RESTRICTION ON LOANS

Poverty Bay Herald, Volume LIX, Issue 17871, 30 August 1932, Page 6

RESTRICTION ON LOANS

THE BRITISH POLICY PARTIAL RELAXATION STATEMENT P,Y CHANCELLOR (British Official Wireless.) Roe. 2 p. RUGBY, Aug. 20. On his return from Ottawa, the Chancellor of the Exchequer has reviewed the position arising from his request; to intending Jiorrowej's to refrain front coming on the.market pending the completion of the conversion operation. ... In view of the gratifying high percentage of assents already received from holders of the war loan, the Chancellor now feels, satisfied that, some partial relaxation of the present arrangements may safely .bo permitted, hut for the time being lip. requests that only the following operations,be..undertaken: Firstly, the mere. exchange of .one class,.of security for. another, without change of ownership, and, secondly, the issue of new security to replace , security, the final redemption of which had prior to July 1,1032, been fixed for a date earlier than December 1 next, provided that ..suqli operations concern only British^,. including Empire, sterling issues domiciled in London, and involve neither the, provision of now cash lior underwriting. An announcement respecting the .re-payment-of the 41 per cent, war.loan, l!)2d-4d, .ami the 4j per cent. Treasury bonds, 1032-34, is being made on Tuesday. By 111 c beginning of Qctobey it will be possible to ps'tinjato with fair accuracy the total amount of cash to be provided for redemption on December 1. The question of terminating the so-called “embargo” will then be reviewed, and ,u.,further (statement made.