latest figures show.

And recession-hit companies owe more than $4.7 million in hospital levy and employment tax.

Last night National Liberal Party leader Mr. Gilbert Darrell voiced alarm at the size of the debts.

"I am shocked at the amount. We are going to have to do something about it.'' Shadow Finance Minister Mr. Eugene Cox also expressed concern.

But Finance Minister the Hon. David Saul said there was nothing surprising about the figures.

And he stressed most of the debts were recoverable, and some were being repaid in instalments.

The latest statistics were revealed to the House of Assembly on Friday following questions by Mr. Darrell.

As of March 31 this year, the social insurance debt was $17,453,758.

Between 1989 and 1992 the amount had shot up from $4,653,533 to $15,649,527.

The combined debt for the two taxes -- hospital levy and employment tax -- is $4,778,275.

Hospital levy debts have soared from $716,169 in 1989 to $2,053,930 in 1992.

Dr. Saul revealed there were 4,497 employers with outstanding balances for social insurance contributions.

Some 998 businesses owed money for hospital levy and employment tax.

Mr. Darrell last night said he was concerned at the outstanding balances.

It demonstrated the effect of the recession on businesses, and Government needed to act.

"I know of cases where employees have found employers have not been making their contributions.'' Mr. Darrell said the issue had been raised at Liberal party meetings.

"Government should act, and make sure employers pay. The amount owed has been accumulating over the years.

"It shows how the economy is getting people behind with their payments.'' Last night Mr. Cox, chairman of the Public Accounts Committee, said the debt problem was nothing new.

Government had been under pressure for a long time to do something.

Mr. Cox, however, said he was reluctant to speak because his committee would be producing a report, which was likely to touch on the issue.

This would be based on a report by the Auditor for 1989, 1990 and 1991.

"I don't want to say anything which may preempt my committee's report,'' he said.

Mr. Cox repeated Progressive Labour Party calls for Government to waive hospital levy on small businesses for one year.

"This would be a really meaningful way to help them,'' he added.

Dr. Saul stressed the hospital levy and employment tax debts had built up during a recession lasting two and a half years.

It was normal for firms to be sent a reminder, and then for the Accountant General's debt collection office to be notified.

"Most businesses agree to pay on instalments,'' said Dr. Saul.

Dr. Saul said occasionally a court writ was served -- this usually had the desired effect.

"The vast majority of the $4.7 million is outstanding because people haven't paid what is owing in full. Virtually all of it is, however, recoverable.'' Dr. Saul said problems with record keeping were behind the sudden increase in social insurance debts over the last few years.

"In short we weren't billing for the correct amount. People were only paying for what they had been billed.'' In 1989, Government introduced a computer system to get records up to date.

Businesses had agreed they were being billed incorrectly, and were now agreeable to pay the amount owed in full, said Dr. Saul.

He added: "We have just about overcome the hurdle, and the amounts owed are going down.'' Mr. Gilbert Darrell.