Borrowing Within the Colony.

Thames Star, Volume XIII, Issue 4263, 30 August 1882, Page 2

Borrowing Within the Colony.

[By Telegbaph]

* (FBOM QUB OWN CORRESPONDENT,)

* Wellington, This day; ; Atkinson's New Zealand Colonial Inscribed Stock Bill was circulated this morning. Clause 3to bear as follows:—' The Governor may by Order in Council authorise the Colonial Treasurer to raise in the Colony sums not exceeding £250,000 sterling. Each Order in Council shall direct the mode and time of raising the, money thereby authorised to be raised, and shall fix the date or dates when such loans shall be' repayable. No smaller ° amount than £5 shall be borrowed from

any one person, nor shall any money be borrowed at a price which shall yield r to the lender a higher rate of interest by the year than at the rate of £5 for every £100 * of stock. All moneys so borrowed shall be paid into the credit of the Public Works Fund for expenditure upon Public Wjoiks according to appropriation by Parliament. Any persons who shall lend any portion of the loan hereby authorised shall, in lieu of receiving a debenture and interest coupons in respect of the same, be entered in the prescribed form in the register as the owner of Inscribed Stock for the} amount which he shall so lend as aforesaid, interest payable on stock halfyearly—lst of November, and Ist of May, —at the rate of four pounds per centum. 7 per annum. Coupons are to be issued with certificates entitling to payment of interest; stock certificates may also be issued to bearer. Stock may be transferred on payment of fees. Clause 4J3 says that inscribed "stockj! for whichV a stock certificate to bearer is in force, shall be transferrable on delivery. , Any, persons over ten years of age may be*" come stock holders. The interest payable for which certificates have not been issued . shall be payable by the issue-,of ; warrants entitling stock-holders to the- payment of the interest. There is no clause in the Bill providing means for conversion into coin as stated in the Financial Statement: . '■ .;■■■>••■■. ■„.>.:. -iT'ir