NEW ZEALAND CONSOLS.

Timaru Herald, Volume LVII, Issue 6060, 20 September 1894, Page 4

NEW ZEALAND CONSOLS.

The New Zealand Consols Bill is entitled an Abt'to afford faoililiea for tbe investment" of savings by the-oroation of New Zealand Insoribed Consols. It provides that tbe Colonial Treasurer may receive from parsons m the colony, by way of deposit, Rums cot exoeediog m tbe whole £1,000,000 sterlioc bearing interest at 4 per cent The Treasurer shall fix the duration of deposits, wbioh shall not extend beyond 40 years, and may ba mads at any post or money order office m the colony. The depositor shall be registered at holder of inscribed consols to amount of his deposit, wbioh shall be paid into tbe publio acoount and form part of the consolidated fund. Every' person registered will be the holder of the consols, with tbe right to reoeive interest half yearly. Ibe Bf gistrar shall give any bolder a dopy of the register entry relating to snob holder's console whioh shall be prima facie evidence m all Courts of such entry. Notices of cruets will not be entered m the register, while a Judge may prohibit dealings with any console, and the Begistrar must obey the order. Consols certificates may be issued to,, depositors for not less than £5 or a multiple of £5 of the amount deposited, and th«s» deposits will be transferable on delivery): On delivery of certificate to the Begistrar, the bearer becomes registered sb the proprietor of the consols deoribed m suoh oertiflante. Provision is made for easy transfers of consols, and recognition of title of exeoutore, administrators, and assigns. Warrant* for aeorued interest will be issued through the post to persons entitled, and not be made transferable by

end rsomeut. Tbe Governor m Council may | from time to time declare all consul* or cetifl oates convertible into consols. All cot sols interest oharges, and expenses are to be a o'iargo an the Consolidated Fund without further authority or *ppropriaticn. The Begi6trar may, with the consont of tbe Treasurer, acoepb Goverament «tourities m lieu for c isa of oonsoli. '