Financial Year ending

31 Mar. 1925 (continued).

1,083,6031. was applied to the purchase and cancellation of
1,087,000l. 4 per cent. War Loan 1929-42 on account of
the Depreciation Fund.

Exchequer Bonds and National War Bonds matured for payment
in the year as under :-
Nominal Amount.

5 per cent. Exchequer Bonds, 1924 (Re-
paid at par) (including 12,000,000l. paid
off by the National Debt Commissioners
with part of the New Sinking Fund
(1923)

£ s. d.

52,586,319 40

5 per cent. National War Bonds, 1924
(Series I) (repaid at 103 per cent.)
6,395,777 14 4
[The Exchequer Bonds were not all presented for payment by
31st March, 1925, and consequently 306,6661. 18s. 6d. of the
principal was not actually issued from Exchequer until 1925-6.]

Issues for cash in the year were made as under :

3 per cent. Conversion Loan ..

Treasury Bonds ..

National Savings Certificates (net)
Exchequer Bonds

£ 59,660,000

17,830,000

2,696,861

10

£80,186,871

7 & 8 Geo. V. c. 31.

The sum of 50,000,0001. was duly issued from the Consolidated 13 & 14 Geo. V
Fund during the year on account of the New Sinking Fund

c. 14.

£50,000,000 00

The extent to which the sums issued under the respective
headings (a) to (i) were actually applied within the year to
the purchasing, redeeming or paying-off of Debt, is indicated
in the succeeding notes.

Financial Year ending

31 Mar. 1926 (continued).

(a) The Sum of 4,953,5661. 3s. 4d. was wholly applied during
the year to payments under the Funding Agreement on
account of the principal of U.S.A. Government Loans.

(b) The Sum of 1,084,8401. 5s. Od. was applied during the year-
as to 1,069,2931. to the extinction of an equal nominal
amount of the capital liability of the State in respect of
Annuities for Life and Terms of Years, and as to the
balance of 15,5471. 5s. Od. (which was issued in respect of
the Sinking Fund Annuity created in 1884) to the purchase
and cancellation of 15,4981. 16s. 3d. 5 per cent. War Stock
1929-47.

10 Geo. IV. c. 24,
3 Wm. IV. c. 14;
16 & 17 Vic. c.
45, &c.

62-3 Vict. c. 9
47-8 Vict. c. 23 s. 3

(c) The Sum of 2,641,7811. 3s. 6d. issued to the National Debt 9 & 10 Geo. V. c. 37
Commissioners in the year under Section 2 of the War Loan
Act, 1919, in respect of the Sinking Fund for the redemption
of the 4 per cent. Funding Loan 1960-90 made, with the
balance of 186,105l. 19s. 3d. unapplied at 31 March, 1925, a
total sum available of 2,827,8871. 2s. 9d. Of this sum
2,598,518/. 3s. 10d. was applied during the year to the
cancellation of 2,964,4551. 6s. 7d. 4 per cent. Funding
Stock, a balance of 229,3681. 18s. 11d. remaining unapplied
at 31 March, 1926.

(d) The sum of 2,230,8371. 4s. 6d. issued to the National Debt 9 & 10 Geo. V. c. 37
Commissioners in the year under Section 2 of the War Loan
Act 1919, in respect of two half-yearly instalments of the
Sinking Fund for the redemption of 4 per cent. Victory
Bonds made, with the balance of 1,093,9711. 14s. 9d. un-
applied at 31 March, 1925, and 20,5911. 9s. 2d. received as
interest, a total sum available of 3,345,400l. 8s. 5d. Of
this sum 2,186,7007. was applied as at 1st September, 1925,
to the repayment of an equal nominal amount of 4 per
cent. Victory Bonds drawn for redemption on that date,
and 20,5911. 9s. 2d., the interest earned by temporary
investment, to the cancellation of 20,2621. 3s. 11d. 5 per cent.
War Stock 1929-47, a balance of 1,138,1087. 19s. 3d.
remaining unapplied on 31 March, 1926.

(e) The sum of 14,386,1127. 11s. 2d. issued to the National Debt 11 & 12 Geo. V. c. 32.
Commissioners in the year under Section 45 of the Finance
Act 1921, in respect of the Sinking Fund for the redemption
of the 3 per cent. Conversion Loan, was wholly applied
within the year to the purchase and cancellation of
18,915,5147. 4s. 11d. 31 per cent. Conversion Stock.

9,154,6251. 4 per cent. Victory Bonds surrendered in the year 9 & 10 Geo. V... 37.
for Death Duties were acquired by the National Debt Com-
missioners, a sum of 6,995,0007. having been issued during
the year from the Consolidated Fund under Section 3 of
the War Loan Act, 1919, to provide that part of the payments
falling to be made to the Commissioners of Inland
Revenue in respect of the securities acquired which
could not be met out of the receipts on account of interest
and repayment of principal in respect of 4 per cent.
Funding Loan and 4 per cent. Victory Bonds so surrendered
and held by the National Debt Commissioners.
balances of such securities so acquired held by the Commis-
sioners at the close of the year, amounting to 1,538,730.
6s. 7d. 4 per cent. Funding Loan and 55,732,7201. per
cent. Victory Bonds, constituted an asset proper to be set
off against the gross capital liabilities of the State.

The

Financial Year ending

31 Mar. 1926 (continued).

(g) The sum of 177,6401. 2s. Od. was issued in the year for
payment to the Commissioners of Inland Revenue in
respect of 80,0241. 12s. 6d. 4 per cent. War Loan 1929-42,
88,4521. National War Bonds surrendered for Death Duties
under the provisions of the Finance Act 1917, and
cancelled and for certain securities transferred in the
previous year.

(h) The sum of 7,538,8431. 2s. 10d. was issued to the National
Debt Commissioners in the year on account of the Deprecia-
tion Fund under Section 32 of the Finance Act, 1917,
making, with the balance of 9,343,8491. 16s. 11d. in hand on
31 March 1925, and 137,4211. 15s. 8d. received for interest,
a total sum available of 17,020,1147. 15s. 5d. Of this sum
8,100,7371. 10s. was applied in purchase and cancellation of
8,113,000l. 4 per cent. War Stock, 1929-42, leaving
8,919,3771. 5s. 5d. in hand on 31 March 1926.

(i) The balance of 9,931,3791. 7s. 8d. was issued to the National
Debt Commissioners and together with 226,4031. 11s. the
unapplied balance at 31 March 1925 made a total sum
available for general debt reduction of 10,217,7821. 18s. 9d.
Of this amount 8,719,7371. 5s. 5d. was applied in the
purchase and cancellation of stock, etc., as shown below
leaving a balance in hand at 31 March 1926 of 1,498,0451.
13s. 4d.

7 & 8 Geo. V. c. 31.

7 & 8. Geo. V. c. 31.

Holders of 4 per cent. Treasury Bonds, 1934, exercised their
option of claiming earlier repayment to the extent of
5,109,6427. 11s. 4d. and Bonds to that amount will therefore
fall due on 1st February 1927.

Financial Year ending

31 Mar. 1926 (continued).

The Aggregate National Debt as at the 31 March, 1925, and the 31 March, 1926, consisted of the following :—

31 March, 1925. 31 March, 1926.

[Against these totals can be set Funding Loan and Victory Bonds surrendered for Death Duties and held by the National Debt Commissioners, but not yet cancelled, as shown in Note on page 8.]

(1) External Debt was decreased by £10,831,541, viz. :--
Repayments to U.S.A. Government (out of
New Sinking Fund (1923))..

$ Bonds converted into National War Bonds

£ 4,931,507 5,900,034

(2) Internal Floating Debt was decreased by 37,899,000l. viz.—

(3) Internal Debt, other than Floating, was increased by 18,274,5021. as shown below:

(4) The changes in other Capital Liabilities are shown in detail on pages 10 and 11.

The Deadweight Debt due to mature in the next two years was, on 31 March, 1926, as follows (excluding floating debt, debt not due in any particular year, and debt provided for by special sinking funds :)—