8.—6.

Table No. 21. EXTERNAL TRADE. Statement showing the Recorded Values of Imports and Exports of the Dominion in each Financial Year ended 31st March, 1924 to 1933.

COPY OF PROSPECTUS OF NEW ZEALAND CONVERSION LOAN, 1933, ISSUED IN TERMS OF THE NEW ZEALAND DEBT CONVERSION ACT, 1932-33. (This Prospectus shall be read subject to the New Zealand Loans Act, 1932.) 1. This offer of conversion is confined to holders of New Zealand Government securities issued on or before the 31st March, 1933, the interest or principal moneys in respect of which are payable within the Dominion, but does not extend to any existing securities bearing interest at 4 per cent, or less. 2. Conversion of existing securities bearing interest at rates in excess of 4 per cent, will take effect from the 31st March, 1933, up to which date interest at the rate specified in existing securities will be payable. On and after the Ist April, 1933, the interest rates payable on conversion will apply. 3. Conversion will involve a basic reduction of 20 per cent, in the annual interest payable on existing securities, and the fixation of nominal rates of interest on new securities as explained in this Prospectus. In certain cases where the nominal rates are less than present rates reduced by 20 per cent., adjustment of principal in the form of a premium on conversion will be made, but in no case will there be any reduction in the capital of investors and furthermore in no case, except free-of-income-tax securities, will the rate be reduced below 4 per cent. Applications for Conversion. 4. Application for conversion, in a form to be supplied by the Treasury, identifying the securities to which the application relates, may be lodged together with the relative securities at the Offices of the New Zealand Government Treasury at Auckland, Wellington, Christchurch, and Dunedin, or at any branch of any bank in the Dominion, or at any postal money-order office. A form of interim receipt for applications so lodged for conversion will be issued by the receiving officer, and such receipt shall be conclusive evidence of the fact that the conversion application has been duly made in terms of this Prospectus,. and shall constitute an acknowledgment of surrender of the securities or other documents specified therein for the purposes of conversion. Where the securities are lodged with a bank or person as security, the application may nevertheless be lodged and arrangement made through the bank or person for surrender of the relative securities. Directions will be accepted from any applicant for conversion for delivery of the new securities to the bank or person concerned. Existing Securities subject to Income-tax. Rates of Interest. 5. The rate of interest payable on the conversion of existing securities which are subject to incometax will be 4 per cent., which has been adopted as a basic rate ; but where this rate is less than the rate payable on existing securities with a reduction of 20 per cent., the difference will be adjusted by increasing the principal of the new securities so that the return to the holder with redemption of the premium will not up to the original maturity date be reduced below the present rats, less a reduction of 20 per cent. only.

XIX

Year ended 31st Maroh, Imports. Exports. l, xcess of Exoess of r JBjxports. Imports. £ £ £ £ 1924 .. .. .. .. 44,401,756 51,652,606 7,250,850 1925 .. .. .. .. 49,821,095 54,771,158 4,950,063 1926 .. .. .. .. 53,025,856 48,697,587 .. 4,328,269 1927 .. .. .. .. J 48,192,670 45,682,338 .. 2,510,332 1928 .. .. .. ,. 44,419,357 54,962,031 10,542,674 1929 .. 45,105,865 57,154,343 12,048,478 1930 .. .. .. .. 49,167.914 49,045,817 .. 122,097 1931 .. .. .. .. 38,300,807 39,527,784 1,226,977 1932 .. ,. .. ..I 23,165,522 34,496,211 11,330,689 1933 .. .. .. .. J 22,770,460 38,810,161 16,039,701 i 1 63,389,432 6,960,698 6,960,698 Totals .. .. 418,371,302 474,800,036 56,428,734 1