CONVERSION LOAN.

New Zealand Herald, Volume LXVIII, Issue 20965, 31 August 1931, Page 9

CONVERSION LOAN.

BOND MARKET HARDENS. BANK SHARES RECOVER. (Received August 30, 7.5 p.m.) SYDNEY, August 30. In the last (lays for dealing, in the " old " bonds the market for Commonwealth securities was satisfactory, and prices had a hardening tendency in consequence of the heartening progress of the conversion loan campaign. The actual conversions to mid-day yesterday were £337,250,000, arid promises brought the total to £390,000,000, leaving about £150,000,000 outstanding, much of which is held by small investors, who are expected to allow their holdings to be converted silently.

Bank stocks cased somewhat on tho Stock Exchange through selling by weak holders, but the presence of ready buyers caused a recovery in values.

LABOUR CONFERENCE. PREMIERS' FINANCIAL PLAN. HOSTILE MOTION DEFEATED. MELBOURNE, August 29. The conference of the Federal Labour Party defeated a South Australian proposal that members of Parliament who supported the Premiers' plan should be expelled from the movement. The Prime Minister, Mr. Scullin, and the Treasurer, Mr. Theodore, voted against the proposal.

STATE BANK BILL. OPERATION FROM TO-DAY. SYDNEY, August 29. The Governor, Sir Philip Game, has assented to the Savings Bank Bill, which will take effect on Monday. The new commissioners will meet on that day to decide the opening date and elect a chairman,