8.—6

Stock Certificates (until the name of some person is inserted therein as the holder) are transferable by delivery. Certificates of Title.—Certificates of Title evidencing ownership of the stock to which they relate will be issued, without payment of any fee, to holders of Registered Stock in either the £4 per cent. Loan 1954/1958, or the £4 per cent. Loan, 1948. Interest. —Interest will be payable half-yearly on the 31st May and the 30th November. A full half-year's interest will be paid on the 30th November, 1939, on fully-paid allotments of both Loans. A first payment of £1 10s. 6d. per cent, on instalment allotments will be made on the 30th November 1939. Interest on Registered Stock will be paid free of inland exchange by means of interest warrants, which will be transmitted by post at the risk of the stockholder. The Reserve Bank of New Zealand will accept directions from stockholders for payment of interest to any agent in the Dominion; existing instructions for the payment of interest in the Dominion on New Zealand Government Stock will obtain in respect of these Loans. Interest on Stock Certificates to bearer will be paid free of inland exchange by means of coupons annexed to the Certificates. Interest coupons may be presented at the Reserve Bank of New Zealand, Wellington ; at any branch of the Bank of New Zealand in the Dominion ; or at any Postal Moneyorder Office in New Zealand. Stamp Duty.—Stock of this issue will be exempt from Stamp Duty on the transfer thereof otherwise than by way of gift. Minors— Any person of the age of ten years or upwards may be registered as the holder of Stock and may execute transfers thereof. Exchange on Remittances.—Cheques in payment of allotments will be accepted free of inland exchange. Applications.—Applications, on the prescribed form, will be received at the Reserve Bank of New Zealand, Wellington ; at any branch of the Bank of New Zealand in the Dominion, or at any Postal Money-order Office in New Zealand. Applications must be for sums of £10 or for a multiple thereof. Applications for Fully-paid Allotments of the £4 per cent. Loan, 1954/1958, must be accompanied by a remittance of £96 per cent, of the nominal amount applied for, and applications for Fully-paid Allotments of the £4 per cent. Loan, 1948, by a remittance of £99 per cent, of the nominal amount applied for. In the event of partial allotment, the balance of the amount paid on application will be refunded to the applicant on allotment. Applications for Instalment Allotments must be accompanied by a deposit of £10 per cent, of the nominal amount applied for. If partial allotment is made, the balance of the deposit paid on application will be applied towards the payment of the instalment due on the 30th June, 1939 ; any surplus remaining after making that payment will be refunded to the applicant on allotment. In case of default in the payment of any instalment at its proper date, the deposit and any sum previously paid will be liable to forfeiture and the relative allotment to cancellation. Commission at the rate of ss. per £100 stock will be allowed to bankers and registered sharebrokers on allotments made in respect of applications bearing their stamp. Copies of this Prospectus and forms of application may be obtained at the Reserve Bank of New Zealand, Wellington ; at any branch of any Bank in the Dominion ; at any Postal Money-order Office in New Zealand ; or from members of any Stock Exchange in the Dominion. The list of Applications will be opened forthwith and will be closed on or before Wednesday, the 31st May, 1939. Reserve Bank of New Zealand, Wellington, 15th May, 1939.

Authority: E. V. Paul, Government Printer, Wellington.—l 939.

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