MONEY MARKET OPENED

Taranaki Daily News, 16 January 1933, Page 9

MONEY MARKET OPENED

BAN PARTIALLY WITHDRAWN BRITISH CONVERSION COMPLETE CHANCELLOR LIMITS REQUEST. FOREIGN ISSUES NOT YET WANTED. British Wireless. Rugby, Jan. 13. Now that the series of operations directly associated with the conversion of the 5 per cent. War Loan is about to be completed by the repayment on February 1 of 5 per cent. Treasury bonds, 1933-35, the Chancellor of the Exchequer (Mr. Neville Chamberlain) thinks the time has come When he may safely withdraw the previous request regarding new issued of capital, except in the following cases:— Firstly, foreign issues, namely, issues on behalf of borrowers domiciled outside the Empire, or issues the proceeds of which would be remitted directly or indirectly to countries outside the Empire. Secondly, the optional -replacements of existing issues by new issues if these new issues rank as trustee securities and involve either underwriting or an invitation to the public to subscribe new cash. The Chancellor still asks, however, that, with a view to co-ordinating the requirements of intending borrowers and so preventing a possible congestion of the market, no issue ranking as trustee security may be made without prior agreement with the Bank of England regarding the amount and the date of issue. EASIER TERMS NOW POSSIBLE. MARKET FOR EMPIRE BORROWERS

Rec. 5.5 p.m. London, Jan. 14. The Times London city editor says the capital market is now open to domestic and Empire borrowers, except for the replacement of existing issues by new issues, with the option of conversions ranking as trustee security, enabling borrowers generally to replace debentures on easier terms.