GREAT RECOVERY.

New Zealand Herald, Volume LXIX, Issue 21233, 13 July 1932, Page 9

GREAT RECOVERY.

BRITISH POSITION.

ADMIRATION EVOKED.

CONVERSION SCHEME.

REMARKABLE RESPONSE.

BENEFICIAL RESULTS.

By Telegraph—Press Association—Copyright. .(Received July 12, 6.35 p.m.) British Wireless. RUGBY, July 11. In the House of Commons to-day Mr. Neville Chamberlain, Chancellor of the Exchequer, speaking as a Minister just returned from the Lausanno gathering, said nothing could be more gratifying than to hear the almost universal expression of admiration and astonishment at the manner in which Britain had recovered her position.

Referring to the conversion scheme, Chamberlain said the applications exceeded all anticipations and the response from really largo holders of the 5 per cent, war loan had been particularly gratifying, as had also the proportion of assents received from foreign holders.

Up to this morning there had been received more than 650,000 letters and the proportion of dissents was trifling. The beneficial results of the scheme were already shown in the extraordinary rise in British gilt-edged securities.

If those who desired to make new issues would forbear a little time while this operation was proceeding, it would be possible to make new issues on far more favourable terms than would have beep possible' before.

ANOTHER £1,500,000.

BANK OF NEW ZEALAND.

ALL TO BE CONVERTED. [by telegraph.—press association.] WELLINGTON, Tuesday. The Bank of New Zealand has decided to convert the whole of its holding of £1,500,000 of British 5. per cent, war loan.

CONSOLIDATED FUND.

THE APPROPRIATION BILL.

DEBATE IN THE COMMONS. (Received July 12,'5.45 p.m.) LONDON, July 12. In the course of the debate in the House of Commons last evening oh the Consolidated Fund Appropriation Bill Sir Stafford Cripps (Labour —Bristol East) urged the Government to treat the present situation like that of 1914. It should be prepared to take control if necessary of everything conducing to the national prosperity. Mr. Winston Churchill congratulated the Chancellor of the Exchequer upon the conversion scheme, the secrecy and boldness of which, ho said, constituted a model. The savings achieved should bo returned to the taxpayer in the form of a reduction of direct taxation; otherwise the great operation would ,bo essentially deflationary and the national spending power would be reduced by £23,000,000. This could only be balanced by a corresponding reduction of taxation.