LOAN CONVERSION

Hokitika Guardian, 4 October 1929, Page 6

LOAN CONVERSION

THE PREMIER, PLEASED. (By Telegraph—Press Association). WELLINGTON, October 3. Speaking in reference to the New Zealand loan conversion at London (as to which a, cable stated 40 or 50 per cent would remain with the underwriters), Sir Joseph Ward stated to-day: “With reference to our recent conversion offer of £5,000,000 of our consolidated stock that is maturing on the Ist November, my' advices indrgg-te that the underwriters will bo left with about thirty per cent. In view of all of the circumstances and of tlie latest increase in the Bank of England discount rate to six a!ndeal’llalf -per- cent during the offer, the result of the ofFer is satisfactory.” i. •; ■ He added: “The whole transaction of converting the £29,000.000 maturing is now practically effected, as arrangements to deal with the outstanding £4.700,000 on the Ist November have been completed. One important feature of this transaction has been the ability of this country to redeem a substantial amount of the loan from local issues, during the past twelve months ” ' LONDON PRESS COMMENT. LONDON, October 3. “The Times'” discussing the Now Zealand conversion loan, says: “The result, falls short of expectations, yet it is by no means an unsatisfactory one, in view of the recent unfavourable money market conditions, in the absen r <' of which the whole of Hbe :; i, -cut would’ .probably have b-'-n .converted, as New Zealand’s steps to ropey £4,703.000 out of the £9,703.000“ c.f Us four per cent stock mat on November Ist, has created a favourable impression.