STATE LOAN

Wairarapa Times-Age, 4 January 1941, Page 8

STATE LOAN

FOR NATIONAL DEVELOPMENT WORK TWO CLASSES OF STOCK TO BE ISSUED. DETAILS GIVEN EY FINANCE MINISTER. ; 'Ey Telegraph—Press Association.) rj WELLINGTON. This Day. q-f To provide capita! for national deyivelopment works comprising railway fi construction and improvement, hydro--3I electric development, land develop1 ment and afforestation, housing, roads L q highways, essentia! public buildmgs, and telephone and telegraph ex- - : tensions. ar<t for the later rehabilitae non of men returning from overseas j 3 per cent and 3j per cent stock is to be issued by the Government. j The 3 jx?r cent stock would be is- ‘ j sued al par and would be repayable in . 11945. and the per cent issue would I be at £97 5s per cent and would be J repayable in 1956-59. said the Minister tjof Finance. .Mr' Nash, in announcing ? the issue of the stock yesterday. There I is no closing date for the acceptance jof applications end the total amount j of stock to be issued has not been an- '[ nounced. •j ”1 would like to emphasise that the ; •xpenditure on national works is hecessary to support the war effort and to pave the way for the rehabilitation j phase which must follow the war.” ;l said Mr Nash. “When the war is over there will bf : thousands of men to be reabsorbed ; into our social and economic life. We I cannot wait till the need arises before I we take action. We owe it to the rei turning men. to ourselves, and to New , Zealand to make every effort now U ■ lay the foundations for post-war re , habilitation, The capital equipment

j must be there to offer the men of our forces a full opportunity to take their ■ proper place in civilian life when

peace comes. Similarly, if we can dcj velop the land now and provide such facilities as irrigation we shall have I paved the way.

ELECTRIC POWER & RAILWAYS. “More hydro-electric power is ur- ; gently required for our industries, both i primary and secondary, and about ; £2.000,000 of additional capital will be required this financial year for new works now under construction. Ex-j pansion of the railways now nearing j completion necessitates heavy e.xpcn- j diture on locomotives, cars, wagons. I goods sheds, and other railway im-j provements. Large sums are also required for land development and irri-! gation works which have close rela-1 lion to the immediate increase of pro-' duction and more particularly to re-1 habilitation aftd'r the war. "There is still an urgent need for! houses and construction must be car- 1 ried on as fast as practicable, not only) to meet the immediate pressing de-1 mauds, but also to ensure accommo-i dation being available on the return of our men overseas.

"Classes of work that are not so essential are being tapered oil fairly! rapidly as men are required for the; armed forces or other work of greater' national importance at this juncture, I and the additional capital required this financial year may fail short of the Budget estimate of £ 15,000.000." OFFERS TO INVESTORS. Applications, which must be aceom-; panted by a remittance for the full ‘ I issue price of the stock applied for, > will be received by the Reserve Bank ! of New Zealand. Wellington, at dis- i trie'. Treasury offices in Auckland. Christchurch, and Dunedin, at any branch of any bank, or at any postal' money-order office in New Zealand. 1 Copies of the ptospeclus and applica-i lion forms will be available at all these places and also from members of. any Stock Exchange in the Dornin-, ion. Two classes of stock are offered to! suit the varied needs of investors:-—| It per cent stock repayable on July 15, J!H>. price of i-.-:ue £lOO per cent. 3; per cent stuck repayable on January 15. l'Jatj-5'J, price of i-sty £97 ;>< per cent. In th<- case of the lathr slick the : i light is reserved f->r the Minister of , Fimmce to redeem it at any time between Jammry 15. liLhi. and the same’: i.i’-i- jn 195 ft o.t; giving three months’!: 'lotice | ' "The terms uCered should be at-. I .ruc’ive to inventors and it is w nil- ■ k-r.lly riitieii'i. ed that in the minimal!’ well ■m.hvii.hiyl in’erv-'s a readyi Hid him id response to the loan will; ir forthcoming, Mr N.. u ...: