AUSTRALIAN LOAN
Sucessful Conversion Programme
BIG INTEREST SAVING LONDON, dune 4. The Rt. Hon. S. M. Bruce, Australian Resident Minister, has announced that lie is underwriting to-morrow a conversion loan of £16,551,403 at 23 per cent, interest at 99, and maturing in 1911-43. The conversion consists of a New South Wales loan of £10,954,600 at 4J per cent., a South Australian of which now bearing interest at 4J per cent., a South Australian of £2,368,141 at 3$ per cent., a Western Australian of £2,631,165 at 4| per cent., and another Western Australlian of £597,497 at 3 per cent. The South Australian and the smaller Western Australian loans mature on July 1 December 1 respectively. The others are optionally redeemable, now or at a later date, but Mr Bruce has decided in favour of the large issue. This ends his programme, totalling £198,000,000 since October, 1932, with a total annual interest saving of 3,979,00(} Australian pounds. This final operation is believed to be the lowest rate of interest touched by Australia in modern times. It gives a yield to investors, including the redemption bonus, of £2 18/6 per cent, per annum.
The prospectus is being published on Monday. For cash subscriptions tl» loan opens and closes on Tuesday.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/HBTRIB19360605.2.74
Bibliographic details
Hawke's Bay Tribune, Volume XXVI, Issue 146, 5 June 1936, Page 9
Word Count
207AUSTRALIAN LOAN Hawke's Bay Tribune, Volume XXVI, Issue 146, 5 June 1936, Page 9
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