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

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Be a5 3 [7 ¥ 0 a Sinking Fund Scheme. The main provisions of the sinking fund schemes are:— (a) A sinking fund of 7s. 6d. per cent. per annum for 58 years on the nett debt at 1st July, 1927; to this sinking fund the Common- wealth contributes 2s. 6d. per cent. and the States 5s. per cent. (b) A sinking fund of 10s. per cent. per annum for 53 years on all new debt raised after 1st July, 1927; to this sinking fund the Commonwealth to contribute 5s. per cent. and the States 5s. per cent. (¢) A contribution of 4% per cent. per annum on debt redeemed out of the above contributions (contributed by the States). Contributions commenced from Ist July, 1927, in the case of all States except New South Wales, which State commenced on lst July, 1928. . On the nett debt at 1st July, 1927 the annual contributions are: — ES] Payable by Commonwealth 802,000 Pavable by States ... 0 1,604,000 2.406.000 Control. The management of funds is in the hands of the Commonwealth National Debt Sinking Fund Commission. Sums Available for Redemption. The Financial Agreement was not ‘atified until August, 1928, but the sinking fund contributions were pay- ible as from 1st July, 1927. The amount available for redemp- tion of debt during the current year is £4,508,000, including a balance of approximately £1,900,000 on account of contributions for 1927-28. This sum will be applied in the following manner :— o London— Purchase and re- demption of State securities. Purchase of Com- monwealth se curities issued ox behalf of the States ... es 1.063.000 166,000 — 1.929.000 New York— Purchase of Com: monwealth se- curities issued on behalf of the States ... vee Aunstralia— Repurchases and redemptions on maturity wn Special payments under existing contracts gu 121.000 2.743.000 410.000 4.505.000 Application of Funds. Broadly speaking, funds are being applied in Australia, London and New York:— (a) in meeting obligations under existing contracts; (b) in repurchases on the market ; (¢) in redemptions on maturity. Redemption of Combined Overseas Debt The total funds that are being applied this year in redemption of overseas debts (Commonwealth and State combined) amount to approxi mately £3,700,000 — (Commonwealts £2,000.000. State £1.700.000). (4/29) (4492r—%) Wt. 250 5/29 H, St G.3

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