Owners Of £90,000 Of Stock Unknown

Press, Volume CIII, Issue 30453, 29 May 1964, Page 12

Owners Of £90,000 Of Stock Unknown

(New Zealand Press Association) WELLINGTON, May 28. The Reserve Bank has no list of the present holders of just over £90,000 worth of 3 per cent bearer stock issued in 1947.

Altogether 500 bearer stock certificates were issued to 111 subscribers in varying amounts from £5O and £5OO plus multiples of £5 to £95. Other certificates were for amounts of £lOO, £5OO and £lOOO each. The certificates were issued with interest coupons attached to make them readily negotiable bearer securities. They will mature on July 15, after which interest ceases and, unless they are presented for collection at a trading bank or the Reserve Bank,

the sums they represent will be posted to their holders. The Reserve Bank is seeking the present owners of the certificates to give them the choice of either being paid the face value of their scrip or of converting them in terms of the new £l5 million Government loan which opened on Monday. All the original purchasers have been advised of the current cash or conversion offer, but the bank has no means of knowing who may have bought the stock from them. The only other issue of similar stock still in existence falls due for repayment in July next year. It is for a total amount of £66,000 and was originally divided among 105 holders. The Reserve Bank ceased issuing bearer stock about 16 years ago. Nowadays all Government stock is issued as a registered security. This ensures that any change of ownership is noted in the Reserve Bonk records.