STOCK EXCHANGE LISTS

Evening Post, Volume CXV, Issue 69, 23 March 1933, Page 12

STOCK EXCHANGE LISTS

NEW ARRANGEMENT

The following arrangements in regard to the listing of Government stock were agreed to yesterday by the Treasury Department and the Stock Exchange Association after the closing of the period of conversion tomorrow: From March 25 to 31 inclusive: Assented holdings will be quoted under the existing maturity dates and old rates of interest, but will be marked "Cum conversion," e.g., "ii per cent. 1938 cum conversion," "0$ per cent. 1936 cum conversion," 'and the buyer will then know that a purchase on or before March 31 entitles him to receive interest payable to March 31, and any premium or fraction.

Dissented holdings will also be quoted under the existing maturity dates and old rates of interest, but with no qualification. > These quotations will hold good until maturity of the loan, so that the quotation "44 per cent, 1935" or "5J per cent. 1936" indicates that the interest is subject to a 33 1-3 per cent, penalty nntii maturity.

On and after April 1 assented holdings will be quoted' under existing maturity dates, and old rates of interest, but will be marked "assented," e.g., "ih per cent. 1938 assented," "5* per cent. 1936 assented," • until inscription has been notified to the holder, after which, when allocation dates are definitely known, this type of quotation will- cease, and the following new quotations will come in: 3$ per cent. 1938----4 3; 3* per cent., 1938-52; 3i per cent. 1939-43'; 3} per cent. 3939-52; 4 per cent. 1940; 4 per cent. 1946; 4 per cent. 1949; 4 per cent. 1955. Dissented holdings will be quoted as for the period March 25 to 31. : .

During the period March 25 to 31, inclusive, inscribed stock registers will be definitely closed, and the Treasury ■will not mark transfers for any sales. Oil and after April 1 the Treasury will mark against converted holdings only, giving new maturity dates on application should a sale be made before the holder receives the new inscription notice. For Auckland, Christchurch, and Dunedin markings will be effected in the usual way.

For a period to be further arranged the Treasury will aceppt from a seller one transfer covering more than one of the new maturity dates provided they are at the same rate of interest.' In the new 4 per cent, loans a seller therefore can transfer his four new holdings on the one transfer form, and similarly with the two new dates for the 3£ per eciit. loan.

Interest will be paid, less the present stamp duty tax at the old rates up to and including March 31 to the buyer on or before May 15.