£2l-Million N.Z. Loan Conversion

Manawatu Times, Volume 66, Issue 115, 16 May 1941, Page 8

£2l-Million N.Z. Loan Conversion

AN EARLY ATTEMPT Per Press Association. WELLINGTON, May 14. The conversion of Government loans totalling £ 21-million of debt domiciled in New Zealand is to be attempted iff the near future, according to an announcement by the Minister of Finance, Mr Y 7. Nash, in an interview to-day. Mr Nash said that the offer to convert was addressed to the holders of the following Government securities: Three per cent, stock and debentures maturing July 15 this year, per cent, stock and debentures maturing November 15 this year, end 3J per cent, and 4 per cent, stock maturing on March 15, 1943. These holders were invited to apply forthwith and, in any case, not later than June 14, for the conversion of their holdings in any or all of these loans into new 3$ per cent, stock maturing 1957-60 at the rate of £lO3 of new stock for every £IOO of old stock surrendered or. alternatively, into a shorter-dated three per cent, stock maturing 1946-48 at par. Replying to a question as to th® likelihood of another war loan, Mr Nash stated that the preparatory work for the financial programme for th® year for both the war and the ordinary Budget were now in hand. There was no doubt that a war loan would be necessary, and it would b® issued as soon as a review of the requirements and the resources generally had been completed. He could say, however, that the war loan for thi* financial year would be purely voluntary.