NEW SOUTH WALES STOCK.

New Zealand Herald, Volume XXIX, Issue 8986, 17 September 1892, Page 5

NEW SOUTH WALES STOCK.

THE CONVERSION SCHEME. Press Association.—Electric Telegraph.—Copyright. London, September 16. The opinion is held by financiers in the city that no conversion of the New South Wales loan could be advantageously made until the 3£ per cents, are at par, and it is believed that Sir George Dibbs obtained actuarial reports confirming this news, which is concurred in by the authorities of the Bank of England. The Rothschilds and Mr. Goschen also stated in the city that the conversion of New South Wales stock at present would result in a loss of between one million and two million pounds, though if the 4$ per cent, inscribed stock were omitted from the scheme it is thought that a considerable saving in annual interest could be made, even with 3£ per cent, under par ; but the money market is certain to be nervous about any operation in its present condition. It is considered that one great advantage of the conversion would be the creation of a 3£ per cent, stock of a more manageable form, if the redemption were spread over a sufficient period to escape the existing difficulty of redeeming huge blocks, as one large stock is always more marketable than a lot of small ones.