The United States Government is converting its old bonds into .2 per cent, oonsols with remarkable rapidity. At the time the Refunding Act was passed it was anticipated that conversions to the extent of 400,000, OOOd-01. might be expected, but now it appeals that something like 431,000,000d01., representing various Government bond, issues, were converted prior to the 31st of December, the last date at which the exchange could be made. Such success indicates that there must be very large amount of money in the United States on which investors are content to accept small returns. Of course, the banks have taken up a large amount to conform to the Currency and Banking Statutes, but outside this the public have also converted a very considerable sum. "
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New Zealand Mail, Issue 1523, 28 February 1901, Page 59
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125Untitled New Zealand Mail, Issue 1523, 28 February 1901, Page 59
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