XXXIV

B.— 6.

The annual charge for interest and sinking fund on the above amounts to £10,108,414, and is payable as follows : — £ In New Zealand .. .. .. .. 4,685,712 In London .. .. .. .. .. 4,294,239 In Australia . . . . . . . . . . 69,359 9,049,310 Sinking fund .. .. .. .. 1,059,104 Total . . . . . . .. £10,108,414 Of the interest, £1,792,432 will be recouped to the Consolidated Fund. Against the public debt tangible assets to the amount of £47,535,124 are held, while the total amount expended on railways, public buildings, telegraphs, and settlement lands amounts to £84,314,003, for which the Dominion holds good value. The estimated value of Crown lands is £25,000,000, whilst a sum of £19,033,007 has been expended on directly and indirectly productive services, which may be set off against the debt. WAR LOANS. At the end of the financial year the loans arranged by the Treasury on account of war expenditure amounted to £81,538,570, of which £55,198,325 was raised in New Zealand, and £25,840,000 was advanced by the Mother-country mainly for the maintenance of our troops in the field. The following statement shows the amounts borrowed under the various authorizing Acts : — Statement op War Loans authorized, and the Total Amounts raised in New Zealand and London respectively, with Charges and Expenses thereon, as at 31st March, 1921. ..... . , Amount Raised in T ' ■ i Total Amount Authorizing Act. ~ .. , -. T „ , , Imperial . .., ° authorized, i New Zealand. „ r , raised.* Government. £ £ £ £ Public Revenues Amendment Act, 1914 .. 2,000,000 .. 2,067,411 2,067,411 Public Revenues Amendment Act. 1915 .. 10,000,000 2,093,750 8,105,992 10,199,742 Finance Act, 1916 .. .. .. 16,000,000 11,572,450 4,736,842 16,309,292 War Purposes Loan Act, 1917 .. .. 28,000,000 23,273,535 4.830,000 28,103,535 Finance Act, 1918 .. .. .. 20,000,000 13,420,520 6,600,000 20,020,520 Finance Act, 1918 (No. 2) .. .. 10,000,000 4,838,070 .. 4,838,070 ___- __ . . . . _ Totals .. .. .. 86,000,000 55,198,325 26,340,245t 81,538,570 * Including charges and expenses. £ f Actual amount advanced .. .. .. 25,840,000 The capital liability thereon .. .. 500,245 £26,340,245 A sum equal to 1 per cent, of the total capital moneys borrowed for war purposes, and outstanding on the 31st March in the preceding year, is paid to the Public Trustee to hold and invest the same with all accumulations of interest thereon ; 4| per cent, per annum is received on the investments of the sinking funds, under which it is calculated that each war loan will be extinguished within forty years. The annual charge for. interest and sinking fund on these loans amounts to £4,615,200, made up as follows : —