Report of the British Economic Mission to Australia

Bibliographic data

Monograph

Identifikator:: 179824683X

URN:: urn:nbn:de:zbw-retromon-182286

Document type:: Monograph

Title:: Report of the British Economic Mission to Australia

Place of publication:: London

Publisher:: His Majesty's Stationery Office

Year of publication:: 7th January 1929

Scope:: 63 S.

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

ly o 1d of ze mn S + Le iC (t 0 0D © APPENDIX. REpEMPTION oF COMMONWEALTH DEBT. debt redeemed out of these moneys. (ii) Reparation moneys (carried straight into Sinking Fund). (iii) Repayment of loan moneys in certain cases. (iv) Special contributions from surplus revenues. Commonwealth Debt. At 30th June the Commonwealth debt (excluding Loans raised for the States) was £872,000.000. located this - — Australia #5 London ... . New York . 219,000,000 136,000,000 17,000,000 Control. The transactions of the Sinking Fund are controlled by a Commission, onsisting of the Commonwealth [reasurer, the Chief Justice, the Secre- sary to the Treasury, Solicitor-General and the Governor of the Common- vealth Bank 372.000,000 National Debt Sinking Fund. Application of Funds. The present scheme for redemption of Commonwealth debt is governed by the National Debt Sinking Fund Act which came into operation in August, 1993. The scheme provides for the follow- ing annual contributions from revenue to be paid to the sinking fund: — (i) 10s. per cent. on the total debt. (ii) A further contribution of £1 per cent. in respect of loan moneys expended on Post Office works. (iii) An annual payment of 5 per cent. on Debt redeemed from the foregoing contributions, so as to ensure the fund receiving the benefit of compound interest accu- mulations. These contributions are designed to extinguish ordinary debt in 50 years and Post Office debt in 30 vears. The scheme also provides for further sums to be paid to the Fund and applied in redemption of debt. These include— (i) Half-profits of Common- wealth Bank: also & per cenf. on Broadly speaking, the moneys are applied towards redemption of Debt yv— (4) Purchase on the market. (b) Redemption of securities on maturity. For some years the funds have been mainly applied to redemption of dead-weight 7’ War Debt in Aus- tralia. At present, however, the annual programme provides for appli- cation of reasonable funds in London and New York as well as Australia. Debt due to the British Government. In addition to redemptions of debt ‘rom the National Debt Sinking Fund, there is an annual repayment direct trom Revenue to the British Govern- ment, being portion of a debt of £90.000,000 arising from the War. Sums made available for Debt Redemption. During the last two years the follow- ing sums have been made available

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