£21,000,000 INVOLVED
AUSTRALIAN CONVERSION LARGEST VET ATTEMPTED (Received Sent. 13, 2* p.m. LONDON. Sept. 12. The Australian conversion loan involves approximately £21.030.000. I lie terms already are m the bands ol: Mr. d. A. Lyons. It is not only the largest single conversion Mr. S. M. Bruce, lias undertaken. but possibly the largest conversion ever underwritten. Mr. Bruce intended, until recently, to lamicli only the Commonwealth £1 a. 000.000 6 per cents, but, on the Hood tide of Australian credit seized the oppurln nitv for adding New Smith Wales and Western Anal i aliun 5; per cents The* improvement' on the terms obtaintainablo for I.hr previous conversion m dune, is the measure of progressive improvement, m the l'mninonwealtli r, credit in London. Tin* Treasury's ban on conversions is still operative, but again was specially lifted for Australia’s benefit.. Outstanding convertible loans are now only £34.000,0C0. none ol which is above 5,> per cent. Further immediate .Australian conversions are unlikely, because a big British funding operation is imminent, and boutli Alrieii. also, is anxious imniediat.elv to enter the market.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/PBH19330913.2.109
Bibliographic details
Poverty Bay Herald, Volume LX, Issue 18192, 13 September 1933, Page 8
Word Count
178£21,000,000 INVOLVED Poverty Bay Herald, Volume LX, Issue 18192, 13 September 1933, Page 8
Using This Item
The Gisborne Herald Company is the copyright owner for the Poverty Bay Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of the Gisborne Herald Company. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in