B.—l [PT. Ill].

PUBLIC ACCOUNTS, 1940-1941.

TABLE VII.—TRANSACTIONS IN CONNECTION WITH THE PUBLIC DEBT IN THE YEAR ENDED 31st MARCH, 1941.

External debt— Details of Above. 1. London — Increases — New issues for oapital works— £ 8. d. £ s. d. £ s. d. Public Works Fund : General Purposes Account .. .. 903,550 0 0 Public Works Fund: Electric Supply Account .. .. 3(52,660 0 0 Main Highways Aocount .. .. .. •• •• 3,975 0 0 — 1,270,185 0 0 New issues for War Expenses Account .. .. •• •• •• 6,266,231 10 5 New issues to oover costs, obarges, and expenses (premiums on conversions of 1940-45 stook) .. .. .. .. •• •• 62,202 0 0 7,598,618 10 5 Decreases — Redemptions from— Publio Debt Repayment Account .. . . .. .. 199,200 0 0 Sinking Funds: Electric Supply .. .. .. . • 456,160 0 0 Loans Redemption Account .. .. •• •• 3,550,462 10 6 4,205,822 10 6 Renewals and conversions to internal floating debt .. .. .. .. 2,884,477 9 6 7,090,300 0 0 Increase .. . ■ .. •• •• • • •• £508,318 10 5 Internal debt— 2. Long-term debt — Increases — New issues for capital works — Public Works Fund : General Purposes Account .. .. 5,778,815 0 0 Publi & Works Fund : Electric Supply Account .. .. 765,000 0 0 Iron and Steel Industry Account .. .. •• •• 4,000 0 0 Main Highways Account .. .. •• •• 801,000 0 0 State Coal-mines Account .. .. .. •• •• 25,000 0 0 State Forests Account .. .. •• •• 130,000 0 0 7,503,815 0 0 New issues : War Expenses Aocount .. .. •• •• •• 10,746,251 14 5 New issues for redemptions . . .. • ■ • • • • ■ ■ ■ • 5,000 0 0 Issues in renewal and conversion of floating debt .. .. . • 3,245,000 0 0 ■ 21,500,066 14 5 DecreasesRedemption from — Public Debt Repayment Account .. .. •• • • 519,610 0 0 Sinking Funds — Electric Supply .. .. •• •• •• 2,670 0 0 State Coal-mines .. .. .. •• 5,501 13 4 Samoan Loans .. .. •• •• 5,370 0 0 Nauru and Ocean Islands .. •• •• 34,700 0 0 48,241 13 4 Loans Redemption Account .. .. .. •• •• 108,795 4 7 Housing Account .. • . • • • • • • ■ ■ • • 140,000 0 0 — 816,646 17 11 Inorease .. .. .. .. ■ ■ •• £20,683,419 16 6 3. Floating debt— Increases — New issues for capital works — Public Works Fund : General Purposes Acoount .. .. 1,297,200 0 0 Public Works Fund : Electric Supply Account .. .. 630,000 0 0 Main Highways Account .. .. .. •• •• 543,000 0 0 State Coal-mines Account .. .. • • . • • ■ 10,000 0 0 State Forests Account .. .. .. .. •• 215,000 0 0 2,695,200 0 0 New issues for War Expenses Account .. .. .. . • •• 1,140,000 0 0 New issues for Housing .. .. .. . • •• •• 5,500,000 0 0 New issues to oover costs, charges, expenses, and exchange on redemptions 1940-45 stook, London .. .. •• .. •• 459,518 0 3 New issues for conversion of long-term external debt .. .. .. ■ • 2,880,999 9 9 12,675,717 10 0 Decreases' — Redemptions from — Public Debt Repayment Account .. .. 459,417 10 0 Loans Redemptions Acoount .. .. .. ■ • 3,643,000 0 0 — 4,102,417 10 0 Conversions to long-term internal debt .. •• •• 3,245,000 0 0 7,347,417 10 0 Increase .. .. .. .. .. .■ ■• £5,328,300 0 0 Notes, —(i) For details of redemptions from Publio Debt Repayment Account, see parliamentary,paper 8.-2. (2) Money for new issues was borrowed at the following rates: li per cent., £879,473 Is. 3d.; 1| per cent., £779,800; 2 per cent., £7 235,444 195.; H per cent., £500,000; 23 per cent., £100,755; 3 per cent., £12,934,627 7s. 5d.; H per cent., £1,696,780; 34 per cent., £377 202; 4 per cent., £616,525; 4J per cent., £1,448,000; interest free, £1,210,195 17s. 5d.; free to Ist October, 1943 thereafter 2J per cent, to Ist October, 1953, £7,864,600; total £35,643,403 ss. Id. (3) Former shareholders of Reserve Bank and State Advances Corporation who now hold 4-per-cent. stock have the option of requiring redemption of such stock on giving fourteen days' notice. £5,000 was borrowed during the year at 3 per cent., and from this sum and the balance of £7,843 15s. brought forward from the previous! year, redemptions totalling £10,680 ss. were effected, leaving a balance of £2,163 10s. unused at the 31st March, 1941.

14

Outstanding. Slat March, 1940 81st March, 1941 (Nominal Amount). (Nominal Amount). External debt— £ s. d. £ s. d. £ s. d. London . .. .. ■■ •• 157,863,270 15 10 158,371,589 6 3 508,318 10 5 Australia .. .. .. .. .. •• •• 879,600 0 0 879,600 0 0 Internal debt — Long-term debt .. .. .. .. •• .138,759,665 8 5 159,443,085 4 11 20,683,419 16 fa Floating debt 25,405,000 0 0 30,733,300 0 0 5,328,300 0 0 322,907,536 4 3 349,427,574 11 2 26,520,038 6 11 ■ ■= ---1=======^=^^=