H.P. GROUPS IN AUSTRALIA

Press, Volume C, Issue 29691, 8 December 1961, Page 25

H.P. GROUPS IN AUSTRALIA

Debs. Interest Rate Cut fNZI.P.A.-Reuter— Copyright) SYDNEY. Dec. 7. Three leading Australian hire-purchase financiers have issued prospectuses showing some reduction in interest rates for new issues of debenture stock and unsecured notes. The companies are Australian Guarantee Corporation, Ltd., Commercial and General Acceptance, - Ltd., and Industrial Acceptance Corporation, Ltd. Each company is seeking subscription of Elm more. Australian Guarantee is offering an unchanged maximum 7 per cent.- for debenture stock with currency of six years (previously six to 10 years). Long-term notes vary from 7 per cent, for six years to 6 per cent, for two years (previously from 8 per cent, for seven years to 6j per cent, for two years). Short-term Notes Short-term notes range from 5J per cent, for 12 months to 4J per cent, for three months (6 per cent, for 12 months and 41 per bent, for three months). The Bank of New South Wales owns 40 per cent, of the company’s share capital. Proceeds to C.A.G.R. Elm issue will provide for business expansion and repayment of maturing stock. Maximum interest rate for debenture stock is 7 per cent, for six years (previously 8 per cent, for 10 years), and 74 per cent, for seven years. Long-term notes vary from 7 per cent, for five years to 6 per cent, for two years (previously from 8 per cent, for seven years to 6 per cent, for two years). Short-term notes range from 54 per cent, for 12 months to 41 per cent, for three months (6 per cent, for 12 months to 4J per cent, for three months). Whitcombe and Tombs.— Authority for the quotation of rights has been granted by the Stock Exchange. The new issue is of 250.000 ordinary 10s shares at a premium of 10s a share. Letters of entitlement will be posted on December 13. or soon after, and letters of entitlement will be posted at the end of March next year.—(P.A.)