CONVERSION OFFER

Stratford Evening Post, Issue 28, 30 January 1929, Page 2

CONVERSION OFFER

NEARLY'ALL TAICE'IV UP.

DOMINION'S GOOD STANDING

WELLINGTON, January 29.

Sir) Joseph) Ward staited tjouaiay that lig !li at\ received intimation from London thai the £12,000,000 conversion offer to holders of New! Zealand 4 pen cent. 1929 consolidated stock, tnado. in conjunction with, "the recent cash loan of £7,000,000, had been taken up to .the extent of £/11,750,~ 000. Ho considered this result sat, fifactory], njs it Vndicate|d jthat (the termg of the offer (£lO4-5 of 1948.58 L.V per cent, slock for each £IOO of thjq old) Were its good as it iWan possible, to obtain under the present market conditions. Including the Co', ! 000,000 conversion last Way aim about purchased for can. collation, a total of £17,750,000 or 4 per cent. stock had now been dealt with. "It, will thus ho seen," said Sir oseph Wa,fd< '"thai/ jwei hjpro al-J ready accomplished a. great deal t<* wards surmounting the nwsfc form id. able financial hurdle, and the! success of thpso most important operations Ts n. Further indication |of 'Our Iftghl standing in London, fthe mooy market, of the world 1 . The statement made in a section of tltu press recently about conversion oppHatoms, being ujndeh-written (is fnot mn'edb, as there was no underwriting whatever for any portion of the whole sum."-