SLOW RESPONSE

Dominion, Volume 27, Issue 69, 14 December 1933, Page 13

SLOW RESPONSE

City Conversion Loan FEW APPLICATIONS. > J' ’ Although all those people who were the original purchasers of those Wellington City Corporation debentures involved in the big conversion loqn. have been circularised, the response to the .City Council’s Invitation to convert has up to date been rather disappointing. There are over 1000 individual debenture-holders, as far as is known, but of these only about 50 have applied for conversion. Anticipating a busy time,'the authorities a week ago established a special office for loan conversion business off the main ground floor corridor in the Town Hall, but the rush did not come. A. suggested reason for this reluctance may be lack of knowledge on the part of debenture-holders. These debentures are not made payable to any particular person. They are “pay hearer” debentures, and’ may change hands with t'be same freedom as a pound note. It is not incomprehensible in times such as have been experienced during the last three years, that some hundreds of debentures may have changed hands in different parts of the Dominion, and the original holders would not know their whereabouts. When shares in a registered company change hands, the alteration is. always registered, but in the case of municipal debentures there is no obligation to notify any change of owneri ship. Debenture-holders; are once more advised that, applications close on January 8, and, as the Christmas and New Year holidays intervene, it is time to do their duty in the matter as they see it.