STATE ADVANCES LOAN.

New Zealand Herald, Volume LXII, Issue 19142, 7 October 1925, Page 10

STATE ADVANCES LOAN.

— — LOCAL ISSUE AT 5* PER CENT. CURRENCY OF TEN YEARS. INTEREST SUBJECT TO TAXATION LISTS TO BE OPENED TO-MORROW [BY TELEGRAPH-. —OWN CORRESPONDENT. ] WELLINGTON" Tuesday. An announcement was ms-de today -by the Minister for Finance, Hon. W. Nosworthy, that the arrangements for the issue of stock or debentures at par with interest at 5i per cent, and a currency of ten years, had been practically completed and applications will be accepted at banks, post officii savings bar.fcs, Treasury offices and through registered brokers on and from ne:ct i'hursday. Tlii-s issue will take the place of the present sale of 5£ per cent, inscribed stock and the new offer will operate on sijnilar lines until receipt of the amount required for the purposes of the State Advances Office, as recently outlined by tho Minister in the House of Representatives. Of the amount to be borrowed, a sura not exceeding £500,000 of stock will on application he acceptable for death duties purposes at the same rates. The issue is not free of income tax. Interest will be payable on February 1 and August 1, interest to commence from the dates of lodgment, , The investment is authorised by thg Trustees Act, 3908, and trustees may invest. Mr. Nosworthy said he fully anticipated that the New Zealand public would respond to the Government's offer and by investing in this issue, assist in providing finance for the important object of furthering and increasing oar prim iry industries through the State Ad; ances Office, thus enabling small farmers and producers to carry on successfully the work so essential to the well and prosperity of the Dominion. The money will abo be available for housing purposes. In a statement in the House of Representative,? on September 11, Mr. Nosworthy said he estimated that the State Advances Office would require four or five millions, in addition to other resources, to enable it to dispose of all applications by the end of the financial year.