BANK NOTICE

Hokitika Guardian, 11 January 1923, Page 2

BANK NOTICE

PF.GAI TENDER TILL 1921

in miiaiii. era rai:'-*- m?“ 0( i.» . “■ *

WELLINGTON. I unary 10

Referring to a proclamation, gazetted on December 2!>t„ 1022. de laiing the notes of certain Ranks to !>• lend tender until January 10. P*2n. the Alia-istc-r of Einanee states: "’lbis is leevrIv ici'lnwing "i i the p'-ovbions of Section 00 of the k inance Act, I'-'l < • "be-"' in ii is enaefed tl' I notes sln-1! be legal tender to the day iixecl by the Governor-in-Cciuiicil. such date not to be eailier than tivt‘ year- after the termination of the' war. Ihe official elite of the termination el the war was fixed, by proclamation gazetted February 23. 1920. as January 10. 1020. The |;..j ; uroelamaiion declaring notes to be legal tender was gazetted on December ■!. 1017- and covered a |>oriod of five years, which expired' on December 31. 1022. A proclamation extending the 1 cried to the 10th. January 1020. was therefore necessary' to carry out the direction of Parliament as enacted m I’ll 7. This legislation was the outcome of an arrangement made with the associate'll hanks in New Zealand in that year when a £12.000.000 war loan ■ as nlstce<! on the' market, whereby, in consideration of the Banks’ unilorwntiier at least C 0.000,000 of tin- loan, the Government agreed to introduce legislation to further increase the limit issue of bank notes to the extent of the advances made to their clients for investment in the war loan, and enable bank notes on the basis of the extended issue, to be made legal tender for a period of five years after the conclusion of tTie war.