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 the New Zealand Government stocks falling due on the 1st March and 1st April, 1945.
§ Sir J. AndersonYes, Sir. The New Zealand Government yesterday made an offer to holders of the 4½ per cent. stock falling due on 1st March, 1945, and of the 3 per cent. stock falling due on 1st April, 1945, inviting them to convert their holdings into one new stock. As on the occasions of similar operations by the New Zealand Government and by the Commonwealth of Australia, and in order to facilitate the conversion without interference with the Government's borrowing operations, I have agreed to advance from the Vote of Credit such sums as may be necessary, up to a total of approximately £10,000,000 to enable the New54W Zealand Government to repay any unconverted stock. The total of the maturing stocks is £17,300,000. Of this the New Zealand Government already hold £2,900,000, and they will themselves make arrangements for the repayment, without assistance from the United Kingdom Treasury, of unconverted stock up to a total of £4½ millions.