Nov. 2.] THE NEW ZEALAND GAZETTE. 2669

                                        Table of Factors.

Period from Date of Factor. Period from Date of Factor.
Conversion to Maturity Conversion to Maturity
Date of Existing Date of Existing
Securities. Securities.

Years. Years.
½ 0·488998 19½ 12·891438
1 0·967235 20 13·096761
1½ 1·434948 20½ 13·297566
2 1·892370 21 13·493952
2½ 2·339726 21½ 13·686017
3 2·777238 22 13·873855
3½ 3·205123 22½ 14·057560
4 3·623592 23 14·237222
4½ 4·032853 23½ 14·412931
5 4·433108 24 14·584774
5½ 4·824556 24½ 14·752835
6 5·207389 25 14·917198
6½ 5·581799 25½ 15·077944
7 5·947870 26 15·235153
7½ 6·306083 26½ 15·388903
8 6·656316 27 15·539270
8½ 6·998842 27½ 15·686327
9 7·333831 28 15·830149
9½ 7·661448 28½ 15·970806
10 7·981836 29 16·108967
10½ 8·295214 29½ 16·242902
11 8·601676 30 16·374476
11½ 8·901395 30½ 16·503155
12 9·194518 31 16·629003
12½ 9·481191 31½ 16·752081
13 9·761556 32 16·872451
13½ 10·035762 32½ 16·990172
14 10·303914 33 17·105303
14½ 10·566175 33½ 17·217900
15 10·822665 34 17·328020
15½ 11·073511 34½ 17·435716
16 11·318837 35 17·541042
16½ 11·558765 35½ 17·644051
17 11·793413 36 17·744793
17½ 12·022898 36½ 17·843319
18 12·247333 37 17·939676
18½ 12·466829 37½ 18·033913
19 12·681496

                                        Example of Working.

Conversion as from 15th December, 1933, of 6 per cent. securities for £100, maturing
14th January, 1947, into 4½ per cent. securities.
Interest rate on existing securities (as reduced by Part I of the Act) is 4½ per
cent. per annum.

One year’s interest on £100 at existing rate (4½ per cent.) is .. .. £ 4·8
One year’s interest on £100 at new rate (4½ per cent.) is .. .. 4·25

Difference is .. .. .. .. .. .. .. .. £0·55

Period from date of conversion (15th December, 1933) to existing maturity date
(14th January, 1947) is 13 years 30 days, counted as 13 years.
Factor for 13 years is 9·761556.
£0·55 multiplied by 9·761556 is £5·3688558, or £5 7s. 4d., which is the premium
for £100 of the existing securities.
The premiums on other amounts of existing securities of the same class can be
computed in the same way, or, alternatively, by ascertaining 5·3688558 per cent. of the
amount of the principal in each case.

                                                    F. D. THOMSON,
                                                    Clerk of the Executive Council.

(T. 49/191/3.)

                               Taranaki Electric-power Board Loan Conversion Order, 1933 (No. 2).


                                                   BLEDISLOE, Governor-General.

                                                      ORDER IN COUNCIL.

At the Government House at Wellington, this 30th day of October, 1933.

Present:

                            HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS it is provided by section nine of the Local Authorities Interest Reduction
and Loans Conversion Act, 1932–33, that, with the precedent consent of the
Governor-General, given by Order in Council under section thirteen of the said Act,
after compliance with the provisions of Part II of the Act, and subject to and in accordance
with the provisions of such Order in Council, any local authority may issue new securities
in conversion of any existing securities to which the said Act applies :
And whereas by the said section thirteen it is further provided that the Governor-
General, by the Order in Council giving his consent to the conversion of existing securities
by a local authority, may make such provisions as he thinks fit with respect to all or any
of the matters specified in the said section, and that, subject to the provisions of the said
Act, every Order in Council under the said section shall have the force of law as if enacted
under the said Act or any other Act or in any regulations made
under the said Act or any other Act notwithstanding :