AUSTRALIAN LOAN
THE LATEST CONVERSION
(British Official Wireless.)
(Received November 17, 11.15 a.m.) RUGBY, November. 16.
The new Australian conversion loan will bring the total conversion operations of Australia up to over £220,000,000, on which the annual saving in interest in terms of sterling amounts to £3,218,345, equal in Australian currency to £4,034,000.
The conversion operation of Australian State 3J per cent, loans in London, amounting in the aggregate to £11,409,965, was discussed in London, in June last between the British Treasury, the Bank of England, and - the then Commonwealth. Minister of Finance (Mr. Casey). There was a conversion loan of £12,360,959 (including a New South. Wales loan) before the market, the rate of interest being 3J per cent, per annum and the issue price £96 10s, the year of maturity being 1950-52. But .the result of. this loan, in June, was disappointing, as 53 per cent, of the issue was left with ■the underwriters. The market for gilt-edged securities was at that.time depressed. But for some months past now it has been very steady and free from the shocks given to other sections of the market.
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Bibliographic details
Evening Post, Volume CXXIV, Issue 120, 17 November 1937, Page 16
Word Count
187AUSTRALIAN LOAN Evening Post, Volume CXXIV, Issue 120, 17 November 1937, Page 16
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