MATURING BOMBER BONDS

Bay of Plenty Beacon, Volume 11, Issue 9, 24 March 1947, Page 3

MATURING BOMBER BONDS

LARGE SUM DUE AT END OF ' MONTH

In an interview today Mr T. N. Smallwood, Chairman of the N.Z. National Savings Committee, revealed that the National Savings .Bonds sold during the special “Bonds for Bombers” Campaign in 1942 commence maturing on the 23rd of March and during the following three weeks nearly £3,000,000 worth of Bonds fall due for payment. “Special facilities for dealing with the Bonds will be available at Post Offices and Trustee Savings Banks. •Suitable notices, which will be displayed in all these offices will advise investors of the counters at which the ‘Bomber Bond’ transactions are being' recorded, and will also indicate suitable investment avenues which are available in case Bond holders do not require the cash at the present.” “These investment avenues available,” continued Mr Smallwood, “are firstly National Savings Investment Accounts where the money will earn 3 per cent, interest and

again become due fqr repayment on the 30th June 1949. All that is necessary is to pay the Bonds into a National Savings Account in the ordinary way. There is a limit of £IOOO for each year ended 30th June on the amount which may be deposited in National Savings Accounts, but as an internative there is the 3 per cent. Government -Stock issue. A further option is to place the money in new issues of National Savings Bonds.'‘Although the reduction of 6d in the £1 National Security Tax does not take effect until the 20th April, all Bonds issued in replacement of Bomber Bonds will carry in their maturity "values the benefit of the tax reduction. If, however, the money is required for some purpose at an early date, it can of course be placed at a lesser rate of interest in an ordinary Savings Bank Account. All these transactions will be carried through at the one counter.

When the ‘Bonds for Bombers’ Campaign was inaugurated our backs were against the wall and the dark shadow of Japanese aggression lay heavy over New Zealand. The Campaign was an unqualified success, morale as well as cash reaching a high level. However, peace time has brought its dangers—that of inflation being paramount, and I think we are all conscious of its presence.

“If Bond holders do not urgently require the proceeds of their Bonds for some special worth while puipose, concluded IVIr Smallwood, “the N.Z. National Savings Committee appeals to them to make another good investment and thus help to curb the threat of inflation until such time as the supply of goods and commodities more nearly matches our purchasing power.”