Creation of Colonial Consols.

Opunake Times, Volume I, Issue 8, 27 July 1894, Page 3

Creation of Colonial Consols.

(Financial Statement.) It bas been felt for years, ,aucl is farther proved by oar periodical bank returns, that if further conveniences, beyond those provided by the Post Office Savings Bank, were afforded to people for the investment of their savings under guarantee of the State, a large number would bo only too glad to avail themselves of the opportunity. With this object in view the

Government have determined to create colonial consols, and a Bill will be introduced, for the consideration of the House, embodying what the Government believe and hope will contain only simple - machinery to enable the thrift of the people to be safely secured, and at the same time to provide facilities for the realisation of the investments when occasion requires it. We propose to take authority to inscribe consols to the amount of a million sterling. The savings will be received and inscribed at par on any sura from £5 upwards. We have decided that a rate of interest not exceeding 4 per cent, payable half-yearly, will give a sufficient inducement to the public to largely avail themselves of this form of security. In order to make the scheme thoroughly popular, we shall utilise the money order offices of the General Post Office throughout the colony, so that moneys can be received at these offices and the halfyearly interest thereon likewise paid a i any office the dgsirej. As a furthur facility to those of the public who may wish to invest their savings, means will be devised whereby they will be able to have their moneys transferred, should they desire it, to a negotiable interest-bearing document; these would always command at least par value in the open market.