LOAN CONVERSION

Manawatu Standard, Volume LII, Issue 204, 29 July 1932, Page 7

LOAN CONVERSION

ADDITIONAL APPLICATIONS. SOME LARGE AMOUNTS. HOLDINGS IN SWITZERLAND. (United Press Association—By Electric Telegraph.—Copyright.) (British Official Wireless.) Received July 29, 10.55 a.m. RUGBY, July 28. ■ A further 74,000 applications for conversion of the war loan were received by the Bank of England yesterday, there being only 800 applications for redemption. The total applications to date are as follow: — Bank of England 1,056,000 Post Office Savings Bank ... 666,000 Trustees Savings Bank 56,000 Bank of Ireland 31,000 Grand total 1,869,000 Of the total 1,755,000 are for conversion. The total holdings are about 2,600,000. The Swiss Bank Corporation yesterday deposited for conversion holdings of £1,000,000, and other largo applications were announced from Switzerland and South Africa. EFFECT. APPRECIATION IN STOCKS. LONDON, July 28. The biggest loan conversion of the day was £734,000 by the Scottish Australian Investment Company. It is believed that large numbers are postponing their applications to the last moment. The stimulating effect of the conversion on all securities is shown by the Bankers’ Magazine, which states that 365 leading stocks havo appreciated in capital values to the extent of £273,000,000 during the month ended July 20.

Continental holders continue to convert freely. The scheme has provided a windfall for_ stockbrokers and solicitors who, besides the banks, are entitled to commission as agents converting for clients. It is expected that the commission paid by the Government will total £3,000,000.