B—l6

Government, in terms of the Bank of New Zealand Act, 1945, of the shares not already held by the Government and which were recorded in the Register kept by the Bank of New Zealand in Wellington. In terms of the Bank of New Zealand Act, 1945, ordinary shareholders had the option of taking—(a) £2 ss. in cash for each ordinary share held by them. *(b) £2 6s. Bd. per share in tax-free non-transferable New Zealand Government 3 per cent, stock maturing 15th November, 1957. (c) £2 13s. 4d. per share in ordinary New Zealand Government 3 per cent, stock maturing 15th November, 1957-60. The holders of D long-term mortgage shares had the option of taking—(a) £1 10s. per share in cash. (b) £1 10s. per share in ordinary New Zealand Government 3 per cent, stock maturing 15th November, 1957-60. In addition to the provisions relating to repayment in cash or repayment by the taking-up of New Zealand Government stock, the Bank of New Zealand Act, 1945, provided for the payment of an additional dividend equal to two and six-tenths of a penny per share on the ordinary shares of the Bank and one and a halfpenny per share, less national and social security tax, on the D long-term mortgage shares. These dividends were in addition to the ordinary half-yearly dividend of 3 per cent, on the ordinary shares and 7f- per cent, per annum on the 1) long-term mortgage shares. The Bank undertook the payment of these additional dividends. < i EXCHANGE CONTROL The following table gives a classification of overseas exchange transactions for the years ended 31st March, 1943, to 1946, inclusive :

Summary of Transactions (£(N.Z.)000)

* The personal representatives of a deceased stockholder may obtain earlier redemption at a date fixed by them on giving not less than fourteen days' notice in writing of their intention to require repayment. ' In addition, this tax-free stock is convertible into ordinary 3 per cent, stock maturing 15th November, -1957-60, at par.

6

Year ended 31st March, 1943. 1944. 1945. 1946. Receipts In respect of— Exports 80,885 74,118 85,287 108,521 Interest, dividends, legacies, immigrants' funds, re4,339. 4,901 5,861 8,129 patriated capital, and private debts due in New Zealand Trade debts due in New Zealand, including overseas 3,687 3,216 4,205 5,388 earnings of New Zealand firms Commissions, royalties, and insurance 252 250 295 441 Donations and allowances 290 350 424 669 Travellers' expenses 493 194 272 713 Receipts on account of American authorities and personnel 5,057 16,440 5,818 1,724 Receipts by High Commissioner in London 599 4,081 28,559 16,212 Unclassified .. 395 294 156 95,997 103,844 130,877 141,797