JUNE 11.] THE NEW ZEALAND GAZETTE. 1129

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
4⅜ per cent. per annum.

One year’s interest on £100 at existing rate (4⅜ per cent.) is .. 4·8
One year’s interest on £100 at new rate (4¼ 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.

C. A. JEFFERY,
Clerk of the Executive Council.

(T. 49/425/5.)

Eyre County Loans Conversion Order, 1936 (No. 2).

GALWAY, Governor-General.

ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 3rd day of June, 1936.

Present:

THE RIGHT HON. M. J. SAVAGE PRESIDING 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 in the said Act, anything to
the contrary in any other Act or in any regulations made under the said Act or
any other Act notwithstanding:

And whereas it is provided by section twenty of the Finance Act (No. 2),
1935, that, notwithstanding the limitation of time prescribed by section fifteen
of the said Local Authorities Interest Reduction and Loans Conversion Act,
1932–33, as extended by section twelve of the Local Authorities Interest Reduction
and Loans Conversion Amendment Act, 1934, an Order in Council may be issued
at any time under the aforesaid section thirteen of that Act making provision for
the conversion, with the consent of the holder, of any securities whether or not
they are existing securities to which the said Local Authorities Interest Reduction
and Loans Conversion Act, 1932–33, applies:

And whereas the Eyre County Council (being a local authority within the
meaning of the said Act) has issued securities in respect of the loan specified
in the First Schedule hereto, and such securities are existing securities to which
the said Act applies:

And whereas the said local authority, being desirous, with the consent of
the holder of such securities, of issuing new securities in conversion thereof, has
complied with the provisions of Part II of the said Act, and it is expedient that
the precedent consent of the Governor-General to such conversion should be given
as required by the said Act, and that by this Order the provisions hereinafter
set forth should be made with respect to the matters specified in the said section
thirteen:

Now, therefore, His Excellency the Governor-General of the Dominion of
New Zealand, acting by and with the advice and consent of the Executive
Council of the said Dominion, and in pursuance and exercise of the powers and
authorities conferred on him by the said Act, and of all other powers and
authorities enabling him in this behalf, doth hereby consent to the issue by
the said local authority of new securities in conversion of any existing securities
to which this Order applies, and with respect to such conversion doth hereby make
the following provisions:—

PRELIMINARY.

1. This Order may be cited as the Eyre County Loans Conversion Order,
   1936 (No. 2).

2. In this Order, unless the context otherwise requires,—

“ The Act ” means the Local Authorities Interest Reduction and Loans
Conversion Act, 1932–33:

“ The date of conversion ” means the date specified in clause five of this
Order:

“ Existing securities ” means debentures or other securities issued in respect
of the loan specified in the First Schedule hereto:

“ The local authority ” means the Eyre County Council:

“ New securities ” or “ new debentures ” means securities or debentures
issued in accordance with this Order in conversion of existing securities
to which this Order applies.

APPLICATION OF ORDER.

3. This Order shall apply to all existing securities issued in respect of the loan
   specified in the First Schedule hereto.