N.Z. LOAN CONVERSION

Hawera Star, Volume LII, 1 February 1933, Page 5

N.Z. LOAN CONVERSION

SATISFACTORY RESPONSE, REDUCTION OF INTEREST. (By THegrapn—Press Association). WELLINGTON, Jan. 31. A satisfactory response has been made to the Government’s offer of conversion of 5J- per cent, discharged soldiers settlement loan securities totalling £4,114,530 which are held by the New Zealand public, and which fell due— for payment on January 15. according to a statement made by the Rt. Hon. J. G. Coates, Minister oi Finance, in an interview to-night. Holders of debentures and inscribed stock were offered renewal for a further period to June 15, 1940, with interest at 5 per cent, per annum. The Minister stated that the response to date to the Government’s offer had been very satisfactory indeed, holders to the extent of £2,163,470 having already made application for new securities. Securities to the amount, of £1,308,000 have been paid off in cash, bui the Minister stated that in a. number of cases the proceeds so uplifted had been repaid to the Government for reinvestment.

The amount of £640,000 still required t-o be dealt with, and on the existing figures it was estimated that a considerable proportion of the remaining securities would be renewed. Mr. Coates added that he was pleased with the result so far. which was taken as an indication of the confidence of investors.