SALES OF STOCK, ETC.
QUESTION OF APPORTIONMENT. . l_ - ACCOUNTANTS TAKING ACTION. Prior to 1933, it was the practice of stockbrokers throughout New Zealand, when dealing with Government stock and similar securities, to regard interest thereon as accruing from day to day, and upon a sale to apportion interest as between buyer and seller. This practice was discontinued last year, following upon the reduce tion of interest rates by emergency legislation. The Council of the New Zealand Society of Accountants is of opinion that a reinstatement of a satisfactory system of apportionment on the sale of fixed-interest stocks and debentures is desirable from various viewpoints. It is stated that the Scottish system has worked equitably for centuries. Accordingly, the society has decided to approach the New Zealand Law Society to ascertain whether the Scottish system would be practicable in New Zealand.
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https://paperspast.natlib.govt.nz/newspapers/NA19341012.2.8
Bibliographic details
Northern Advocate, 12 October 1934, Page 2
Word Count
140SALES OF STOCK, ETC. Northern Advocate, 12 October 1934, Page 2
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