8.—6

XXIV

The amount raised for all purposes, including redemptions, totalled £15,264,502. loans aggregating £12,601,465 being redeemed, £4,656,955 being provided by cash and £7,944,510 by the issue of fresh securities. The amount of £15,264,502 was raised for the following purposes Public Works Fund — £ General Purposes Account .. .. .. 4,000,000 Waihou and Ohinemuri Rivers Improvement Account .. .. .. .. 60,000 Education Loans Account .. .. .. 200 Discharged Soldiers Settlement Account .. .. 37,500 Native Land Settlement Account .. .. 320,000 State Advances Loan Account .. .. .. 2, 600,000* Hauraki Plains Settlement Account .. .. 80,000 Rangitaiki Land Drainage Account .. .. 52,000 Swamp Land Drainage Account .. .. .. 63,000 Samoan Loan .. .. .. .. .. 8,000 7,220,700 For redemption of loans .. .. .. 7,941,080 For charges and expenses of redemptions .. 102, 722 Total borrowed .. .. .. £15,264,502 * Does riot include charges and expenses of raising loans. Redemptions and Renewals. The loans which matured during the year amounted to £13,570,015, to which must be added £5,560 matured loans for which debentures had not been presented Tip to the 31st March, 1923, making a total of £13,575,575. Of this sum, securities amounting to £7,173,675 were redeemed (not including redemption of Imperial funded debt), and £6,397,965 renewed at rates of interest varying from 4 to 5 per cent., leaving £3,935 unpresented. In addition to the redemption of securities at maturity—viz., £7,173,675— other securities totalling £5,427,790 were redeemed as under: — In terms of section 24 of the Finance Act, 1921-22 £ (before maturity) .. .. .. .. 5,134,826 Funded debt .. .. .. .. .. 292,964 £5,427,790 making a total of £12,601,465 paid off from the Loans Redemption Account and surplus revenue, as follows : — Transfers from— £ Ordinary Revenue Account .. .. .. 1,367,401 Ordinary Revenue Account (for funded debt) . . 292,964 Public Works Fund .. .. . . 500,000 Electric Supply Account .. .. .. 31,400 Land for Settlements Account .. .. 47,550 Discharged Soldiers Settlement Account .. 3,100 War Expenses Account .. .. .. 2,212,840 Sinking funds set free .. .. .. 201,700 Debentures redeemed by issue of securities.. .. 7,944, 510 £12,601,465