PROGRESS OF CONVERSION

Taranaki Daily News, 16 July 1932, Page 7

PROGRESS OF CONVERSION

CHANCELLOR GRATIFIED

SUCCESS OF IMMENSE TASK

DETERMINATION OF PEOPLE

APPLICATIONS POURING IN

(British Wireless.) Rec. 5.5 p.m. Rugby, July 14. On his departure for Ottawa to-day Mr. Neville Chamcrlain, Chancellor of the Exchequer, in a message to General Seely, who is organising the public appeal for the loan conversion operation, says: “The success which has been achieved in the immense task of converting the war loan is greater than either I or my advisers expected, I have every confidence that before the end of July the vast majority of holders will have converted, and thus brought forward convincing evidence of tho financial security of Britain and of the continued determination of our people to unite in bringing us back to better times.”

A further 47,000 applications in connection with the scheme followed yesterday morning at the Bank of England, and the total number to date now exceeds 500,000. The number of applications for redemption is insignificant. The Post Office Savings Bank has received about 370,000 applications, the majority being for conversion.

The market for British Government securities continues strong.

Among the many large holders of war loan stock whose decision to convert was announced to-day are the Co-opera-tive Wholesale Society (£2,000,000), Spillers (£190,000) and the Yorkshire Penny Bank ( £0,475,000).