IV

8.—6

Redemptions and Renewals. During the year loans amounting to £10,136,657 fell due. Offers of renewal were made in all cases, with the result that £8,358,457 was renewed in debentures and £261,760 in inscribed stock : total renewed, £8,620,217. The amount actually paid off in cash was £1,474,700, leaving a balance of £41,740 unpresented debentures. Funds for redemption were provided by the Treasury out of various accounts, and the liability was taken over later by the Consolidated Fund. Conversions. During the year one hundred and eighty investors took advantage of the conversion scheme authorized by the New Zealand Inscribed Stock Act, 1917. The total sum of £499,650 was converted into inscribed stock, maturing as follows : £9,000 at 5 per cent., 15th November, 1927 ; £324,950 at 4j per cent., 15th November, 1938 ; £165,700 at 4| per cent., 20th April, 1939. Loans falling due. The loans falling due during the seven years ending with the year 1928 are as follow : —

Cost op raising Loans. The percentage cost of raising the respective loans issued in New Zealand is shown in the following table : —■

Treasury Lodgments and Payments. The following tables indicate the volume of the business dealt with by the Treasury: — Lodgments to Credit of Public Account. Increase over 1913-14. £ £ 1913-14 .... .... .... 17,120,240 1919-20 .... .... .... 87,098,113 69,977,873 1920-21 .... .... .... 75,789,719 58,669,479

Year ending 31st March, London. Australia. New Zealand. Total. I 1922 1923 1924 1925 1926 1927 1928 £ 313,00C 55.30C 1,747.20C 37,00C 20C £ 313,000* 55,300 1,747,200 37,000 200 0* 0 0 0 0 £ 953,300 639,450 £ 953,300 639,450 £ i 5,398,440 ' 8,167,406 7,768,615 11,451,876 14,356,712 415,370 2,568,910 £ 5,398,440 8,167,406 7,768,615 11,451,876 14,356,712 415,370 2,568,910 £ 6,664,740 8,862,156 9,515,815 11,488,876 14,356,912 415,370 2,568,910 Totals 2,152,700 1,592,750 53,872,779 50,127,329 * Includes £300,000, New Zealand Consolidalealand at par on 15th August, 1921. id 3J-per-cent. stock maturing 19. ;0, repurchased fro: Bank of New

Authority. Amounts raised to 31st March, 1921. Charges and Cost per Cent. of raising Loans. Expenses. Finance Act, 1915 (Aid to Public Works) Finance Act, 1916 War Purposes Loan Act, 1917 Finance Act, 1918 Finance Act, 1918 (No 2) .. Two Million Public Works Loan, 1920— Electric Power Works Loan Act, 1919 Finance Act, 1919, section 5 Kailways Improvement Authorization Act, 1914 Discharged Soldiers Settlement Loans Act, 1920 £ 2,005,030 11,572,450 23,273,500 13,420,520 4,838,070 £ 5,030 54,667 103,540 20,552 14,843 s. d. 5 0J 9 5£ 8 lOf 3 01 6 If 1,387,510 600,000 12,490 4,450,000* 1 y j 306 0 3| 11,688 5 3 * Amount applied for: includes instalments falling due after 31st March, 1921.