TAX-FREE DEBENTURES.
WORKING OF THE CONVERSION SCHEME. (From Our Parliamentary Reporter.) The Hon. J. A. Hanan (Invercargill) on Wednesday asked the Prime Minister whether the scheme for conversion of tax-free debentures into 5J per cent, inscribed stock was working successfully. His opinion was that large in-come-tax payers would not avail themselves of the scheme, though a small payer would. He was anxious to learn what class of taxpayer was actually converting. The Prime Minister replied that it was almost too soon to l sav what the effect of the scheme would be. He did not expect that many large income-tax payers would offer to convert, because at present their investment was too profitable; but not a day passed on which the Government did not have the opportunity of purchasing 4t per cent, free of income-tax stock. A change was undoubtedly taking place. He did not know that holders were particular! v anxious to part with their stock. It was fetching a good price now, however, in the open market, and many holders were willing to sell at current prices.
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Taranaki Daily News, 23 September 1922, Page 2
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179TAX-FREE DEBENTURES. Taranaki Daily News, 23 September 1922, Page 2
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