CONVERSION OPERATIONS
MINISTER'S STATEMENT
REPLY TO CRITICISM
A reply to recent statements which have been made in tho Press regarding the conversion of loans raised by local bodies was made by the Minister of Finance (the Rt. Hon. J. G. Coates) in a statement. The Minister referred in particular to the references which havo been made to tho authority given to certain' local bodies to redeem their conversion debentures prior to the final maturity date. ' "I cannot help feeling that much of the criticism has conveyed tho wrong impression, and has led to the belief that local authorities have been forced to mako provision in their conversion schemes for the early redemption of the new securities," said Mr. Coates. 'fThat is very far from being a true statement of the position. It is correct, however, that some local bodies have applied for and havo been given the option to redeem their new securities prior to the final maturity date on giving reasonable notice to their debenture holders of their intention so to do. Some of the objections made to those options to redeem give ono thoj impression that'the options arc appli-' cable to a large - portion, if not the whole, of the local body debt nnd that they take effect generally from 1040 to 39-15. In neither respect is this eorrert." The Minister pointed out that in the first place approval had been given to
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https://paperspast.natlib.govt.nz/newspapers/EP19341024.2.59.2
Bibliographic details
Evening Post, Issue 99, 24 October 1934, Page 10
Word Count
235CONVERSION OPERATIONS Evening Post, Issue 99, 24 October 1934, Page 10
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