Internal War Loans Belligerent Countries

May, 1917, was $1,728,990 and the number of subscribers
1,103.
The Union of South Africa issued internally during 1916
and 1917 5% Registered Stocks to the approximate amounts
of £7,444,720 and £5,500,000, respectively, the proceeds to be
used largely for war expenditures. The loans mature twenty
years from the dates of issue. The Government has reserved
the right to redeem the loans after five years on. six months'
notice. Interest is payable semi-annually and the securities
are free from all income taxes. The subscription price for
each loan was par. The loans were issued in denominations
of £20 and multiples of £10 in excess of that amount. Instalment
payments were allowed. The stocks are transferable
free of Stamp Duty.
The Colony of Barbados, British West Indies, under date
of February 15, 1917, issued £20,000 5 per cent debentures
to be redeemable through proceeds of a one per cent annual
sinking fund. Interest is payable June 30 and December 31.
The bonds were issued under the Reimbursement Act of
1916 for the repayment of a loan from the Sugar Industry Agricultural
Bank borrowed at the outbreak of the war to make
a gift to the British Imperial Government for war purposes.
France has issued an interesting form of short term obligation
differing in some respects from those of other nations-
The National Defense Notes first offered May 31, 1918 have a
maturity of one month, but may be extended for one or two
months longer. The rate of interest for the first month is
thirty centimes and for the second and third months thirtyfive
centimes per 100 franc note. The yield is, therefore, 3.6%
if held for one month, 3.9% for two months and 4% for three
months. Interest is paid in advance. It is reported that
through a special provision the notes will be accepted for the
payment of taxes of all kinds.
141