AUSTRALIAN STOCK
REMISSION BY WARRANT
As the result of representations to the Commonwealth Treasury the New Zealand Stock Exchange Association has received an undertaking that to meet requests the Commonwealth Registry of inscribed Stock may pay New Zealand stockholders by interest warrant if so desired. It has been the practice for the Commonwealth to pay interest on its loans to holders outside of Australia by bans draft in the currency of the country of the stockholder. By receipt of a bank draft New Zealand stockholders, therefore, have no alternative but to accept New Zealand currency. unless. of course, arrangements have been made, as has been done in many cases, for payment into an Australian banking account. „ . The reason for the desire of investors to have their interest paid by .warrant instead of by bank draft is to take advantage of the premium ruling in the outside market for Australian exchange. Although the banks are quoting an official rate of 10s per cent, to remit money from Australia to NewZealand, the rate in the unofficial market is as high as 10 to 12 per cent, premium in favour of Australian currency.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/EP19390814.2.152.14
Bibliographic details
Evening Post, Volume CXXVIII, Issue 38, 14 August 1939, Page 12
Word Count
190AUSTRALIAN STOCK Evening Post, Volume CXXVIII, Issue 38, 14 August 1939, Page 12
Using This Item
Stuff Ltd is the copyright owner for the Evening Post. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in