8.-l [Pt. JIT],

PUBLIC ACCOUNTS, 19 39-19 40.

THE PUBLIC DEBT OF NEW ZEALAND. TABLE I.—STATEMENT OF SECURITIES CHARGED ON THE PUBLIC REVENUES OF NEW ZEALAND AND OUTSTANDING ON 31st MARCH, 1940-continued.

1 ;;: - ; ' ;": ! ' I By the Repayment of the Public Debt Act, 1925, means are provided whereby the whole of the public debt other than that raised for State Advances purposes and those portions for which separate sinking funds exist will be extinguished in approximately sixty years from the time of coming under the provisions of the Act. The total of loans coming within the provisions of the Repayment of the Public Debt Act, 1925, is £249,344,651 lis. 9d. The Public Debt Redemption Fund Capital Account established under this Act comprises investments of sinking funds accumulated under former legislation and now invested with the State Advances Corporation £3,250,000 and the Public Trustee £7,986,688 lis. 2d.: total, £11,216,688 lis. 2d. The interest on the Redemption Fund capital is paid over to the Consolidated Fund as a set-off against the annual payments made by the latter fund to the Repayment of the Public Debt Account -viz., i per cent, of the public debt coming under the provisions of the Act, together with 4 per cent, of the debt redeemed in accordance with the Act. Sinking funds as indicated exist for the extinction of portions of the debt to which the provisions of the Repayment of the Public Debt Act, 1925, do not apply: The balances of these sinking funds at the 31st March, 1940, were as follows : State Coal-mines Account, £5,502 3s. Bd.; Electric Supply Account, £12,648 os. 2d.; Westport Harbour Account, £391,516 12s. 2d. ■ Samoan Loan Suspense Account, £1 lis. lid. ; Nauru and Ocean Islands, 16s. lid. : total, £409,669 4s. lOd. In addition to the special sinking funds mentioned above, special provision exists for the repayment of that portion of the debt funded by agreement with the Imperial Government, particulars of which are given on page 11. It was estimated that this portion of the debt would under the original agreement be extinguished during the financial year ending on the 31st March, 1958. Payments have been suspended by arrangement with the Imperial Government.

TABLE II.—ADVANCES BY THE RESERVE BANK TO THE GOVERNMENT BY WAY OF OVERDRAFT OUTSTANDING ON 31st MARCH, 1940.

2—B. 1. [Pt. lII].

9

i ; Annual Charge. Domicile of Principal. Nominal —— — —— Amount Due Date. >g-g j Remarks. outstanding. . Interest 1 When payable. Hew Zealand. London. Australia. ds £ s- <1- % £ £ s. d. £ s. d. £ Brought forward .. 322,907,536 4 3 .. .. 12,237,344 .. 164,164,665 8 5 157,863,270 15 10 879,600 Amortization Charges. £ 2,077,225* Repayment of the .. .. j * Estimated. Public Debt Act, 1925 458,700f Funded Debt .. .. .. | .. r Represents principal repayment also suspended by agreement with Imperial Government. 6,000J State Coal-mines .. .. .. j Payable from the State Coal-mines Sinking Fund Account. Estimated. 10,8595 Westport Harbour .. .. .. § £3,859 sinking fund, 4£ per cent. - Sinking Fund payable in respect of sinking funds 2,552, 784 used for redemption; and £7,000 „ ... II sinking fund, 1 per cent, payable Total securities charged on 322,907,536 4 3 .. .. 14,790,128 .. 164,164,665 8 5 157,863,270 15 10 879,600 on £700,000 Westport Harbour the Public Revenues and — Loans. outstanding at 31st March, 1940

I Authority for Advances. Particulars of Advances. | Account. j Amount. £ s. d. .Marketing Act, 1936, Section 10 .. .. .. .. Advances in respect of dairy-produce purchased for export and sale Dairy Industry Account .. .. 2,600,231 0 3 Marketing Amendment Act, 1937, Section 9 .. .. Advances in respect of primary products purchased for sale .. Internal Marketing Account .. .. '22 1'949 7 0 Marketing Amendment Act, 1939, Section 5 .. .. Advances in respect of meat purchased for export and sale .. Meat Industry Account .. .. 584*372 8 9 Marketing Amendment Act, 1939, Section 5 .. .. Advances in respect of fruit purchased for export and sale .. Fruit Industry Account .. .. 10 5 Marketing Amendment Act, 1939, Section o .. .. Advances in respect of sundry products purchased for export Sundry Products Account .. .. 18 3 and sale Total advances as at 31st March, 1940 .. .. .. .. .. .. .. .. .. __ £3 526 640 4 8