SAVING IN LOAN COSTS
CONVERSION BY AUSTRALIA OVER £20,900,000 INVOLVED. RUSH. OF APPLICATIONS BIG EXCESS IN DEMAND' (United Press Association —By Electric Telegraph Copyright.; Received 11.45 a.m. to-day. CANBERRA, Sept. 29. Details of the Australian conversion for £20,951,000 in London are announced by the Prime Minister, Mr J. A. Lyons. The cash applications received were ten times greater than the stocks available for allotment. The conversion applications were allotted in full and cash applications were allotted at the rate of approximately 10 per cent.
The new issue bears interest at 3J per cent, and matures in 1953. The interest yield to the investor is £3 17s lid per cent. The savings in interest and exchange amount respectively to £420,000 and £107,000.
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Bibliographic details
Hawera Star, Volume LIII, 29 September 1933, Page 4
Word Count
121SAVING IN LOAN COSTS Hawera Star, Volume LIII, 29 September 1933, Page 4
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