CONVERSION OF STOCK.

New Zealand Herald, Volume XXV, Issue 9000, 13 March 1888, Page 5

CONVERSION OF STOCK.

MR, GOSCHEN'S SCHEME. MR. GLADSTONITsUPPORTS IT. [press association.] London, March 10. Mr. Goschen's conversion scheme provides for the conversion of one hundred and sixty-six millions of new three per cents., sixty-nine millions of reduced three per cents., and one hundred and twenty-three millions worth of consols, redeemable in fifteen years at a percentage of 2f, or in twenty years at 2£. It merges the different stocks into one. Holders of the new three per cents are offered three per cent, for the current year, and two and three quarters per cent, for the next fourteen years, at the end of which period the interest will be reduced to two and a-half per cent. The latter rate will prevail till the expiration of the twentieth year. Holders wishing to be paid off in cash at the end of a year's time must signify their wish by March 29. Holders of consols and reduced 3 per cents, are offered similar terms, Avith the addition of a 5s cash bonus, and Is 6d for brokers. The conversion proposals will affect five hundred and fifty-eight million pounds' worth of stock. Mr. Gladstone applauded the scheme, and expressed the opinion that much public benefit would result from it. All the newspapers speak in favourable terms of it. London, March 11. Mr. Goschen states that he has no fear that foreign complications will compromise his conversion proposals. He also believes that the scheme will ultimately effect a saving of £2,800,000 annually.