VICTORIAN LOAN.
By Telegraph.-Press Association.—Copyright.
London, October. 9. The Standard believes that the Victorian arrangement will take the form of an issue of short term bonds or bills, the present time being regarded as unfavourable for the issue of large permanent loans. (Received October 12, 12.38 a.m.) London, October 11. The Victorian conversion loan is officially announced. Bondholders will be offered for a period of about three weeks the choice, firstly of taking £108 of 3| per cent, stock, redeemable from 1929 to 1949, for every £100 of existing debentures, the holders retaining the coupon due in January, 1904. The new stock will carry interest from October 1 and will have a sinking fund of 1 per cent. Or, secondly, they will be offered 4 per cent, treasury bills, repayable in July, 1906,. -and 25s cash, with the option to the holders of bills to convert into £104 of 3£ per cent, stock up to December 31, 1905, with one month's coupon on bills payable on July 1, 1904. Nivrson and Company have arranged the scheme and have practically completed -the underwriting of the loan. . The underwriters' commission is to be 1 per cent.
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Bibliographic details
New Zealand Herald, Volume XL, Issue 12399, 12 October 1903, Page 5
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194VICTORIAN LOAN. New Zealand Herald, Volume XL, Issue 12399, 12 October 1903, Page 5
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