AUSTRALIAN NEWS

Hawke's Bay Tribune, Volume XXII, Issue 250, 5 October 1932, Page 5

AUSTRALIAN NEWS

MAJOR FUNDING OPERATION CONVERSION OF £B2 MILLION. PROJECTED FOR NEXT YEAR. Canberra, Oct. 4. The "Sun” representative says that provided the London money market remains stable, the Commonwealth Government proposes to launch a major funding operation there next year. It is understood that the Government contemplates launching a loan involving the conversion of more than £82,000,000. It is hoped than any future conversions will be issued at par, with an interest rate of 4 per cent. The annual saving on these terms would be in the vicinity of £2,000,000. THE N.S.W. CONVERSION QUICKLY OVER-SUBSCRIBED London, Oct. 4. The New South Wales Conversion Loan was over-subscribed in half an hour. A queue of messengers with application forms awaited the opening of the Commonwealth Bank, whish also received so many mail applications that the list closed within about half an hour. The amount is undisclosed, but as country applications are arso expected to be very heavy it is believed that the £12,000,000 ‘will be largely exceeded.

The Rt. Hon. S. M, Bruce and financial circles are highly gratified with the success and regard it as a happy augury for future conversion loans The "Morning Post,” in a leader headed "Well done, Australia,” trusts that the conversion response will afford practical testimony of the admiration universally felt in Britain for Australia’s splendid effort to set her house in order. NEW GUARD ACTIVITIES. NO GOVERNMENT INQUIRY. Sydney, Oct. 4. Answering a question in the Legislative Assembly the Premier (Mr Stevens) said that the Government, acting on the advice of the Crown Law Department, did not intend to hold a public inquiry into the New Guard’s activities, as there was no ground, legal or otherwise, on which any member of that organisation could be prosecuted. BONDS RISE ABOVE PAR YESTERDAY’S DEALINGS Sydney, Oct. 4. The Stock Exchange reflected the favourable terms of the conversion loan and bonds were in keen demand several four per cents selling in excess of par. Sales.—Bank of New South Wales £3l 7/6, Commercial Bank of Sydney £l7, Bank of Australasia (ex dividend) £ll 15/- and £ll 12/6, Queensland National Bank £5 10/-, Colonial Sugar £54 15/-, Burns Philip £2 9/3, Australian Gas B £6 16/-, Milliquin Sugar £1 7/7}, Tooths £> 15/4, Tooheys £1 l z 6, Dunlop I’erdriau 16/6, ditto pref. £1 11/-. Electrolytic Zinz. 18/10}, ditto pref. £1 9/6, British Tobacco £1 15/6, Henry Jones £1 14/6, Berlei £1 5/9, Mt Lyell £l 4/3, Broken Hill Propriety ry £1 2/6, North Brokens (ex dividend) £3 14/6 and £3 15/-. Taranaki Oil 3/I}.

Bonds.—Four per cents 1938 £lOl 10/-, 1941 £lOl 11/3, 1944 £lO2, 1950 £lOO 12,6, 1953 £lOO 17/6, 1955 £lOl 5/-, 1957 £lOl 12/6, 1959 £4Ol 18/9, 1961 £lOO 8/9. Melbourne.—Union Bank £9, Goldshrough £1 7/9, Burns Philip £2 9/-, Electrolytic Zinc 18/9, Mt. Lyell £1 4/3, South Brokens £2 11/-.