Mr. G. Whiteasked the Chancellor of the Exchequer whether any facilities are to be given to the Dominion of New Zealand in respect of the conversion or repayment of New Zealand Government 4½ per cent. Inscribed Stock 1944, falling due for payment on 1st March, 1944.
§ Sir J. AndersonYes, Sir. The New Zealand Government are making an offer to holders of the Stock referred to by my 1285W hon. Friend, inviting them to convert their holdings into a new Stock. As on the occasions of similar operations by the Commonwealth of Australia, and in order to facilitate the new operation without interference with the Government's borrowing operations, I have agreed to advance from the Vote of Credit such sums as may be necessary to enable the New Zealand Government to repay any unconverted Stock.