B.—6,

12

Loans paid off during the year : — By transfers of cash from — £ Ordinary Revenue Account .. .. .. 899,449* .Nauru and Ocean Islands Account .. .. 40,000 Nauru and Ocean Islands Sinking Fund Account .. 20,150 Cheviot Estate Account .. .. .. .. 35, 613 Conversion Account .. .. .. .. 6,074 Discharged Soldiers Settlement Account .. .. 13,250 Discharged Soldiers Settlement Loans Act 1920 Depreciation Fund Account .. .. .. 38,371 Land for Settlements Account .. .. .. 22,575 Native Land Settlement Account .. .. .. 2,400 State Advances Office .. .. .. .. 100,000 War Expenses Account .. .. .. .. 17 Westport Harbour Account .. .. .. 23, 707 By utilizing cash in Public Debt Repayment Account .. 870, 638 By sinking funds released .. .. .. .. 88,771 By loans raised in 1924-25 for redemptions in 1925-26.. 64,680 Miscellaneous war credits applied to reduction of debt .. 62,409 Portion of amount advanced to High Commissioner in 1924-25 used for redemption in 1925-26 (Westport Harbour securities) .. .. .. .. 3,000 Debentures outstanding for more than ten years, removed from debt table.. .. .. .. .. 2,100 Discount on securities redeemed below par .. .. 40,504 £2,333,708 * Includes amount from German reparations so applied. £ Net increase as shown by above figures .. .. 11,040,831 Add gross debt at 31st March, 1925 .. .. .. 227,814,647 Gross debt at 31st March, 1926 .. .. £238,855,478 In addition to the above transactions, securities to the amount of £5,266,476 were renewed, £453,250 converted, and £17,786,565 debentures and inscribed stock and £6,500,000 Treasury bills were redeemed, in each case by the issue of new securities of an equal face value. The gross debt at the 31st March, 1926, was held as under: — Where held. Amount. £ New Zealand .. .. .. .. 107,164,718 Australia .. .. .. .. .. 3,643,100 London .. .. .. .. .. 128,047,660 £238,855,478 Gross Annual Charge. £ Interest .. .. .. .. .. 10,670,170 Annual sinking funds .. .. .. .. 7,000 Repayment of funded debt .. .. .. 350,074 Public Debt Repayment Account .. .. 928,492 Total gross charge .. .. .. .. 11,955,736 Estimated recoveries from trading and other accounts 2,500,849 Net annual charge at 31st March, 1926 .. £9,454,887

Loans paid off during the year.

Domicile of debt.

Annual charge.