B—6

Since September, 1939, the Dominion has repaid under the provisions of the 1925 and 1947 Acts, and from other sources, over £47,000,000 of New Zealand Government Stock issued in the United Kingdom, thus reducing the New Zealand Public Debt in London to £110,000,000. During the corresponding period the value of New Zealand's exports has risen from £46,500,000 per annum to over £100,000,000 per annum. The proceeds of the Stock issued for cash will be applied towards the redemption on the Ist October, 1948, of New Zealand Government 4| per Cent. Inscribed Stock, 1948-1958, which is not exchanged under the terms of this prospectus. The Stock, if not previously redeemed, is to be repaid at par at the Bank of England on the Ist September, 1968, but the New Zealand Government reserve to themselves the right to redeem the Stock, in whole or in part, by drawings or otherwise, at par at tin l Bank of England on, or on any date after, the Ist September, 1966, on three calendar months' previous notice being given by public advertisement in The Times, in which case the Stock to be redeemed will cease to bear interest on the date so fixed for redemption. The Stock will be transferable by deed, in multiples of one penny, free of charge and stamp duty. The Bank of England have been appointed Eegistrar of the Stock. Interest will be payable half-yearly on the Ist March and the Ist September; the first interest payment will be made on the Ist March, 1949. Interest warrants will be transmitted by post and Income Tax will be deducted from payments of more than £5 per annum. If allotments of the Stock in respect of cash applications and applications for exchange of New Zealand Government 4| per Cent. Inscribed Stock, 1948 1958, do not reach the total of £16,000,000 Stock, the balance of the Stock will be issued for cash to the Reserve Bank of New Zealand on the terms of this prospectus. Issue of Stock for Cash Applications, which must be accompanied by a deposit of £lO per Cent., will be received at the Bank of England, Loans Office, London, E.C. 2. In case of partial allotment the balance of the amount paid as deposit will be applied towards the payment of the first instalment; any surplus remaining after making that payment will be refunded by cheque. Default in the payment of any instalment by its due date will render the deposit and any instalment previously paid liable to forfeiture and the allotment to cancellation. Applications must be for £lOO Stock or a multiple thereof; no allotments will be made for a less amount than £lOO Stock. Allotment letters will not be posted before the 14th July, 1948. Scrip Certificates to Bearer, in denominations of £lOO, £5OO, £l,OOO and £5,000 will be issued in exchange for allotment letters and must be surrendered for registration at the time when the final instalment is paid. The first interest payment in respect of Stock issued for cash will be at the rate of £1 : 10s. per £lOO Stock and will be made on the Ist March, 1949. The List of Cash Applications will be opened and closed on the 2nd July, 1948. Issue of Stock in Exchange for New Zealand Government 41? per Cent. Inscribed Stock, 1948-1958 Holders of the above Stock, which will be redeemed at par on the Ist October, 1948, are invited to apply to exchange their holdings, in whole or in part, for New Zealand Government 3 per Cent. Stock, 1966-1968, on the terms set forth in this prospectus.

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