SAVINGS CERTIFICATES

Otago Daily Times, Issue 21531, 31 December 1931, Page 11

SAVINGS CERTIFICATES

SUCCESS IN BRITAIN PROMOTION OF THRIFT. (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, December 29. The Treasury announces that from January IS the holders of savings certificates issued prior to April I, 1922, first issue certificates at 15s (id, may convert the value of their certificates into one or more of the following securities:—National savings certificates conversion issue, 41 per cent.; conversion loan, 1940 to 1944, 4 per cent.; national savings bonds (series B). For the purpose of the conversion certificates of the first issue, which have not yet reached 10 years’ maturity, will be treated as worth the present encashment value, plus Is bonus due on each 15s Gd certificate at 10 years’ maturity. Thus a certificate bought on March 31, 1922, will be treated, if converted on January 31, 1032, as worth 25s lOd. The national savings movement has done a great work in promoting popular thrift. It has been so successful that the total number of savings certificates sold from the first issue in February, 191 G, to August this year was 1,048,575,000, with a cash value of £824,470,000. The amount remaining to the credit of investors in savings certificates on that date was about £500,000,000. It was on April 1, 1922, that the price of the certificates was raised by Gd to 16s, with the maturity value remaining at 20s, and it is to those issued before that date that the present announcement applies.