LOAN CONVERSION PROGRESS
R E.6PONSE IN AUSTR ALI A. ESTIMATED £541,090,000. i United Press Association —By Electric Telegraph Copyright.) SYDNEY, Sept. I. After checking to-day's figures it is estimated that £541,000,099 of old stock will be converted at the new rate of interest of the requisite £558,000,000, and that the dissentients’ holdings will be under £15,000,000. The commissioners of the reconstructed New South Wales Savings Rank have decided to convert tlie bank’s securities, amounting to £29,477,000, of which £24,991,000 is represented by State securities. LEADING THE WAY. LABOUR PRESS COMMENT. LONDON, Sent. 1. All the London papers publish .statements concerning the success of Australia’s conversion loan. The “Daily Telegraph’s” financial editor describes it as a desperate remedy for a desperate situation. Certainly, the paper says, it now seems that Australia is likely to be one of the first nations to set its financial house in order.
The “Daily Express” says that no other country has made such demands on the stoic qualities of the people.
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Hawera Star, Volume LI, 2 September 1931, Page 5
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165LOAN CONVERSION PROGRESS Hawera Star, Volume LI, 2 September 1931, Page 5
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