B—l6

An analysis of subscriptions to the " tap " loan for the period 19th January, 1948, to 31st March, 1949, is as follows :

Conversion Loan On the 15th March, 1949, the Reserve Bank, on behalf of the Government, issued a prospectus inviting applications at par for conversion into 2-|-per-cent. stock repayable 15th June, 1954-55, or 3-per-cent. stock repayable 15th June, 1961-64, in respect of the following New Zealand Government loans : Maturity. Amount. £ 2fper-cent. 15th June, 1947-49 .. .. 7,094,400 30,000 holders. 3-per-cent. 15th February, 1949-50 .. 9,712,860 17,000 4-per-cent. 15th May, 1949-52 .. .. 12,432,440 3,500 '£29,239,700 50,500 holders. The closing date of the conversion offer was the 14th April, 1949.

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— Applications. Amoxmt. Cash, subscriptions r i i 698 2,255 £ 3,525,240 20,555,005 (19/1/48 to 31/3/48) (1/4/48 to 31/3/49) Total cast subscriptions Reinvestment from loan which. matured on 15/5/1948 Reinvestment from 4-per-cent. loan which matured on 30/11/1948 2,953 905 396 24,080,245 231,375 496,345 4,254 24,807,965 Made up of —• Death-duty stock Ordinary registered stock 702 3,552 893,750 23,914,215 4,254 24,807,965