ANOTHER TRIUMPH
A UST RA LI A N CON VERSION (Received Dec. 8, noon) LONDON, Dec. 7. The Commonwealth loan has been over-subscribed. The list of cash applications closed after two hours. The success of the conversion probably will enable the remainder of Australian optional debts in London to lie converted in January, after which Mr. 8. M. Bruce will he able to visit Australia. The new Australian conversion issue brings the total handled since October last year to £88,210,000. The first operation, covering a sum of £12,361,000, was oil account of a Now South Wales 51 per relit, loan which matured on November 1, 1932, The following issues were in February, May, July and September of this year. Mr. Lyons stated in the Budget, brought down on October 4, that the annual saving by the conversion operations effected to that date, covering a sum of £71,560,0C0 amounted to £1,600,000 in interest and exchange. The conversion now underwritten reduces to £17,854,000 the, loans with optional maturities now existing in London. The Budget showed that in 1934 there will be maturities amounting to £5,569,450 of which £3,781,000 will be optional. In 1935 the maturities will bo £81.792,000. of which £62,480,000 will he optional.
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Bibliographic details
Poverty Bay Herald, Volume LX, Issue 18266, 8 December 1933, Page 7
Word Count
202ANOTHER TRIUMPH Poverty Bay Herald, Volume LX, Issue 18266, 8 December 1933, Page 7
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