NATIONAL SAVINGS

Southland Times, Issue 25546, 14 December 1944, Page 2

NATIONAL SAVINGS

Courses Open To Investors (P.A.) WELLINGTON, December 13. An explanation of the various clauses in the Finance Bill was given by the Minister of Finance, Mr Nash, in moving the second reading in the House of Representatives today. Discussing the provision which gives better facilities to national savings investors when their deposits mature (the first series mature on June 30, 1945), Mr .Nash said investors on maturity of their investments would have the following courses open to them: —

(1) To withdraw their money on the due date or within three months thereof and receive interest at savings bank rates.

(2) To reinvest within three months for a two-year period, thus securing a fixed rate of interest for that period. (3) To transfer within three months to an ordinary savings bank account. (4) To take no action, in which case the investment would continue as at present for a further 12 months, thus securing the higher rate for one year only. Mr Nash said the abolition of the poll tax on Chinese immigrants and other modifications were designed to remove a blot on our immigration laws by putting Chinese immigrants on the same basis as other non-British immigrants. For some years the poll tax had not been collected, although authority to do so existed. There would still be a thorough check on Chinese immigrants because, like all other non-British subjects, they could enter New Zealand only with individual Customs permits.