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The Pamphlet Collection of Sir Robert Stout: Volume 44

7.—Debentures

7.—Debentures.

The Mortgage Debentures will be a first charge upon the property and the uncalled capital of the Company for the time being, and will rank in point of charge pari passu with any future issues. The amount to be issued is positively restricted, as before mentioned. The bonus of 10 per cent, on the first issue is given to induce the holders to settle on or invest in the lands of the Company. Without delay land will be set apart in suitable sized farms, upon which the holders of these debentures can exercise their rights.

The debentures will be received by the Company at par in payment for premiums payable by Cadets as hereinafter mentioned, and will serve the purpose of ordinary debentures to those who do not invest in the Company's lands.

To fathers of young men growing to manhood, or to families who contemplate emigrating, these debentures will prove excellent investments, whilst, as far as the Company is concerned, it will be benefitted by the enlargement of the circle of those who may become its customers.

At the option from time to time of the holders the interest and principal of the debentures will be made payable either in London or Dunedin.

page 12

The debentures vary in amounts to suit the wishes of applicants. The £50 debentures will be useful for paying rentals and for purchasing township allotments, than which no investments are more profitable as in a very short time they generally increase many times in value.

The debentures issued for three years will carry interest at the rate of £5 per cent, per annum, those for five years £5. 10s. per cent., and those for seven years £6 per cent.