NEWSPAPERS APPLAUD.

Evening Post, Issue 2, 2 July 1932, Page 11

NEWSPAPERS APPLAUD.

The newspapers unreservedly applaud the courage of the Government in tackling tho conversion of one-third of the total internal debt, £2,000,000,000 out of £6,329,000,000 being affected, on which interest costs tho State £267,000,000 annually.

"Tide Times" describes it as a great conversion scheme,, and says: "The Government need not be diffident about the public response. There has been neither fear nor doubt in the keen expectancy with which the city and public have followed the fortunes of Government securities. - Proof abounds that this act of conversion was looked for and desired. It is a demonstration of social and fiscal strength unrivalled since the conversion of 1888. "With Government credit steadily and rapidly gaining, the 5 per cent, debt is a costly anachronism diverting tho investor from other Government stocks."

The "Daily Telegraph" says that some holders will be disappointed that only 3'J per cent, is offered, whereas they had expected 4 per cent., but the vast majority, will accept. "Present holders of War Loan, whenever they purchased it, have done exceedingly well out of the investment," it adds.