HURDLE SURMOUNTED

Evening Post, Volume CVII, Issue 24, 29 January 1929, Page 11

HURDLE SURMOUNTED

STATEMENT BY PRIME

MINISTER

In a, statement issued to-day, the Minister of Finance (the Eight Hon. Sir Joseph Ward) stated that he had received intimation from London that the £12,000,000 conversion offer to holders of New Zealand 4 per cent. 1929 consolidated stock, made in conjunction with tho recent, cash loan of £7,000,000 had been taken up to the extent of £11,750,000. Sir Joseph Ward stated that he considered this result satisfactory,' as it indicated that the terms of the offer, £104 ss, of 1948-58 4} per cent, stock for each £100 of the old i per cent, stock falling auo this year, were as good as it was possible to obtain under present market conditions.

The Minister also stated that, including the £5,000,000 conversion effected last May, and about £1,000,000 purchased for cancellation, a total of £17,----750,000 of tho 4 per cent, stock had now been dealt with. "It will thus bo seen that we have already accomplished a great deal towards surmounting a most formidable financial hurdle," said tho Prime Minister, "and tho success of those most'important operations is a further indication of our high standing in London, the principal money market of the woria. Tho statement made in a section of tho Press recently that the above conversion operations were underwritten is not correct, as there was no underwriting whatever for any portion of the whole sum."