LOAN CONVERSION
Britain’s Huge Operation STIMULATING EFFECT All Securities Appreciate CONTINENTAL RESPONSE (By Telegraph.—Preus Assn.—Copyright.) (Rec. July 28, 7 p.m.) London, July 28. Another flood of applications for conversion of 5 per cent. War Loan was received by the Bank of England yesterday totalling 74,000. The total of applications outstanding is now under 131,000. The biggest conversion of the day was £734,000 by the Scottish Australian Investment Company. It is believed that large numbers are postponing .their applications to the last moment. The stimulating effect of the conversion on all securities is shown by the “Bankers’ Magazine,” which states that 365 leading stocks have appreciated in capital values to the extent of £273,000,000 during the month ended July 20. Continental holders continue to convert freely. The scheme has provided a windfall for stockbrokers and solicitors who, besides the banks, are entitled to commission as agents converting for clients. It is expected that the commission paid by the Government will total £3,000,000.
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Bibliographic details
Dominion, Volume 25, Issue 260, 29 July 1932, Page 11
Word Count
161LOAN CONVERSION Dominion, Volume 25, Issue 260, 29 July 1932, Page 11
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