CONVERSION LOANS.
OPERATION BY AUSTRALIA. (United Press Association- -Copyright). LONDON, January 2. The High Commissioner for Australia (Mr S. M. Bruce) announced the underwriting to-morrow of £21,657,000 New South Wales 5 per cent, stock, which is being converted to 3 per cent, at 95£, 1955-58. The issue price will yield the investor 66s per cent, at redemption, snving Austialian pounds annually in interest. A feature of tbs loan, which is the second largest Mr Bruce floated in London, is his contiuing to obtain money here at a lower rate than in Australia, where interest on the latest internal loan was 67s 6d per cent. The conversion brings Mr Bruce’s opeiations in London since October, 1932, to £182,000,000, and leaves only £11,000,000 optional conversions outstanding. The “iDaily Telegraph” says that the strength of'gilt-edged securities since Christmas is a good omen for the conversion, which rounds off one of the most remarkable chapters in the refinancing history of the London capital market. The recent strong rise m wheat is of first-rate importance to Australia, and it may be expected that conversion will be on a heavy scale.
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Ashburton Guardian, Volume 56, Issue 70, 4 January 1936, Page 5
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185CONVERSION LOANS. Ashburton Guardian, Volume 56, Issue 70, 4 January 1936, Page 5
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