GOVERNMENT SECURITIES

Grey River Argus, 13 October 1922, Page 3

GOVERNMENT SECURITIES

PROPOSED CONVERSATIONS. The Finance Committee report cd to the City Council at Christcnurch that a circular had been received from the Minister of Finance stating that holders of 44 per cent, free of income tax inscribed stock or debentures might, up to January Ist next, convert such securities into inscribed stock to mature on September Ist, 1941, bearing interest at a rate of 5} per cent per annum, not free of income tax. The Minister reserved the right to redeem at par on any half-yearly interest date falling on or after September 1, 1927, the whole or any portion of th-. 51 per cent, securities so issued on giving three months’ notice in the New Zealand Gazette. The Council had £5500 invested in those securities (£4OOO Bromley Cemetery account ami £l5OO accident fund account), but the committee did not recommend the Council to do anything in the matter. The Council adopted the recommendation.