INTERNAL LOAN

Greymouth Evening Star, 15 May 1939, Page 7

INTERNAL LOAN

£4,500,000 PROPOSAL

MR. SAVAGE’S ANNOUNCEMENT

[PER PRESS ASSOCIATION.]

WELLLINGTON, May 15.

Mr Savage announced, to-day, the Government’s intention to raise a public internal loan of £ 4,500,000, for. public works and other developmental purposes, including capital expenditure on defence works. Investors will be offered two alternative forms of investment: (1) Four per cent, stock, maturing on May 31, 1958, with the’ right reserved to the Minister of Finance to redeem at par at any time after May 31, 1954, on giving three months’ notice. The issue price of this stock will be £96 per cent. If the market .selling price, excluding accrued interest, falls below the issue price of this 1954-58 stock; sums will be made available annually as required, up to a total of 5 per cent, of the amount of such stbek outstading at the end of the previous financial year, for the purchase for 5 cancellation of such stock on offer below that price.

(2) Four per cent, stock, maturing on November 30, 1948, the price of issue being £99 per cent. Any such stock which has been in the beneficial ownership of a holder for a period of at least six months prior to death, will be accepted at par, at any time before maturity, in payment of death duties in respect to that person’s estate.