B—7 [Pt. I]

DETAILS OF ESTIMATES FOR THE

PERMANENT APPROPRIATIONS— continued

(a) Represents saving of interest following redemption of the London loan on Ist November, 1947, to be applied to debt redemption. (b) Being annual contribution in respect of the defined portion of the public debt — i.e., the whole of the public debt other than that raised for State Advances purposes and other portions for which, special statutory provision has been made.

12

DEBT SERVICES 1947-48. 1948-49. Estimated. Expended. Interest — Interest in New Zealand currency on loans domiciled in London 4,016,529 4,655,244 4,657,621 Interest on loans domiciled in Australia 42,845 46,960 44,90S Interest on loans domiciled in New Zealand 12,522,689 12,478,089 12,-569,776 Interest on floating debt 550,000 550,000 552,752Total interest as shown in detail in R-l [Pt. IJ 17.132,063 17,730,293 Interest on anticipated new issues 372,016 408,700 17,504,079 18,138,993 Less interest on anticipated redemptions 183,234 138,700 Total interest payable 17,320,845 18,000,293 17,825,052' Amortization of Debt — Amounts transferred to Loans Redemption Account for redemption of securities— New Zealand Loans Amendment Act, 1947 — Section 11 (c) 200,000 200,000 4,200,009 Section 11 (c) (a) 470,000 Section 14 .. .. .. -. (6) 4,513,156 4,366,822 4,377,223 Administration and Management — New Zealand Loans Act, 1932 (Section 62) — Stamp duty on transfers of New Zealand Consolidated Stock 25,000 10,000 28,68» New Zealand Loans Act, 1932 (Section 61) — . Charges and expenses of raising, paying off, or renewing securities to be charged to or paid out of Ordinary Revenue Account of Consolidated Fund 163,879 130,000 110,049 New Zealand Loans Act, 1932— Charges and expenses of management of New Zealand Government Securities 75,000 75,000 71,326 TOTAL—DEBT SERVICES 22,767,880 22,782,115 26,612,339