LOAN CONVERSION

Otago Daily Times, Issue 21773, 12 October 1932, Page 7

LOAN CONVERSION

ANOTHER ISSUE IN BRITAIN LIST CLOSING NEXT WEEK. 1 (British Official Wireless.) V : , . RUGBY, October 10. (Received Oct.. 11, at 6.5 p.m.) It is announced that the Government.’ ■; will make an immediate issue of £150,000,000 of 2 p6r cent. Treasury bonds at par, redeemable in 1935:38, and holders of 4J per cent. Treasury bonds (1932-34), the. redemption of which has already been announced, may surrender this stock in whole or in part in exchange;.for the new,'stock. The list for cash applications will be closed on or before October 12, and for conversion on October 17; "■ *> Converters of the 4$ per cent, bonds to tlie new 2 per cent. .Treasury bonds , will receive 10s per cent, cash bonus,’ The Daily. Telegraph says it is’ be--lieved that most of the maturing 4} bonds are held by public departments. Limitation of the issue to_ £150,000,000 will raise conjehturea as regard the';, means the Government will employ, to r redeem .the i £166,000,000 (forth 6f unconverted war 5 per cents, on December; 1. The ndw 2 per cent, bonds will pro- ; vide a new standard of British credit. Gilt-edgeds became buoyant on the appearance of the prospectus. I GREAT RUSH OF APPLICATIONS. J : M LONDON, October 11. (Received Oct. 12, at 1.30 a.m.) There has been a great rush of applications for Treasury bonds, although the list has beejfc open v fpr prily an hour'. The success -of the issue had an immedi- - ate effect on British funds, ail of which were , marked up sensationally. The assented .war loan rose 21s 3Jd and th« conversion loan 12s 6d.