0 Finance Act, 1918 (No. 2), Part IV (War Expenses), (nominal value £3,100) .. .. .. 2,966 0 0 Land for Settlements Act, 1908, and Finance Act, 1915, section 106 (nominal value £500) .. .. 485 0 0 War Purposes Loan Act, 1917 (nominal value £416,800) .. 416,058 10 0 War Purposes Loan Act, 1917, and Finance Act, 1917, section 68 (nominal value £800) .. .. 780 0 0 New Zealand Consolidated Stock (maturing Ist November, 1929), (nominal value £152,862 13s. 2d.) 146,872 12 6 New Zealand Inscribed Stock Act, 1917— Finance Act, 1916, section 35 (War Expenses), (nominal value £1,550) 1,493 7 0 Finance Act, 1918, section 10 (War Expenses), (nominal value £270,200) .. .. .. 259,415 0 0 Finance Act, 1918 (No. 2) Part IV (War Expenses), (nominal value £100) .. .. .. 97 10 0 War Purposes Loan Act, 1917 (nominal value £4,220) .. 4,031 4 0 870,637 13 6 Balance at end of year : Cash in the Public Account .. .. .. 2,096 2 6 £872,733 16 0 £872,733 16 0

Statement of Securities redeemed and cancelled in Terms of Section 13 of the Repayment of the Public Debt Act, 1925.

Approximate Cost of Paper.—Preparation, not given; printing (600 copies), £3 ss.

Authority : W. A. G. Skinner, Government Printer, Wellington.—l 926.

Price 3d.]

Authorizing Act. j £££* Kate. Nominal Value. Cash utilized. ___ _ i • 1 New Zealand Loans Act, 1908 — £ s. d. £ s. d. Aid to Public Works and Land Debentures 4£ 1/5/1926 500 0 0 485 0 0 9/3/1926 Settlement Act, 1900, and Finance Act, 1915, sec. 106 Finance Act, 1915, sec. 105 „ 4| 15/12/1940 35,050 0 0 34,085 10 0 9/3/1926 (Public Works) Finance Act, 1916, sec. 35 (war „ 4£ 1/9/1930 4,050 0 0 .8,368 0 0 9/3/1926 debt) Finance Act, 1918 (No. 2), Part „ 4£ 20/4/1939 3,100 0 0 2,966 0 0 9/3/1926 IV (war debt) Land for Settlements Act, 1908, „ 4| 1/5/1926 500 0 0 485 0 0 . 9/3/1926 and Finance Act, 1915, sec. 106 War Purposes Loan Act, 3917 „ / 4J 15/11/1938 16,800 0 0 16,058 10 0 9/3/1926 (war debt) \ 4£ 1/3/1926 ,400,000 0 0 400,000 0 0 1/3/1926 War Purposes Loan Act, 1917, „ 5 15/11/1927 800 0 0 780 0 0 9/3/1926 and Finance Act, 1917, sec. 68 (war debt) New Zealand consolidated stock Consolidated / 4 1/11/1929 100,000 0 0 96,069 9 1 10/3/1926 Stock \ 4 1/11/1929 52,862 13 2 50,803 3 5 25/3/1926 New Zealand Inscribed Stock Act, 1917— Finance Act, 1916, sec. 35 (war Inscribed / 4J 1/9/1930 1,000 0 0 965 0 0 9/3/1926 debt) stock \ 4J 15/11/1938 550 0 0 528 7 0 9/3/1926 Finance Act, 1918, sec. 10 (war „ 4| 20/4/1939 270,200 0 0 259,415 0 - 0 9/3/1926 debt) Finance Act, 1918, No. 2, Part IV „ 5 20/4/1939 100 0 0 97 10 0 9/3/1926 (war debt) War Purposes Loan Act, 1917 „ 4£ 15/11/1938 4,220 0 0 4,031 4 0 9/3/1926 (war debt) Totals .. .. .. .. .. 889,732 13 2 870,637 13 6 Wm. Downie Stewart, Chairman Public Debt Commission.