NEW ZEALAND GOVERNMENT

Taihape Daily Times, Volume 7, Issue 319, 23 October 1915, Page 7

NEW ZEALAND GOVERNMENT

£4 10/- PER CENT. DEBENTURES

I Issuo of H per cent. Bearer Debentures, under the authority of the Fi- ! nance Act, 1915, and pursuant to the New Zealand Loans Act, 1908, as amended by the New Zealand Loans Amendment Act, 1915, to provide moneys for local expenditure DURING THE WAE. PRICE OF ISSUE FIXED AT £IOO PER CENT. THE Government of I'cw Zealand desires to place before the publie of the Dominion this prospectus, showing the terms and conditions under which moneys may be invested on the security of the Public Revenues of New Zealand, to provide the funds necessary for local purposes during the present war. In view of the financial strain at present imposed on the Imperial Treasury in providing moneys for carrying on the war, the Government of this country confidently ask all New Zealanders who can afford to do so to assist the Empire by investing freely in these Debentures, and thus in a measure reIfieve the Mother Country of the burden of having to provide the capital re- [ quired for local purposes in New Zea- | land. Forms cf application may be obtained from any Postal Money-order Office, or from the Treasury. Applications may be lodged at any Postal Money-order Office, at the Treasury, Wellington, or at any Bank or registered Sharebroker 'e office in the Dominion. Applications may be made for £5 or any multiple of £5, and for a current of 5, 10, 15, 20, or 25 years, at the option of the subscriber. Subscribers who apply at a Postal Money-order Office may lodge amounts by cheques or in cash. If cheques are forwarded exchange must be added where payable. In cases where application is posted direct to Wellington the lodgments must be first paid in to the "Public Account" at any branch of the Bank of New Zealand, and the bank receirmust in such case be forwarded to Wellington with the application. Applications for sums not exceeding £5,000 must be accompanied by the to- ! tal subscription or Bank reecipt for the amount, and applications for sums in excess of £5,000 must be accompanied by a deposit of 10 per cent., balance payable on allotment. Allotments will be made by the Controller and Auditor-1 General. I

In the case of default of payment of the balance the deposit previously paid will be liable to forfeiture. If no allotment is made the deposit will be returned.

Interim receipts will be issued on lodgment, and will be subsequently exchanged for Debentures.

The Debentures will be issued with interest coupons attached.

Interest Will be payable half-yearly on presentation of coupons at a Postal Money-ordor Office, or at the Bank of New Zealand, or at the Treasury. Interest will be computed from the 15th October, 1915, and will be free, of income-tax.

An annual Sinking Fund is established to provide for the redemption of the Debentures. The Debentures will be issued in denominations of £5, £25, £SO, £IOO, £SOO, £I,OOO, or in such higher denomi-

nations as may be agreed upon with the Treasury, and will be made payable to bearer. Debentures will be repayable at par at the Treasury, Wellington, or at any office of the Bank of New Zealand in the Dominion on their due date.

Banks and registered Sharebrokers will be allowed a commission of 5/pcr £IOO on allotments made in respect of applications received from them direct, and which bear their stamp,, and are forwarded to the Treasury or to the Post-offices under cover ■ of the form provided. Covering forms are obtainable from the Post-offices. Commissions will be paid after allotment, and will not be allowed on conversions or on transfer of moneys now on deosit with the Post-office Savings-bank. The Debentures are Government So- j

eurities in which Trustees are authorized to invest Trust Funds. Applications will close at the Treasury on Cth November, 1915, but the Government reserves the right to close at a prior date or to extend the period at its option. In case of over-subscription, the Government reserves the right to decline any application, in whole or in part, as it may determine. Interest will not be paid in respect of any amounts forwarded with applications which are declined. Conversions. Holders of Government Debentures issued under the New Zealand Loans Act and maturing on or before Ist December, 1916, will have the option of converting into 4J per cent. 1915 Debentures at par if application is made to the Treasury on or before the 30th November, 1915. The interest under the new debenture will take effect after the coupon for the then current half-year under the old debenture has been paid. Post-office Savings-bank Depots. Persons who now have deposited in the Post-office Savings-bank may purchase 4J per cent. Debentures by means of transfer. They must apply on or before the 6th November, 1915, to the Postmaster in charge at any Postal Money-order Office within the district in which their account is open in order that the requisite transfer may be made. Interest at 4$ per cent, under the new debentures will date from the 15th October, 1915. The forms of application and transfer may be obtained at the Post-offie«s.