THE CONVERSION SCHEME.

Star (Christchurch), Issue 6185, 13 March 1888, Page 4

THE CONVERSION SCHEME.

[Spboiaii so Press Association.] LONDON, March 10. Mr Goßchen's Conversion Scheme provides for the conversion of one hundred and sixty-six millions of new three per cents, sixty-nine millions of reduced three per cents, and one hundred and twenty-three millions' worth of consols, redeemable in 15 years at a percentage of 2|, or in 20 years at 2|. Mr Goschen's conversion, scheme merges the different stocks into one. Holders of the new three per cents, are offered three per cent for the current year and two and threequarters per cent, for the next 14 years, at the end of which period the interest will be reduced to two and a-half per cent. The latter rate will prevail till the expiration of the twentieth year. Holders wishing to be paid off in cash at the end of a year's time must signify their wish by March 29. Holders of consols and reduced three per cents are offered similar terms with the addition of a 58 cash bonus and Is 6d for brokerage. The conversion proposals will affect .£558,000,000 worth of stock. Mr Gladstone applauded the scheme, and expressed the opinion that much public benefit would result from it. All the newspapers speak in favourable terms o£ it. LONDON, Mirch 11. Mr Goschen states that he has no fear that foreign complications will compromise his conversion proposals. He also believes that the scheme will ultimately effect a saving of two million eight hundred thousand annually. I