Caution of Chancellor Of Exchequer Excessive
LOAN PLACED AT DISCOUNT FAVOURABLE RECEPTION WAS NOT ANTICIPATED
United Press Association —By Electric Telegraph—Copyright. Received Wednesday, 8.5 p.m.
LONDON, Nov. 6.
It is understood that £30,000,000 of now 5 per cent, conversion loan being offered to tho public at 100 has boon placed with banks, insurance companies and other large houses at 994. The Financial Nows says the explanation is that the Treasury is faced with the absolute necessity to cover January-February maturities totalling approximately £31,000,000 at a time when the money market owing to several causes will be oven more perturbed and uncertain than at present. Had the Treasury anticipated such a favourable reception for its loan, there would have been no roason for undertaking what is virtually a* underwriting operation. The action of the Treasury was dictated by prudence, which, as events have shown, has been excessive.
£9 10/* to £ll. Best yearling heifers brought up to £3 9/-; good frosh cows, £8 10/- to £9; young bulls, to £9 5/*.
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Bibliographic details
Manawatu Times, Volume LIV, Issue 7060, 7 November 1929, Page 7
Word Count
170Caution of Chancellor Of Exchequer Excessive Manawatu Times, Volume LIV, Issue 7060, 7 November 1929, Page 7
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