£20m PROGRESS LOAN
£6,647,500 Now Subscribed (New Zealand .Press Association) WELLINGTON, June 25 Those persons with National Savings deposits falling due and being withdrawn at the end of this month could well take advantage of the opportunity to reinvest them in the Government loan, said the Minister of Finance (Mr J. T. Watts) today. Subscriptions up to noon today totalled £6.647,500 from 2643 applicants. This was not a big total, he said, and it could be helped substantially by the inr vestment of National Savings which may be withdrawn for other reasons. Mr Watts explained that the maturity date for National Savings is June 30, and depositors desiring to withdraw could instruct the Post Office to invest in the loan for them by filling in the requisite forms. Money so invested would immediately bear interest at the rate of 43 per cent, or 4| per cent., according to the investor’s choice of stock. These terms on today’s market were attractive.
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Bibliographic details
Press, Volume XCV, Issue 28313, 26 June 1957, Page 14
Word Count
160£20m PROGRESS LOAN Press, Volume XCV, Issue 28313, 26 June 1957, Page 14
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