AUSTRALIA’S LOAN

Feilding Star, Volume 9, Issue 3850, 5 October 1932, Page 6

AUSTRALIA’S LOAN

Heavy Subscription Likely LONDON STOCK EXCHANGE SATISFIED WITH THE TERMS HAS HARDENING EFFECT ON OTHER STOCKS (Aust. and N.Z. Cable) London. October 3. The terms of tlie conversion of the Australian loan had a hardening effect on. all Australian 'stocks. Commonwealth 5 ].'<■!' cent, were up to £llO. A DIG DEMAND Many brokers and bankers were unable to obtain as mudii underwrrting as t'aev desired, an indication that the subscription, is likely t 0 be very heavy. Tlie Stock Exchange is satisfied with tile terms. WAITING THEIR TORN A queue ot nearly ICO outside the Commonwealth Dank awaited the issue of the jnnospeeuges. Those who convert will receive 50s (per cient. cash on November 1. The first six months’ interest "ill be payable on May 1, 1033. TOTAL AMOUNT OF LOAN The actual amount of the Australian loan is £12,00,009 of which £11,363,809 i s a conversion. SAVING IN INTEREST Sydney; October 4. Excluding exchange, the new conversion operation will mean a saving in interest amounting to practically £262,1X10 per annum. BUSINESS MEN PLEASED Local business men are pleased wit'll the revolt of the conversion. Mr A. C. Davidson, general manager of the Bank of New South Wales, say| that any effective rate under 85 s per cent, must bo considered encouraging in the present state of the markets.