INSCRIBED STOCK.

Star (Christchurch), Issue 12084, 13 August 1917, Page 6

INSCRIBED STOCK.

THE NEW ZEALAND BILL,

[From 0m Cohrkspondent.! WELLINGTON. August 11

Tho Finance .Minister has given notice of the introduction of tho New Zealand Inscribed Stock Bill, and he is expected to issue the big loan prospectus early in the week. It was to come before Cabinet for final approval at the usual week-end meetAs indicated by Sir Joseph Ward in the House, the inscribed Stock Bill enables the .Minister of Finance to raise money, on loans which have been previously authorised, by the issue of inscribed stock. Another and most important provision reads as under:- "The Minister of Finance may, on application by the holder of any debentures or other securities that may heretofore havo been or that may hereafter be issued in respect of any moneys charged upon the public revenues of New Zealand, cancel such debentures or other securities, and issue in exchange therefor inscribed stock of an equal value under this Act, and may, on the application of any registered holder of any inscribed stock under this Act. issue debentures or other -securities of equal value in exchange, for such inscribed .stock. The conversion of debentures or other securities in exchange for inscribed stock shall be made only at such time or times in the year as the Minister may prescribe in that behali." Provision i,s made for the constitution of a. Register of Inscribed Stock, and the Bill goes on to say: " Any person who desires to lend to the Minister of Finance any money on the security of stock issued under this Act may apply accordingly to the Bcgistrar, and on payment of the price of such stock, as determined by the Minister, shall be entitled to have his name inscribed as the holder of such stock. Provided that, except in the case of stock issued in exchange for debentures or other securities, no stock shall be issued of a normal valuo of less than £IOO, but may be issued of a nominal value of that amount or of any higher amount being a multiple of £10."

The interest payable on inscribed stock will be computed " as from such date as the Minister may in his discretion determine." and for tho present stands at 4J per cent.