SATISFACTORY RESPONSE

Taranaki Daily News, 1 February 1933, Page 9

SATISFACTORY RESPONSE

CONVERSION LOAN. SUCCEEDS

£2,000,000 ALREADY SUBSCRIBED. V

REDUCTION FROM 5j TO 5 PER CENT.

INVESTORS’ COJtFIDENCE SHOWN.

By Telegraph.—Press Association. - Wellington, Last Night. A satisfactory response has been made to the Government’s offer of conversion of 5i per cent, discharged soldiers settlement loan securities totalling £4,114,530 which are held by the New Zealand public, and which fell" due for payment on January 15, according to a statement made by the Rt. Hon. J. G. Coates, Minister of Finance, in an interview to-night. ' . ... Holders of debentures and ■ inscribed stock were offered renewal for a further period to June 15, 1940, with interest at 5 per cent, per annum. The Minister stated that the response to date to the Government’s offer had been very satisfactory indeed, holders to the extent of £2,163,470 having already made application for new securities. " \ nnonnn Securities to the amount of £1,308.000 have been paid off in cash, but the Minister stated that ’in' a number of cases the proceeds so uplifted had been repaid to the Government for re-invertment. The amount of £640,000 still required to be dealt with, and on the existing figures it was. estimated that a considerable proportion of the remaining securities would be renewed. Mr. Coates added that he was pleased with the result so. far, which was taken as an indication of the confidence of investors. |