BRITISH WAR LOAN

Southland Times, Issue 21772, 29 July 1932, Page 5

BRITISH WAR LOAN

SUCCESSFUL CONVERSION. NEW ZEALAND MAY BENEFIT. (United Press Assn.—Telegraph Copyright.) Ottawa, July 27. Mr J. G. Coates has expressed the opinion that Britain’s successful £2,000,000,000 loan conversion may have an important bearing on New Zealand’s external interest charges. New Zealand owes Britain £24,000,000, representing the 5 per cent, funded war debt. Mr Coates considers there is a prospect of reducing this to. the same 3| per cent, rate as the British conversion loan, and the presence of Mr Neville Chamberlain at Ottawa happily provides a favourable opportunity for discussing the matter. FURTHER APPLICATIONS WINDFALL FOR STOCKBROKERS. (Rec. 7.0 p.m.) London, July 28. Another flood of applications for conversion of the war loan was received by the Bank of England totalling 70,000. The total applications outstanding are now under 731,000. Continental holders continue to convert freely. The scheme has provided a windfall for stockbrokers and solicitors, who besides the banks are entitled to commission as agents converting for clients. It is expected that the commission paid by the Government will total £3,000,000.