8.-2

1938. NEW ZEALAND.

REPAYMENT OF THE PUBLIC DEBT. REPORT AND ACCOUNTS OF THE PUBLIC DEBT COMMISSION FOR THE YEAR ENDED 31st MARCH, 1938.

Presented to both Houses of the General Assembly in compliance with Section 14 of the Repayment of the Public Debt Act, 1925.

REPORT. Wellington, 30th August, 1938. The Public Debt Commission has the honour to lay before Parliament the account of its transactions for the year ended 31st March, 1938. The following certificate in terms of the Repayment of the Public Debt Act, 1925, was furnished by the Controller and Auditor-General: — Pursuant to section 7 of the Repayment of the Public Debt Act, 1925, I hereby certify that — (a) The total amount of the public debt within the meaning of the Act outstanding at the end of the financial year ended on the 31st day of March, 1938, was two hundred and sixteen million eight hundred and fifty-six thousand four hundred and seventy-six pounds twelve shillings (£216,856,476 125.). (b) The amount of the public debt repaid or redeemed under the provisions of that Act within the financial year aforesaid was one million seven hundred and thirteen thousand eight hundred and eleven pounds three shillings and one penny (£1,713,811 3s. Id.). (c) The aggregate amount of the public debt that has been so repaid or redeemed since the commencement of the Act and to the end of the financial year aforesaid was sixteen million six hundred and seventy-seven thousand two hundred and fortyeight pounds four shillings and tenpence (£16,677,248 4s. 10d.). J. H. Fowler, Controller and Auditor-General. In terms of section 11 of the Repayment of the Public Debt Act, 1925, the sum of £1,679,773 15s. lOd. was paid to the credit of the Public Debt Repayment Account from the Ordinary Revenue Account of the Consolidated Fund, and of this sum, together with the balance at the beginning of the year (£39,794 lis. 5d.), the amount of £1,713,811 3s. Id., was utilized in the discharge of the public debt of securities of a nominal amount of £1,713,811 3s. Id., as per statement hereunder. Securities unpresented at the 31st March, 1938, amounted to £400 matured 15th January, 1933, and sufficient cash remains in the account to effect redemption on presentation. Public Debt Repayment Account. Receipts. Balance at beginning of year— £ s. d. £ s. d. Cash in the Public Account .. .. .. .. .. .. .. 39,794 11 5 Repayment of the Public Debt Act, 1925, section 11 —- Transfers from the Consolidated Fund — Subsection (a), being one-half of 1 per cent, of the amount of the public debt outstanding at 31st March, 1937 .. .. .. 1,076,161 9 5 Subsection (a), being one-half of 1 per cent, of the amount of the public debt redeemed to 31st March, 1937 .. .. .. .. 74,817 3 8 Subsection (6), being 3£ per cent, of the amount of the public debt redeemed to 31st March, 1937 .. .. .. .. 523,720 5 11 Subsection (b), being 3J per cent, of the amount of the public debt cancelled during the year, computed from the dates of redemption 5,074 16 10 1,679,773 15 10 £1,719,568 7 3