LOAN REDEMPTION

New Zealand Herald, Volume LXXIV, Issue 22627, 15 January 1937, Page 5

LOAN REDEMPTION

REPAYMENT OF HOLDERS LARGE DISTRIBUTION TO-DAY About £3,000,000 will be available throughout the Dominion to-day for the payment in cash for holdings of 4 per cent Government stock and debentures which wero not converted in the Government's loan operation at the end of last year. The Government announced proposals in October for the repayment 'at par or conversion on January 15 of £12,400,000 of 4 per cent stock and bearer, debentures. These fell clue on January 15, 1940, but the Minister had the right to repay at any time within three years prior to the maturity date on giving three months' notice. For conversion interest at 3} per cent for long term and 3 per cent for a shorter period was offered. Applications for conversion totalled £8,253,780 and the balance is being repaid in cash to-day when the distribution of converted stock and debentures will also bo commenced. Any stock and debentures not converted will be repaid at par on and after to-day on presentation to the Reserve Bank of New Zealand, Wellington, in the case of stock, of a request for redemption in the prescribed form, or on the surrender to the Reserve Bank or to any branch of the Bank of New Zealand of debentures with interest coupons intact in respect of the period subsequent to January 15, 1937. No interest will accrue on stock or debentures of the 4 per cent 1937-40 issue after to-day and coupons for any period subsequent to that date will not no payable on presentation. HIGH PRICE OF COPPER i SHARP RISE IN LONDON OTHER METALS FIRMER LONDON, .Tan. 13 Following are to-day's quotations on tho London metal market compared with those of January 12:— Jan. 13 Jnn. 12 Per ton Per ton £Sd £ k d Copper, slan., spot 51 5 7V 3 51 10 0 Copper, st., 3 mos. 5-1 5 7Va 51 13 I'A Copper, electrolytic 5!) 0 0 56 0 0 lo to 59 10 O 67 O O Copper, elect., wiro liars .. 5!) 10 O 57 0 O Lead, soft, spot.. "JS 11 3 'JS 5 o Lead, soft, forward '_'S S O J 3 Spelter, spot . . 15 O 'JI IS 11 Spelter, forward .. '-"2 Hi 3 22 t 3 Tin, sian., spot . . 'J3I 5 O 230 15 O Tin, stan., 3 inns. 231 17 0 230 12 6 TRADE OF BRITAIN RETURNS FOR PAST YEAR INCREASE IN EXPORTS British Wireless RUGBY, Jan. 13 The Board of Trade returns for December show that the value of imports into Britain was £83,657,000, compared with £74,480,625 in December, 1935, an increase of £9,170,375. The value of exports was £40,516,000, compared with £34,917,068, an increase of £5,598,932; and of re-exports, £6,100,000, compared with £5,432,397, an increase of £667,603. The exports aro the highest for any month since 1930. Following is a comparison of the returns for December of the last three years:— Imports Exports Re-exports £ £ £ 1931 63,262,544 34,300,352 3,605,65» 1H35 74,450,625*» 34,917,06S 5,432,397 1936 83,657,000 40,616,000 6,100,000 The apparent adverse balance in December, 1934, was £25,356,523. It increased in December, 1935, to £34,131,160. Last month the excess of imports over export*; increased to £37,041,000. Corresponding returns for periods of 12 months are: — Imports Exports Re-oxports £ £ £ 1934 732,330,823 306,107,511 61,263,472 1035 750,930,175 425,921,313 55,265,376 193(1 850,403,718 110,713,012 60,4 11,498 The apparent adverse balance for the past I*2 months is £349,279,208, compared with £276,749,456 in 1935 and £284,959,807 in 1931.