CONVERSION LOAN

Manawatu Standard, Volume LII, Issue 205, 30 July 1932, Page 7

CONVERSION LOAN

NUMBER OF APPLICATIONS. TWO MILLION MARK REACHED. VERY FEW FOR REDEMPTION. (United Press Association—By Electric Telegraph.—Copyright.) (British Official Wireless.) Received July 30, 11 a.m. RUGBY, July 29. The applications for the conversion War Loan have now reached tho two million mark. Only 000,000 holdings remain to bo dealt with. Tho Bank of England yesterday received 640,000 applications for conversion and 3400 for redemption. Tho applications to the Post Office Savings Bank were 21,000, bringing the aggregate to 690,000, of which over 606,000 were for conversion. Many, holders who applied for redemption in cash have since cancelled their applications and requested conversion. One such application yesterday was for £500,000.

MAGNITUDE OF TASK. THOUSANDS OF CLERKS EMPLOYED. LONDON, July 29. Four thousand five hundred clerks aro exclusively employed on the 5 per cent. War Loan conversion operations, of whom 2400 are on the Bank of England staff. The operations are mechanised to a degree. Megaphones are used on every floor to convey general instructions to the staff. The magnitude of the task is shown by tho fact that in tho index room alone there aro 3,500,000 cards with 13,000,000 entries regarding stocks held by the banks. Tho Post Office also is proud of its achievement of dealing with 5,000,000 extra letters in a month. Though the Government only promised payment of the 20s bonus within a fortnight, the Post Office succeeded in dispatching the warrants within two days. Mr Montagu© Norman, Governor of the Bank of England, states that special arrangements are being made to meet overseas applicants. The bonus will depend on the date of mailing. If conversions are received in December from tho Solomon Islands the bonus will b© paid. The full staff will work at the Bank of England through Bank Holiday, August 1, to deal with last-minute applications. SAVING OF £23,000,000 YEARLY. The Prime Minister (Mr Ramsay MacDonald), in a broadcast speech a few days ago, said that by means of tho war loan conversion scheme the Government was continuing tho work begun at Lausanne and which was to be further proceeded with at tho Economic Conference later in the year. This work was directed to the removal of somo of tho causes of existing poverty and unemployment. Tho success of the conversion scheme would mean a net saving of £23,000,000 a year, which would be a tremendous help in keeping British credit at its proper levol.