WELL DONE, AUSTRALIA

Feilding Star, Volume 9, Issue 3850, 5 October 1932, Page 5

WELL DONE, AUSTRALIA

New London Loan FOR A LARGE Sl'M CONQUERING CONVERSION AT 31 PER CENT. A READY RESPONSE OVERSUBSCRIBED IN HALF AN HOIK STOCK PRICES HARDEN PRAISE FROM THE PAPERS By Tetegraph—Press Assn—Copyright (Aust. and N.Z. Cable) (Received Oct. 5. !> a.m.) London. Oct. 4. The Cominonwcaltli-New South Wales Conversion Loan was oversubscribed in half an hour. ' the evening papers The evening papers pay a tribute to tlte success of the conversion loan, which rite Evening News described as England's tribute to Australia and congratulates Mr. Bruce on Iho great jiersonal jiart lie played in it. The Standard says its rapid success was a remarkable Indication of the improvement tlmt is taking place in Australia's credit Mr. Bruce and financial circles are highly gratified at the success and regard it as a happy augury for future conversions. THE MORNING PAPER The Morning Post in a lender headed. "Well Done. Australia!” trusts that tlte conversion response will afford practical testimony of the admiration universally felt, in Britain for Australia’s splendid effort to set iter house in order. A.MOPNT AND EFFECTS The actual amount of the loan is f lg.:ilKi,()si:. of which £11.3(13.859 is conversion. There have lieen numerous dealings in Australian Government stocks, notably New South Wales, some of which have advanced 2(>s to 3.7' Commonwealth A per cents, now stand in £lO7. The terms of the Commonwealth conversion loan are having a hardening effect ort all Australian slocks.