CANADA'S FINANCE

Evening Post, Volume CXV, Issue 108, 10 May 1933, Page 9

CANADA'S FINANCE

BORROWING POWERS

BIG LOAN IN PROSPECT

3IATI7EING DEBTS

United Press Association —By ' Electric Telegraph—Copyright. (Received May 10, noon.) OTTAWA, May 9. Power to raise by way of a loan an amount not exceeding 750,000,000 dollars will be sought by the Minister of' Finance (Mr. E. N. Ehodes>, in a resolution, of which notice was given on Monday, for the purpose of paying off or redeeming the whole or any portion of loans or obligations of Canada and for purchasing and withdrawing from circulation unmatured securities of Canada. The resolution docs not necessarily mean that the borrowing will be made up to the amount named. Tho Dominion has maturing debts this year of tho amount of 279,971,000 dollars. It is anticipated that the refunding portion of the new loans will be issued at 4 per cent, with the expectation of selling at a price which will mean a yield of slightly over, that rate. The borrowings will probably be in Canada, with the exception of 60,000,000. dollars payable in New York, which will, doubtless, again be borrowed there because ■of the discount on Canadian funds. A conversion loan is also anticipated, but no details arc known.