EMBARGO ON LOANS

Evening Post, Volume CXIV, Issue 52, 30 August 1932, Page 9

EMBARGO ON LOANS

PARTIAL RELAXATION

STATEMENT BY CHANCELLOR

EXEMPTION. ON .TERMS

(British Official Wireless.) (Received 30th August, 11 a.m.) RUGBY, 29th August. On his return from Ottawa the Chancellor of the Exchequer, Mr. Neville Chamberlain, has reviewed the position arising from his request to intending borrowers to refrain from coming on the market pending the completion of the conversion operation. In view of the gratifying high percentage of assets already received fi-oni holders of war loan the Chancellor now feels satisfied that some partial relaxation of present arrangements may safely be permitted, but for the time being requests that only the following operations bo undertaken:—----(1) Mero exchange of one class of security for another without change of ownership, and , (2) The issue of a new security to replace a security, the final redemption of which had prior to Ist July, 1932, been fixed for a date earlier than Ist December nest, provided that such operations concern only British, including Empire, sterling issues domiciled in London, and involve neither the provision of new cash nor underwriting. An announcement respecting the repayment of 4i per cent, war loan 1925----45 and 4-J per cent. Treasuiy bonds 1932-34 is being made on Tuesday. By the beginning of October it will be possible to estimate with fair accuracy thoitotal amount of cash to be provided for redemption on Ist December, fsie question of the terminating of the socalled "embargo" will then be reviewed and a further statement made.