MORTGAGE CORPORATION.

Auckland Star, Volume LXVI, Issue 201, 26 August 1935, Page 4

MORTGAGE CORPORATION.

ISSUE OF DEBENTURES. INTEREST 3% PER CENT. The prospectus of the Mortgage Corporation of New Zealand inviting the public to subscribe for £500,000 eeries A debentures and/or stock at par has now been issued. Investors have the opportunity of applying to the Corporation for debentures and/or stock yielding an annual interest return of 3% per cent, payable free of exchange at half-yearly dates at any branch of the Bank of New Zealand in New Zealand or at the head ofiice of the corporation in Wellington. The debentures, with interest coupons attached, are in denominations of £20, £40, £100, £500 or £1000, while stock will be issued for any amount of £40 or more in multiples of £20. The prospectus and application forms are obtainable from any branch of any bank, postal money order office or member of any Stock Exchange, or head office or branches at Auckland and Christehurch of the Mortgage Corporation. The list of applications will close on or before September 10, 1935. It may reasonably be expected, said Sir William Hunt, chairman of the board of management, that the security and easy negotiability of Mortgage Corporation debentures and/or stock will popularise this form of investment on the Stock Exchanges throughout the Dominion and raise a steady demand from buyers who appreciate the obvious advantages to holders. In this new issue of debentures and stock the public throughout New Zealand is being given the opportunity to invest funds in an established concern which will promote a new era of mortgage finance in the Dominion by linking long term mortgages to easily negotiable securities. One very great advantage is that the debentures and stock will give to the holders a floating charge over a large number of mortgages instead of the security of one mortgage only, supported furthermore by the share capital and a substantial general reserve fund.