31 Mar. 1925 (continued).
1,083,6031. was applied to the purchase and cancellation of
1,087,000l. 4 per cent. War Loan 1929-42 on account of
the Depreciation Fund.
Exchequer Bonds and National War Bonds matured for payment
in the year as under :-
Nominal Amount.
5 per cent. Exchequer Bonds, 1924 (Re-
paid at par) (including 12,000,000l. paid
off by the National Debt Commissioners
with part of the New Sinking Fund
(1923)
5 per cent. National War Bonds, 1924
(Series I) (repaid at 103 per cent.)
[The Exchequer Bonds were not all presented for payment by
31st March, 1925, and consequently 306,6661. 18s. 6d. of the
principal was not actually issued from Exchequer until 1925-6.]
Issues for cash in the year were made as under :
3 per cent. Conversion Loan..
Treasury Bonds ..
National Savings Certificates (net)
Exchequer Bonds
The sum of 50,000,000l. was issued from the Consolidated 13 & 14 Geo. V
Fund during the year on account of the New Sinking Fund
(1923).
4,953,5661. 3s. 4d. was applied to payments under the Funding
Agreement on account of the principal of U.S.A. Govern-
ment Loans.
The application by the National Debt Commissioners of Sinking
Fund moneys during the year was as follows:-
1,084,8401. 5s. Od. was applied as to 1,069,2931. to the extinction
of an equal nominal amount of the capital liability of the
State in respect of Annuities for Life and Terms of Years,
and as to the balance of 15,5471. 5s. Od. to the purchase
and cancellation of 15,498. 16s. 3d. 5 per cent. War Stock
1929-47.
10 Geo, IV. c. 24, 3 Wm. IV. c. 14; 16 & 17 Vic. c. 45, &c.
62-3 Vict. c. 9
47-8 Vict. c. 23 s. 3
2,598,518/. 3s. 10d. was applied under Section 2 of the War Loan 9 & 10 Geo. V. c. 37 Act, 1919, to the cancellation of 2,964,455/. 6s. 7d. 4 per
31 Mar., 1926 (continued).
2,186,700l. was applied under Section 2 of the War Loan Act, 9 & 10 Geo. V. c. 37
1919, as at 1st September, 1925, to the repayment of an
equal nominal amount of 4 per cent. Victory Bonds
drawn for redemption on that date, and 20,5917. 9s. 2d.,
the interest earned by temporary investment, to the
cancellation of 20,2621. 3s. 11d. 5 per cent. War Stock
1929-47.
14,386,1127. 11s. 2d. was applied under Section 45 of the Finance 11 & 12 Geo, V. c.32 Act, 1921, to the purchase and cancellation of 18,915,5141.
4s. 11d..3 per cent Conversion Stock.
Under Section 3 of the War Loan Act, 1919, 9,154,6251. 4 per 9 & 10 Geo. V. c. 37.
cent. Victory Bonds surrendered for Death Duties were
acquired by the National Debt Commissioners. The
balances of such securities so acquired held by the Com-
missioners at the close of the year, amounting to 1,538,7301.
6s. 7d. 4 per cent. Funding Loan and 55,732,7201. 4 per
cent. Victory Bonds, constituted an asset proper to be set
off against the gross capital liabilities of the State.
177,6401. 2s. Od. was paid to the Commissioners of Inland
Revenue in respect of 80,0241. 12s. 6d. 4 per cent. War
Loan, 1929-42, and 88,4521. National War Bonds
surrendered for Death Duties under the provisions of the
Finance Act 1917, and cancelled and for certain securities
transferred in the previous year.
8,100,7371. 10s. was applied in purchase and cancellation of 7 & 8 Geo. V. c. 31. 8,113,000l. 4 per cent. War Stock, 1929-42, on account of
8,719,7371. 5s. 5d. was applied by the National Debt Commis- 13 & 14 Geo. V., c.14.
sioners to the purchase and cancellation of 221,964l. 5s. 5d.
5 per cent. War Stock, 1929-47, 5,701,8007. 5 per cent.
National War Bonds, 1927, 500,000l. 5 per cent. Treasury
Bonds, 1927, and 2,000,000. Treasury Bills.
Treasury Bonds and National War Bonds matured for payment
in the year as under :-
Holders of 4 per cent. Treasury Bonds, 1934, exercised their
option of claiming repayment on 1st February, 1927, to
the extent of 5,109,6427. 11s. 4d.
The sum of 60,000,000l. was duly issued from the Consolidated 13 & 14 Geo. V.
Fund during the year on account of the New Sinking Fund
(1923) as under :-
For Redemption of External Debt.
The extent to which the sums issued under the respective
headings (a) to (i) were actually applied within the year to
the purchasing, redeeming or paying-off of Debt, is indicated
in the succeeding notes.
(a) The Sum of 5,140,906. 1s. 10d. was wholly applied during
the year to payments under the Funding Agreement on
account of the principal of U.S.A. Government Loans.
(b) The Sum of 1,043,4971. 5s. Od. was applied during the year
as to 1,027,9501. to the extinction of an equal nominal
amount of the capital liability of the State in respect of
Annuities for Life and Terms of Years, and as to the
balance of 15,5471. 5s. Od. (which was issued in respect of
the Sinking Fund Annuity created in 1884) to the purchase
and cancellation of 15,5561. 19s. 6d. 5 per cent. War Stock
1929 47.
10 Geo. IV. c. 24, 3 Wm. IV. c. 14; 16 & 17 Vict. c. 45, &c.
62-3 Vict. c. 9
47-8 Vict. c. 23 s 3.
(c) The Sum of 2,762,1961. Os. 10d. issued to the National Debt 9 & 10 Geo. V. c. 37.
Commissioners in the year under Section 2 of the War Loan
Act, 1919, in respect of the Sinking Fund for the redemption
of the 4 per cent. Funding Loan 1960-90 made, with the
balance of 229,3687. 18s. 11d. unapplied at 31 March, 1926, a
total sum available of 2,991,5647. 19s. 9d. Of this sum
2,681,5411. 15s. 2d. was applied during the year to the
cancellation of 3,116,8411. 2s. 8d. 4 per cent. Funding
Stock, a balance of 310,0231. 4s. 7d. remaining unapplied
at 31 March, 1927.
31 Mar. 1927 (continued).
(d) The sum of 2,320,0591. 4s. 6d. issued to the National Debt 9 & 10 Geo. V. c. 37
Commissioners in the year under Section 2 of the War Loan
Act 1919, in respect of two half-yearly instalments of the
Sinking Fund for the redemption of 4 per cent. Victory
Bonds made, with the balance of 1,138,1087. 19s. 3d. un-
applied at 31 March, 1926, and 22,514l. 10s. 7d. received as
interest, a total sum available of 3,480,6821. 14s. 4d. Of
this sum 2,274,4001. was applied as at 1st September, 1926,
to the repayment of an equal nominal amount of 4 per
cent. Victory Bonds drawn for redemption on that date,
and 22,5147. 10s. 7d., the interest earned by temporary
investment, to the cancellation of 22,2091. 3s. 1d. 5 per cent.
War Stock 1929-47, a balance of 1,183,7681. 3s. 9d.
remaining unapplied on 31 March, 1927.
(e) The sum of 15,099,2771. 13s. 10d. issued to the National Debt 11 & 12 Geo. V. c. 32
Commissioners in the year under Section 45 of the Finance
Act 1921, in respect of the Sinking Fund for the redemption
of the 3 per cent. Conversion Loan, was wholly applied
within the year to the purchase and cancellation of
20,071,2927. 18s. 2d. 34 per cent. Conversion Stock.
11,521,7201. 4 per cent. Victory Bonds surrendered in the year 9 & 10 Geo. V. c. 37
for Death Duties were acquired by the National Debt Com-
missioners, a sum of 8,405,000l. having been issued during
the year from the Consolidated Fund under Section 3 of
the War Loan Act, 1919, to provide that part of the payments
falling to be made to the Commissioners of Inland
Revenue in respect of the securities acquired which
could not be met out of the receipts on account of interest
and repayment of principal in respect of 4 per cent.
Funding Loan and 4 per cent. Victory Bonds so surrendered
and held by the National Debt Commissioners. The
balances of such securities so acquired held by the Commis-
sioners at the close of the year, amounting to 1,526,3301.
6s. 7d. 4 per cent. Funding Loan and 66,801,5751. 4 per
cent. Victory Bonds, constituted an asset proper to be set
off against the gross capital liabilities of the State.
(g) The sum of 190,963l. 17s. 6d. was issued in the year for
payment to the Commissioners of Inland Revenue in
respect of 2,9391. 5 per cent. War Loan 1929-47, 17,4147.
4 per cent. War Loan 1929-42, and 167,258. National
War Bonds surrendered for Death Duties under the
provisions of the Finance Act 1917, and cancelled and
for certain securities transferred in the previous year.
(h) The sum of 2,720,344. 12s. 3d. was issued to the National
Debt Commissioners in the year on account of the Deprecia-
tion Fund under Section 32 of the Finance Act, 1917,
making, with the balance of 8,919,3771. 5s. 5d. in hand on 7 & 8. Geo. V. c. 31.
31 March 1926, and 144,6491. 6s. 3d. received for interest,
a total sum available of 11,784,3711. 3s. 11d. Of this sum
2,720,0171. was applied in purchase and cancellation of
2,723,9001. 4 per cent. War Stock, 1929-42, leaving
9,064,3541. 3s. 11d. in hand on 31 March 1927.
(i) The balance of 22,317,7551. 4s. 3d. was issued to the National
Debt Commissioners and together with 1,498,0451. 13s. 4d.
the unapplied balance at 31 March 1926 made a total
sum available for general debt reduction of 23,815,8001.
17s. 7d. which was applied by them in the year to the
purchase and cancellation of stock, etc., as shown below.
1,472,778 8 8 5 per cent. National War
Bonds, 1927 (Series I) .. 1,378,500 0 0
Treasury Bonds matured for payment in the year as under :
Holders of 4 per cent. Treasury Bonds, 1934, exercised their
option of claiming earlier repayment to the extent of
3,403,035. 10s. 6d. and Bonds to that amount will therefore
fall due on 1st February 1928.
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