PUBLIC WORKS LOAN.

Taihape Daily Times, Volume XI, Issue 3503, 4 June 1920, Page 5

PUBLIC WORKS LOAN.

' WELLIi\'G’l“()N', June 3. The Government is making arrangements to give in.vestors an opportuni.t_y of taking up ;.\'ew Zealnnd debentures at 5 per cent, at par for 3 term of ten years. f This llllll0'Llll(‘.L'lll(‘fllt was made by the Prime Ministtw to~da.y_ The loan will take the form either of lnscriberl stock or bearer bonds at the option of the subscriber. Nominally this is a loan of £2,000,000, and the money is required for public works only. The ‘loan is also intended for the purpose of encoumging national thrift_and of cnc.oul'aging New Zealand people to use their funds for the development of their own country. “This sum of £2,000,000 is not all that. we shall require during the pres~ out year, as it ‘is practically certain that._ another loan of a. cnosiderably‘ larger atnount will be placed locally in five or six months’ time,” said Mr. 1\:I.-assey. “It ._may be noted that the interest is.at the rate of 5 per cent. Whereas the rate on all War loans was 43; per cent. But, on the other hand, the interest on this loan is not free of income tax. The security is undeniable, and I hope that a considerable amount will be subscribed. Applications for amounts from £SO upw:lr<_ls will be accepted by the banks, and registered sharebrokers are to be allowed a commission at. the rate ;of 5/- per £IOO. _