B — 6

With the Imperml Government on a 6-per-cent. Annuity basis, which provides for its extinction W W if tw 7 en y-seven years, with a proviso that the Debt may be redeemed at any time by the New Zealand Government. All Reparation moneys received from Germany have been applied m the reduction of War Debt 7 Sll , 1116,I 116 , Repayment of the Public Debt Act passed by the New Zealand Parliament in 1925 substituted for the long-term Sinking Fund system a method whereby the Dominion's Debt reduction resources are now made available to purchase New Zealand Government securities i °P. en market fot 6ancelteion or to pay them off at maturity, thereby ensuring an nnf U nf p 1 ™ Debt annually. For this purpose there is issued annually riA ? Consolidated Fund a sum equal to J per cent, of the Debt affected, and to this s added a sum equal to interest at 3| per cent, per annum on the Debt paid off under this t-wi means a portion of the savings in interest on the Debt paid off is applied to further repayments of Debt, so that the Debt reduction resources are increasing year by ™ iVf eS nTi r at the P r ,f e Jit Debt will be liquidated over a period of about sixty years, while all future Loans will be liquidated within a similar period from the date of t eir inception. The Sinking Sunds which accrued under previous legislation have been fnn Wl IZe +if+i V • mtaCt The P° rtlon of the De bt, referred to above, which is iunded with the Imperial Government, as well as certain other Loans which have their own separate Sinking Funds, such as State Advances, have been excluded from this scheme. On the 31st March 1934, approximately 46 per cent, of the total New Zealand Public ebt was domiciled m the Dominion, as against only 17 per cent, in 1914. „ , 7T e ® ooks °±' tbe Sto( ik will be kept at the Bank of England, where all assignments + + rS -R -ff e J Th ? Stock Wlll be convertible, in due course, into Stock St? 8 ' 0 ? e of £100, £500, and £1,000, with coupons attached and such Stock Certificates will be exchangeable for Stock, on payment of the usual fees Transfers and Stock Certificates will be free of Stamp Duty tw iSn 1 ,1 511 be T Payable half-yearly at the Bank of England on the 15th April and the 15th October. Interest Warrants will be transmitted by post. tiT r IC i at T-p W i f USt b e accompanied by a deposit of £5 per cent,, will be received at the Bank of England Loans Office, 3 Bank Buildings, Princes Street, London, E.C. 2. In case of partial allotment the balance of the amount paid as deposit will be refunded by Jf V r n ] b /- the 15th october > 1934 ' of the balance due that day will render the deposit liable to forfeiture and the allotment to cancellation. Applications may be for the whole or any part of the Issue in multiples of £100 No allotment will be made of a less amount than £100 of Stock. Allotment Letters will not be posted before Tuesday, the 3.lst July, 1934. „ , pnP Certificates to Bearer will be issued on or after the Bth August, 1934, in exchange or the Allotment Letters Certificates, when fully paid, may be lodged for inscription forthwith; or they may be retained to be exchanged, free of cost, for Stock Certificates iter'than Z Wtt mII. " W PreParcd ' SUOh excl, ™ ee " M NEW ZEALAND GOVERNMENT £4 PER CENT. INSCRIBED STOCK, 1933-1943. Holders of the above Stock, which will be repaid on the 15th October, 1934, may surrender their holdings in whole or m part and receive therefor New Zealand Government £3| per cent Inscribed Stock, .1955-1960, at the rate of £100 £34 per cent. Stock for each £100 nominal £4 per cent. Stock surrendered. Holders who accept this offer will receive on the 15th October, 1934, an interest payment of £1 3s. 2d. per £100 Stock, being interest at the rate of £4 per cent, per annum from the Ist July, 1934, to the 15th October 1934 m respect, of the New Zealand Government £4 per cent. Stock surrendered ' ' W p^^ ons for the conversion of Stock Certificates to Bearer must be accompanied Ist January 1935 Certificates bearing Coupons due on, and subsequent to, the A commission of 5s per £100 Stock will be paid to Bankers or Stockbrokers on Allotments made m respect of cash or conversion applications bearing their stamp t f fnoo™ n A will n be given t0 holders of £4 P er cent - New Zealand Government thiTpr ospMtus 1943 ' who surre nder their holdings for conversion in the terms of nffi Pr ° s P ect^ s ® s and Application Forms may be obtained at the Bank of England Loans Office, 3 Bank Buildings Princes Street, London, E.C. 2, or at any of the Branches of the Bank of England; of Messrs. Mullens and Co., 13 George Street, London, EC 4- at the fp 4 (th f Bankers to the Government of New Zealand), 1 Queen Victoria Street, London E.C. 4; of Messrs. J. and A. Scnmgeour, 3 Lothbury, London, EC 2- at any Stock Exchange m the United Kingdom; or at the Office of the High Commissioner for New Zealand, 415 Strand, London, W.C. 2. In the case of Conversion Applications, forms have already been sent by post to all holders of Inscribed Stock (m the case of joint accounts to the first holder). 1934 * cat io ns will be opened and closed on Monday, the 16th July, Monly! be ° Pene<l forth " th ™ U b « » Bank of England, London, 12th July, 1934.

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