CONVERSION LOAN

Evening Post, Volume CXXXVII, Issue 56, 7 March 1944, Page 4

CONVERSION LOAN

SATISFACTORY RESULTS

The results of the conversion loan in New Zealand, which closes on Saturday and applies to all holders of the 4 per cent, stock and debentures maturing February 15, 1943-46, are regarded as satisfactory so far by the Acting Minister of Finance (Mr. Sullivan). . •■.„.' In a progress report last evening the Minister said the total amount involved was £9,839,000, and up to Saturday last conversion applications for £3,900,000 had been received and requests for payment of £486,000 —a total of £4,386,000, or 45 per cent, of the convertible securities. "These results," he added, "I regard as satisfactory, and I wish to extend my thanks to all those security-holders who have responded so promptly to the offer rtlade by the Government. There is no doubt that the terms of the conversion were very well received throughout the whole country, and this is borne out by the fact that the applications so far received are 89 per cent, for conversion and 11 per cent, only for repayment. "However, I wish to remind those holders who have not- yet applied either for conversion or repayment of their holdings that the loan. definitely closes on Saturday next. I can give no assurance that conversion applications after that date will be accepted, though the Reserve Bank is authorised to accept late applications in cases where, in the-opinion'.of *he bank, application before the closing date was impracticable. Also, if repayment is required it is necessary*, to make apnlicalion accordingly to the Reserve Bank before next Saturday, so that the securities can be cancelled and the warrants in repayment of the principal amounts forwarded to the security-holders on May 15 next.