New Zealand Consols.

Oamaru Mail, Volume XIX, Issue 6049, 14 September 1894, Page 4

New Zealand Consols.

[by telegraph.] (from OtTR OW2» CORRESPONDENT.) WEllington, September 13. The New Zealand Consols Bill, introduced by the Colonial Treasurer, and read a first time to-day, has for its full title : "An Act to afford facilities for the investment of savings by the creation of New Zealand inscribed consols." It consists of 39 short clauses. It proposes to provide that the Colonial Treasurer may be authorised by Order-in-Cc>uncil "to receive, by way of deposit, from persons in the colony, such sum or sums as may be mentioned in such order, not exceeding in the whole one million pounds sterling, bearing interest at a rate not exceeding four per cent, per annum." Further clauses state that deposits may be made at any time, and in any amount, either at the Treasury Office, in Wellington, or at any money order office in the colony ; that interest shall be payable at the same places on Ist February and Ist August in each year; and that minors over 10 years of age may hold consols and have full Dower of dealing with them. Provision is made for keeping a register of consolholders for the insane, of consols certificates, and for transfer of consols. Deposits are repayable at a date to be fixed by the Colonial Treasurer, not being more than 40 years from the time they are made, and the Treasurer has also power to fix the rate of interest and places where the principal and interest are payable. There are no schedules showing forms to be used under the Act and fees chargeable ; but these are to be prescribed by Order-in-Council. Consols created under this Act may, by Order-in-Council, be declared convertible into stock issued under the Acts of 1877 and 18S4. This Act is to be administered by the Secretary of the Treasury under the title of the Registrar of Inscribed Consols. The Registrar may, with the consent of the Colonial Treasurer, accept Government securities in lieu of cash for consols. A very strict clause, designed to prevent the investment of trust moneys in consols, declares that no notice of any trust in respect of consols or certificates shall be registered, or shall be recognised by the Government