CONVERSION ISSUE
"RESULT SATISFACTORY"
A Press cablegram from. London today says that the "Financial News" states that the result of the New Zealand conversion loan is not definitely known, but the underwriters expoct to be left with from 40 to 50 per cent. Commenting on tho message, the Prime Minister and Minister of Finance (the Right Hon. Sir Joseph Ward) stated:—
"With reference to the recent conversion offer of £5,000,000 of our Consolidated Stock maturing on Ist November, my advices indicate that tho underwriters will be left with about 30 per cent. In view of all the circumstances and the increase in "the Bank of. England discount rate to 6i" per cent, during the offer, the result is satisfactory. The whole transaction of converting the £29,000,000 is now practically effected, as arrangements to deal with the outstanding £4,700,000 on Ist November have been completed.
"One important feature of the transaction has been the ability of this country to redeem a substantial amount from local issues during the past twelve months."
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Bibliographic details
Evening Post, Volume CVIII, Issue 82, 3 October 1929, Page 10
Word Count
170CONVERSION ISSUE Evening Post, Volume CVIII, Issue 82, 3 October 1929, Page 10
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