INTERNAL LOAN

Wairarapa Times-Age, 15 May 1939, Page 6

INTERNAL LOAN

SUM OF £4,500,000 TO BE RAISED Prime Minister Announces Terms ALTERNATIVES OFFERED TO INVESTORS (Bv Telegraph—Press Association.) WELLINGTON, This Day. The. Prime Minister, Mr Savage, announced today the Government’s intention to raise a public internal loan ot £4.500,000, for nublic works and other developmental purposes, including capital expenditure on defence works. Investors will be offered two alternate forms of investment (1) Four per cent stock, maturing May 31, 1958, with the right reserved to the Minister of Finance to redeem the stock at pai’ at any time after May 31, 1954, on giving three months’ notice. The issue price of this stock will be £96 per eent. If the market selling price, excluding accrued interest, falls below the issue price of this 1954-58 stock sums will be made available annually as required up to a total of 5 per cent of the amount of such stock outstanding at the end of the previous financial year for the purchase for cancellation of such stock on offer below that price. (2) Four per cent stock, maturing November 30, 1948, the price of the issue being £99 per cent. Any such stock which has been in the beneficial ownership of a holder for a period of at least six months prior to his death will be accepted at par at any time before maturity in payment of death duties in respect to that person’s estate.