CONVERSION LOAN

Ashburton Guardian, Volume 57, Issue 30, 14 November 1936, Page 3

CONVERSION LOAN

APPLICATIONS FALL SHORT. NEAKLY £3,000,000 DIFFERENCE. (Per Press Association.) WELLINGTON, November 13. In response to inquiries as to the result of the offer made to holders of Government 4 per cent, stock, 1937-40, to convert into 3£ per cent, stock with a currency of 44 years, the ActingMinister for Finance (the Rt. Hon. M. J. Savage) stated to-day that the final figures were not yet available, as the numerous applications received were incomplete or irregular, and were subject to correspondence with the persons concerned. Mr Savage added, however, Hi at lie was able to supply preliminary l-gures as follow: £ Applications for conversion 8,253,780 Cash applications 2,714,750 Total conversion and cash applications 10,968,530 As the total amount of the issue was £13,930,000, including. £1,530,000 for the purchase of the assets of the Southland Electric Power Board, there is a difference of £2.961,470, but this will be found from other sources, and arrangements have been made for all who desire redemption to receive their money on January 15. The loan was announced on October 15, when conversion of the 4 per cent. 1937-40 issue was offered into 3J per cent, stock or debentures repayable 1953-57, or 3 per cent, stock or debentures repayable 1939-40. Cash applications were also invited. The 1937-40 loan was of £12,400,000, and cash to cover the purchase of the 'Southland Power Board undertaking at £1,530,000 was asked. The total offer was £13,930,000. Applications closed on November 5.