CONVERSION LOAN
Success of Australian Issue Indicated
(Received June 17, 12.20 a.m.) London, June 16.
The Associated Press news agency understands that the success of the Australian conversion loan can be gauged from the fact that cash applicants received only 68 per cent, of their requirements.
A London cable dated June 3 stated that Mr. Stanley Bruce had announced the underwriting next day of a loan for £16,551,403 at 2t per cent, per annum, issued at £99, maturing 1941-43. The loan would consist of~New South Wales, £10,954,600, at 44 per cent.; South Australia, £2,368,141, at 34 per cent.; Western Australia, £2,631,165, at 44 per cent.; Western Australia, £597,497, at 3 per cent.
The South Australian and the smaller Western Australian loans will mature July 1 and December 1 respectively. Others are optional, but Mr. Bruce decided in favour of a large issue, which would end his programme, totalling £198,000,000 since October, 1932, with a total annual interest saving of £3,979,000 in Australian pounds. The final operation is believed to be at the lowest rate of interest touched by Australia in modern times, and it gives a yield to redemption of £2/18/6.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/DOM19360617.2.81
Bibliographic details
Dominion, Volume 29, Issue 223, 17 June 1936, Page 11
Word Count
191CONVERSION LOAN Dominion, Volume 29, Issue 223, 17 June 1936, Page 11
Using This Item
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in