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1947-48 Loan Maturities During the present financial year substantial parcels of existing debt will have to be dealt with, and these comprise:— £ Domiciled in New Zealand .. .. 8,010,030 (maturing 15/9/47). Domiciled in Australia .. .. 82,300 (maturing 15/9/47). Domiciled in London .. .. .. 150,000 (maturing 15/9/47). 8,242,330 Domiciled in London .. .. .. 14,027,000 (maturing 1/11/47). Domiciled in London .. .. .. 24,031,000 (maturing 1/3/48-58). £46,300,330 The loans maturing in September, whether domiciled in New Zealand or overseas, will all be paid off, but New Zealand holders will be able to reinvest in the present 3 per cent, tap issue maturing 15th July, 1962-64. Of the two London loans totalling £38,000,000 in New Zealand currency, the first one for £14,000,000 has a fixed maturity date of Ist November, 1947, while the other loan of £24,000,000 matures on Ist March, 1958, but we have the option to repay on or after the Ist March,, 1948, on giving three months' notice. As these loans carry interest at 4| per cent, it is obviously to our advantage to deal with both loans this year, and arrangements are now in! train for this purpose. New Zealand Coinage Since 1933 New Zealand silver coins have consisted of 50 per cent, pure silver and the balance of alloy. Since that date there has been a considerable advance in the price of silver, and, following the introduction in the United Kingdom in 1946 of a cupro-nickel standard, it has been decided to adopt the same basis here. A further factor which has influenced the Government in deciding to make the change is the fact that during World War II the United Kingdom Government borrowed silver from the United States Government for the purpose of minting coins. Portion of the silver so borrowed is included in the coins which the Royal Mint struck for New Zealand, and consequently we are responsible for the replacement of our share of such silver. The price of silver in the meantime has advanced by over 50 per cent. The new cupro-nickel coins will be of the same design, size, and weight of the existing " silver " coins and, both aesthetically and practically, should be just as attractive. It is not proposed to replace the existing issue immediately, but only as supplies of the new coins are received from the Royal Mint. The first consignment is expected towards the end of 1947.

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