8.—6.

Copy of Loan Prospectus for Over-counter Issue. 31-PER-CENT. STOCK AND BEARER DEBENTURES. With Currency to 15th November, 1941. Notice is hereby given that the sale of New Zealand Government Debentures and Stock is being resumed by way of " over counter " sales through the Post Office and branches of the Banks of issue—• the new securities to bear interest at 3§ per cent, and to be subject to the conditions specified in this circular. The moneys will be used to facilitate the capital works programme of the Government—e.g., Land Development and Settlement, Forestry, Public Works, and General Purposes —and, in pursuance of Government policy, only works of a reproductive character will be undertaken. A ready response on the part of investors will materially assist in providing continued employment for our citizens, in aiding the maintenance of stability, and generally in smoothing the way to a return of greater prosperity in the Dominion. The Government therefore with confidence issues this notification to all investors and emphasizes the point that the current issue will be reconsidered in keeping with the general trend of the internal money-market and may be withdrawn from sale at any time. The securities issued hereunder will be subject to the condition that the Minister of Finance shall, on giving three months' notice in the New Zealand Gazette, have the option of redemption at any time within three years prior to 15th November, 1941. Applications:— Applications, the amounts in respect of which will require to be lodged in full, will be received on and after the Ist July, 1933, and will not be accepted for less than £50 for Debentures and £50 for Stock. The debentures will be issued in denominations of £50, £100, £500, and £1,000, or such higher denominations as may be arranged, and will be payable to bearer. Stock will not be issued for any amount under £50, and any sum applied for in excess of £50 must be a multiple of £5. The attention of investors is invited to the advantages of Stock over Bearer Securities in that, firstly, the necessity for safe custody of a Security payable to bearer is obviated, and, secondly, directions may be given for payment of interest on Stock to a bank or savings-bank. Lodgments: — Forms of application may be obtained and lodgments made at any Postal Money-order Offices in New Zealand, or at any branch of the Banks of issue in the Dominion, or at the Offices of the Treasury at Auckland, Wellington, Christehurch, and Dunedin. Provisional receipts will be issued for all payments, and in the case of investments in Debentures these receipts will be exchangeable for Debentures payable to bearer as soon as the latter can be prepared. In the case of Stock Investments, inscription certificates will be posted to investors when the amounts are inscribed. Interest: — Interest on Debentures and Stock will be paid half-yearly, on the 15th May and 15th November, and is not free of income-tax. Interest will accrue from the date of lodgment, and the first payment of interest will be made on the half-yearly interest date next following the date of lodgment. Interest on Stock will be paid by dividend warrant, which will be transmitted by post or will be credited to a banking account in the Dominion, at the option of subscribers. Interest on Debentures will be paid on production of coupons, except the first payment, which will be by Treasury cheque. Both warrants and coupons will be payable, free of exchange, at the Treasury, Wellington, at any Postal Money-order Office in New Zealand, or branch of the Bank of New Zealand in the Dominion. Repayment at Maturity :— Repayment will be made at par on 15th November, 1941, at the Treasury, Wellington, or at any branch of the Bank of New Zealand in the Dominion. Trustee Investment:— Investment in these securities is authorized by the Trustee Act, 1908, and trustees may invest therein. Death Duty Stock Up to £100,000 will be reserved for individual persons who desire to invest in Stock which will be available for payment of New Zealand Death Duties. Applications for this class of security must be specially marked. Such Stock will not be transferable but may be exchanged by the holder for ordinary Stock if so desired. Inscription of Stock :— The Stock will be inscribed in accordance with, and subject to the provisions of, the New Zealand Loans Act, 1932, and the regulations made thereunder, and the inscription-books will be kept at the Dominion Treasury, at Wellington, where all transfers of Stock will be made. Transfer-forms may be obtained at the Treasury offices at Auckland, Wellington, Christchurch, and Dunedin. J. G. Coates, Minister of Finance. The Treasury, Wellington, N.Z., Ist July, 1933. [Withdrawm from issue, 21st April, 1934.]

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