Internal War Loans Belligerent Countries

Amounts received for conversion from each holder were
limited to the amount of cash subscriptions to the present
loan.
War Savings Certificates were accepted at the purchase
price plus interest at 4^2% per annum from date of the
certificate to April 10, 1918, in payment or part payment
for stock or bonds of this loan, provided that in respect to
the 5% stock or bonds, War Savings Certificates were
accepted in part payment only up to a maximum of 50% of
the total amount applied for.
Fiscal Service—Principal payable at the offices of the Commonwealth
Bank of Australia in Sydney, Melbourne, Brisbane,
Adelaide, Perth or Hobart. Interest payable free of
exchange at any branch of the Commonwealth Bank of
Australia or any bank or State Savings Bank throughout
the Commonwealth.
Taxation—4/4% Loan exempt from operation of Wealth
Levy, if any, and interest free of Commonwealth and State
Income Tax. Interest on the 5% Loan subject to Commonwealth
taxation, but free of State Income Tax. All
bonds and all transfers of Inscribed Stock free of Commonwealth
and State Stamp Duty.
Trust Investment'Privilege—The issue is an investment authorized
by the Trustees Acts of the several states and
trustees may invest therein notwithstanding that the price
may at the time of investment be above or below the
redemption value of par.
Legal Tender Privilege—Bonds and Inscribed Stock accepted
at par in payment of Probate and Succession Duty due the
Commonwealth.
Commission—Members of recognized stock exchanges were
allowed a commission of one-fourth of one per cent on allotments
made in respect of applications received from them
by the Commonwealth Bank of Australia and bearing their
stamp. Authorized agents were also allowed a commission
of one-fourth of one per cent on allotments made in respect
of applications for this issue bearing their signature in the
manner prescribed. No commission allowed to stock
brokers or other authorized agents in respect of conversion
applications.
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