Custody of war bonds

WHEN the first war loan was raised in New Zealand arrangements were made whereby the Post Office agreed to take into its custody, free of charge, war certificates which the purchasers did not wish to keep in their homes. The certificates were transferred to the head office in Wellington, which now holds them, to the value of about threequarters of a million. As the interest on these certificates is cumulative, there was no need for the owners to have access to them, and the Post Office held them only on condition that they could not be withdrawn and redeposited. It

has been found, however, that there is a demand for a safe deposit system under which holders of war bonds, title deeds, and securities may have access to their documents. Such a system could not be centralised, and would involve some expense, both in the provision of storage and in dealing with requests for access. The Post Office has decided to inaugurate such a scheme, and will bring it into operation in 40 centres as soon as the special safes, which are now on order, arrive from England.

Separate receptacles for each person’s property will not be provided, as in the Public Trust deposit system, and articles of plate, jewellery, etc., will not be accepted. Documents only will be received, and these will be placed in envelopes sealed by the depositor. Charges of 5s, 10s, and £1 will be made, according to the size of the package, and depositors will be given access to their envelopes four times a year.