3 2 
for the redemption of Commonwealth 
debt : — 
1926-27. 1927-28 
o a 
Direct from Revenue 
to British Govern- 
ment bos oy 
From Sinking Fund, 
Funds provided as 
foliows :— 
Contributions 
from Revenue 
Half-profits of 
Commonwealth 
Bank ... - 
Reparation 
moneys wh 
Interest on in- 
vestments  ... 89.754 54,246 
Total provided di- 
rectly and indi 
rectly from Re: 
vente sources— 
War Service 
Home Repay- 
ments wiry 
Other Sinking 
Fund Receipts 
(,293,035 1,357.399 
2,017,391 2,278,695 
226,280 $20,563 
1,340.573 651.779 
831,561 787,897 
29390 18,857 
Total wo 5.827.984 5.469.436 
during the last six years (figures 
represent millions): — 
Differ 
1922. 1928. ence. 
£ £ £ 
War Debt we 333 L293... —40 
Works, &e.  ... 32... 79 .. +47 
Total «. 365... 872... + 7 
Dead-weight War Debt was re 
duced by £40,000,000. 
Works" Debt was increased by 
£47,000,000. This includes £24,000,000 
spent in Post Office Works; the 
balance being on account of Common- 
wealth Railways, War Service Homes, 
and other services almost wholly re- 
presented by tangible assets. 
On a per capita basis the six years 
20MDArison is— 
1922. 
Ys 
1928. 
£ sd. 
47 1 3 
1214 7 
59 15 10 
War Debt ... 
Works, &e. ... 
6N 
Total . 
Ar 
REDEMPTION oF STATE DEBTS, 
The total provided directly and in- 
directly from revenue sources in these 
two years represented £1 7s. per cent. 
on the total debt in 1926-27 and £1 5s. 
per cent. in 1927-928. 
Special Contributions from Surplus 
Revenues. 
The following special contributions 
have been applied from surplus re- 
venues for debt redemption : — 
£ 
1923-24... 
1924-25 .. 
1925-26 ... 
5,000,000 
1,500,000 
1,000,000 
Gross Debt 
On 30th June, 1928, the Gross Debt 
of the States was approximately 
£723,000.000 located thus:— 
yr 
Australia .. 
London ... ce 
New York Co 
332,000,000 
360,000,000 
31.000.000 
723.000.000 
After allowing for Sinking Fund: 
and other adjustments there remained 
a nett debt of about £700.000.000. 
Financial Agreement. 
7,500,000 
Comparison of Debt now with Debt 
Six Years Ago. 
The following table shows the change 
nn the character of Commonwealth debt 
Under the Financial Agreement, 
which has yet to be validated by the 
new Commonwealth Parliament, the 
whole of the debts of the States will 
be taken over by the Commonwealth, 
and a new sinking fund scheme which 
has been in operation for a temporary 
period will become permanent.