CANADIAN LOANS
REDEMPTION PROPOSAL OLD SECURITIES BEING PAID OFF HUGE SUM INVOLVED (United Press Assn.—Telegraph Copyright.) Ottawa, May 9. Power to raise by way of loan an amount not exceeding 750,000,000 dollars will be sought by the Minister of Finance, Mr E. N. Rhodes, in a resolution of which notice was given to-day for the purpose of paying or redeeming the whole or any portion of loans or obligations of Canada and for purchasing and withdrawing from circulation unmatured securities of Canada. The loan resolution does not necessarily mean that borrowing will be made up to the amount named. The Dominion has maturing debts this year amounting to 279,971,000 dollars. It is anticipated that the refunding portion of the new loan will be issued at 4 per cent, with the expectation that the selling price will mean a yield slightly over that rate. The borrowings will probably be in Canada with the exception of 60,000,000 dollars payable in New York, which will doubtless again be borrowed there because of the discount on Canadian funds. A conversion loan is also anticipated, but no details are known.
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Southland Times, Issue 22012, 11 May 1933, Page 7
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185CANADIAN LOANS Southland Times, Issue 22012, 11 May 1933, Page 7
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