OPTIONAL CONVERSIONS
While Mr. Coates is announcing discussions on New Zealand's oversea debts, advices by mail show that Australia is elated by her recent double success on the internal and on the London markets. The 11 million loan conversion in London is only the beginning of Australia's oversea conversion campaign. Mr. Lyons explains that Australia has optional rights to repay over 129 millions borrowed oversea, but about 45 millions "already bears interest rates of from 3 to 4 per cent, and there would be no purpose in arranging conversion." But the balance of 84 millions bears interest at from 5 to 6\ per cent., and this is "the immediate pressing problem for Australia." So it is evident that the Australian campaign for effecting conversions that are optional means busy times for Mr. Bruce, the Resident Minister, in London, and it is hot to be supposed that New Zealand will be idle while the London market can be opened to Dominion business of that kind.
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Bibliographic details
Evening Post, Volume CXV, Issue 132, 7 June 1933, Page 8
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164OPTIONAL CONVERSIONS Evening Post, Volume CXV, Issue 132, 7 June 1933, Page 8
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