HAPPY AUGURY"

Dominion, Volume 26, Issue 10, 6 October 1932, Page 9

HAPPY AUGURY"

Success of Australian Conversion Loan o HEAVY APPLICATIONS (Rec. October 5, 10.45 p.m.) London, October 5. The success of the Australian conversian loan is emphasised throughout the country. The comment is curiously similar. Two points are stressed—that Australia deserves success, and that an enormous amount of idle money is seeking investment in highclass securities. The ‘‘Daily Telegraph’s” city editor says that he believes the amount was subscribed more than twice over. A queue of messengers with application forms for the conversion loan awaited the opening of the Commonwealth Bank, which also received so many mail applications that the list closed in about half an hour. The amount has not been disclosed, but, as country applications are also expected to be very heavy, it is believed that the £l2 million will be largely exceeded. The Australian Resident Minister, Mr. 8. M. Bruce, and financial circles are highly gratified at the success, and regard it as a happy augury for future conversion. Tlie evening papers pay a tribute to the conversion success, which the “Evening News” describes as England’s tribute to Australia, and congratulates Mr. Bruce on the great personal part he played. The “Evening Standard” says that the rapid success is a remarkable indication of the improvement taking place in Australia’s credit.