3 2

for the redemption of Commonwealth
debt : —

1926-27. 1927-28
o a

Direct from Revenue
to British Government
 bos oy
From Sinking Fund,
Funds provided as
foliows :—
Contributions
from Revenue
Half-profits of
Commonwealth
Bank ... -
Reparation
moneys wh
Interest on investments
  ... 89.754 54,246
Total provided directly
 and indi
rectly from Re:
vente sources—
War Service
Home Repayments
 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 Commonwealth
 Railways, War Service Homes,
and other services almost wholly represented
 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 indirectly
 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 revenues
 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.