LOAN CONVERSION

New Zealand Herald, Volume LXX, Issue 21454, 30 March 1933, Page 10

LOAN CONVERSION

FINAL FIGURES DELAYED slightly more dissents ASSURANCE TO BONDHOLDERS [BY TELEGRAPH—own correspondent] WELLINGTON, Wednesday On account of certain unavoidable delays, tho final result of the Government's internal debt conversion will not be known for soma weeks. Bondholders who aro abroad and companies with their head offices overseas have had to be allowed until Juno 1 to make their applications, and since the stock they hold may amount to soino hundreds of thousands of pounds it will be impossible for the Minister of Finance, tho Rt. Hon. J. G. Coatos, to announce the final figures until after that date. In addition, a sninll portion of tho outstanding stock is still tho subject of correspondence between tho Treasury and tho holders, and tho fate of this also is unlikely to bo determined for a week or two. Although tho scheme closed last Friday, applications from distant parts are still being received by tho Treasury. Tho volume of mail is rapidly declining, however, and it is expected that by to-morrow most of the stock will have been dealt with, except that held over for the reasons stated above. Tha position this evening was as follows Assented conversions, £105,770,000; "silent" conversions, £8,500,000; total conversions, £114,270,000; dissents, £730,000. It will be noticed that the stock covored by dissents has increased in the last few days, but it is still considerably less than three-quarters of one per cent of tho total conversions, and is likely to be further reduced as a result of cor* respondenco now in train between tho Treasury and holders. In expressing his thanks to tho many persons and agencies throughout the Dominion that had helped to make the conversion a success, Air. Coates stated this evening that bondholders could rest assured that the Government would take every caro to protect the value of their new securities on tho market by controlling new issues and by asking the Local Government Loans Board, in respect of local body loans, to have regard to the interest reduction policy laid down by Parliament.