B.—l [PT. ll].

Increase and Decrease of the Debt. The public debt accounts disclose a net increase in the public debt for the year of £21,969,038 Bs. 6d., some of which, however, was of a temporary nature only. This was made up as follows : — £ s. d. Total debt as at 31st March, 1933 (8.-l [Part lII], page 5) .. .. .. 284,872,957 15 5 Increase — New loans raised during the £ s. d. £ s. d. £ s. d. year for purposes of various accounts — Public Works Fund —General Purposes Account .. 1,066,065 0 0 Public Works Fund —Electric Supply Account.. .. 596,625 0 0 Land for Settlements Account 198,000 0 0 Main Highways Account .. 203,000 0 0 State Forests Account .. 75,000 0 0 Discharged Soldiers Settlement Account: Deed of hypothecation under the Finance Act, 1931 (No. 4), section 7 (2) .. .. 2,000,000 0 0 Loans Redemption Account: Part 11, Conversion Account securities issued to cover premiums on conversion allocated to various accounts .. .. 491,254 8 6 4,629,944 8 6 Ordinary Revenue Account— Banks Indemnity (Exchange) Act, 1932-33 — Treasury bills issued .. 29,384,731 15 0 Less Treasury bills redeemed .. .. 11,180,196 15 0 18,204,535 0 0 Public Revenues Act, 1926, section 41 — Treasury bills issued .. 11,506,000 0 0 Less Treasury bills redeemed .. .. 9,638,891 0 0 1,867,109 0 0 Loans raised during the year for redemptions but not applied as at 31st March, 1934 .. .. .. .. 800 0 0 24,702,388 8 6 Decrease — Loans paid off during the year — From State Coal-mines Account .. .. 11,500 0 0 From State Coal-mines Sinking Fund Account .. 8,000 0 0 From Loans Redemption Account — State Advances moneys .. 734,540 0 0 War credits .. .. 650 0 0 754,690 0 0 From Public Debt Repayment Account —■ Cash applied .. .. 1,776,230 6 4 Amount representing redemptions from premiums on exchange ~ 39 13 8 1,776,270 0 0 From Discharged Soldiers Settlement Account: Deed of hypothecation under the Finance Act, 1931 (No. 4), section 7 (2) — Repayments of advances .. .. 200,000 0 0 Loans redeemed from loans raised in previous years for redemptions .. .. 2,390 0 0 2,733,350 0 0 Net increase for year .. .. .. .. .. .. 21,969,038 8 6 Total debt as at 31st March, 1934 (8.-l [Part lII], page 7) .. .. .. ..£306,841,996 3 11 The above figures do not include loans raised under the Bural Advances Act, 1926, as these loans, though raised by the Government, are not brought into the public debt accounts. The amount of such loans outstanding as at the 31st March, 1934, was £4,213,050. It is also to be noted that most of the Treasury bills under the Banks Indemnity (Exchange) Act, 1932-33, have been paid off since 31st March last, so that the increase due to the issue of these bills was a temporary one only.

VI