FRENCH CONVERSION
LARGE SUM INVOLVED . . ENABLING LEGISLATION , BOTH HOUSES APPROVE GOOD RESULTS EXPECTED By Telegraph—Press Association—Copyright (Received September 18, 5.5 p.m.) PARIS, Sept. 17 France is arranging for the conversion ■of nearly £1,000,000,000 of 5 per cent and 6 per cent stocks to per cent. After an all-night sitting the Chamber of Deputies passed the Conversion Bill by 540 votes to 48. The bill went to the Senate to-day and was adopted by 291 votes to 9. It will come into operation on Monday. The new 4£ per cent rentes will be redeemable in 75 years at most and not convertible before January 1, 1939. It is estimated that the scheme will result in a saving of £11,400,000 a year. " The overwhelming majorities for the Conversion Bill are regarded as a political triumph for the Prime Minister, M.Herriot. The conversion operation should reduce the cost of living and stimulate a j trade revival.
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Bibliographic details
New Zealand Herald, Volume LXIX, Issue 21291, 19 September 1932, Page 9
Word Count
153FRENCH CONVERSION New Zealand Herald, Volume LXIX, Issue 21291, 19 September 1932, Page 9
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