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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