MATURING LOANS

Poverty Bay Herald, Volume LX, Issue 18205, 28 September 1933, Page 11

MATURING LOANS

£41,800,000 BY 1940 PROSPECTS FOR CONVERSION An official return shows that the amount of tho State’s overseas debt which will be available for legitimate conversion during the next seven years is very much larger than has generally been realised. Actually, loans aggregating £41,800,000 will’ reach _ their maturities or optional maturities in the United Kingdom before the end of 194 C. This total is made up as follows: — Optional maturity date already reached. U9.000.C0O: optional maturity in 1955. £10,000.000; optional maturity in 1936. £5,800.000 ■ maturity in 1940, £17,000,coo.

Of the loans which have already reached their optional maturity dates, tho Prime Minister, Air. Forbes, has announced that arrangements have been made for the conversion of £5,000.000. There is some doubt whether the Government will be able to proceed with the conversion of the balance of £4,000,000 during the current year.

In the House of Representatives, Mr. !>. G. Sullivan (Labor, Avon) asked the Minister of Finance. Air. Coates, if he would open negotiations in London for the conversion of local body , debt held overseas in order to relieve the heavy burden on municipalities and their ratepayers, largely created by the Government's exchange policy. He quoted the Financial News as saying that the present was an opportune time for the. Minister of Finance to open these negotiations.