Australia to Make Further Conversions

Horowhenua Chronicle, 15 July 1933, Page 3

Australia to Make Further Conversions

PROSPECTS BRIGHT. Received Friday, 7 p.m. LONDON, July 14. Australia’s £17,000,000 conversion is being underwritten July 14. The prospectus will be issued on Monday. The list opens on Tuesday, closing the same day for cash applications and ten days later for conversions. Once again Australia has obtained exceptional treatment by the temporary lifting of the British embargo for her £17.000.000 operation which completes £60,000,000 conversions within eight or nine months.

Admittedly the market at the moment is not too favourable for operation, but the opportunity had to be taken to make the issue now as otherwise it would have entailed waiting a couple of months till the holiday season is over, when Australia would have had to run the risk or other Dominions competing in the money market. Newspapers, in their city columns, give prominence to the Australian conversion.

The Morning Post says a successful conversion seems assured in advance by reasons of the terms offered. The Financial Times says Commonwealth loans may now be ranked in the most desirable category of investments. The Daily Herald financial editor says that in view of the big investment demand for securities of this kind and the recent improvement in Australia’s financial and commercial position, the loan is likely to be a success.