8.—6.

the Deist affected, and to this is added a sum equal to interest at 3 J per cent, per annum on the Debt paid off under this scheme. By this 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 year. It is estimated that the Debt outstanding at the inception of the scheme will be liquidated over a period of approximatly sixty years, while all subsequent Loans will be liquidated within a similar period from the dates of issue; the total Debt so far redeemed under this system is £13,272,000. The Sinking Funds which accrued under previous legislation have been capitalized and will be held intact. On the 31st. March, 1936, approximately 44 per cent, of the total New Zealand Public Debt was domiciled in the Dominion, as against only 17 per cent, in 1914. A reduction of £2,257,000 in the London domiciled Debt took place during the year ended the 31st March, 1936. The Books of the Stock are kept at the Bank of England, where all assignments and transfers are made. Transfers are free of Stamp Duty. Interest is payable half-yearly at the Bank of England on the Ist January and Ist July. Interest Warrants are transmitted by post. Applications, which must be 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 cheque. Default in payment by the 31st July, 1936, 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. Scrip Certificates to Bearer will be issued on or after the 21st May, 1936, in exchange for the Allotment Letters. These Certificates, when fully paid, may be lodged for inscription forthwith. NEW ZEALAND GOVERNMENT £6 PER CENT. INSCRIBED STOCK, 1936-1951. (Total outstanding, £5,869,988 9s. 9d.) Holders of the above Stock, which will be repaid on the Ist August, 1936, may surrender their holdings in whole or in part and receive therefor New Zealand Government £3 per cent. Inscribed Stock, 1952-1955, at the rate of £100 £3 per cent. Stock for each £100 nominal £6 per cent. Stock surrendered, together with a Cash Payment at the rate of £1 10s. per cent, on the nominal amount of Stock converted. Holders who accept this offer will receive six months' interest payable on the Ist August, 1936, in respect of the £6 per cent. Stock surrendered. A first interest payment of £1 ss. per cent, on the new Stock will be made on the Ist January, 1937. Applications for conversion must be made on the special printed forms. Application Forms have already been sent by post to all holders (in the case of a joint account to the first-named holder). Applications for the conversion of Stock Certificates to Bearer must be accompanied by the relative Stock Certificates with all unmatured Coupons attached. Preferential allotment will be given to holdings which are tendered for conversion as above. The List of Conversion Applications will be closed as soon as the required amount of Stock has been surrendered and in any case not later than the 11th May, 1936. Until the 2nd December, 1936, New Zealand Government £3 per cent. Inscribed Stock, 1952-55, issued in accordance with the terms of this Prospectus will be designated "A " Stock; but on that date it will be amalgamated with the £3 per cent. Stock, 1952-1955, already existingA commission of ss. per £100 Stock will be paid to Bankers or Stockbrokers on Allotments made in respect of cash or conversion applications bearing their stamp. Prospectuses 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, E.C. 4; at the Bank of New Zealand (the Bankers to the Government of New Zealand in London), 1 Queen Victoria Street, E.C. 4; of Messrs. J. and A. Scrimgeour, 3 Lothbury, London, E.C. 2; at any Stock Exchange in the United Kingdom; or at the Office of the High Commissioner for New Zealand, 415 Strand, London, W.C. 2. The List of Cash Applications will be opened and closed on Monday, the 4th May, 1936. The List of Conversion Applications will be opened forthwith and will be closed on or before Monday, the 11th May, 1936. Bank of England, London, 30th April, 1936.

By Authority: G. H. Loney, Government Printer, Wellington.—l 936.

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