CONVERSION LOAN.
Public Concerned to Small Extent Only. TREASURY’S CONFIDENCE. United Press Assn.—By Electric Telegraph—Copyright. (Received March IS, noon). RUGBY, March 17. The Bank of England announces an offer of conversion to holders of £116,467,382 of the 4* per cent Treasury Bonds, which fall due for repayment on April 15 next. The holders are offered for each £IOO of their holdings £97 12s 6d for a 4i per cent conversion loan, redeemable between 1940 and 1944, or £lO7 for a 4 per cent consolidated loan, repayable after 1957. While the choice is given to exchange into securities, holders who prefer it have the right to be paid off in cash. It is understood that at least 90 per cent of the bonds are held by Government Departments and the public in consequence is concerned to only a small extent. The terms of conversion offered are virtually equal for both stocks. The present step is regarded by the Press as indicating the confidence of the Treasury in the improving status of British credit. Moreover it creates a market for a much more ambitious project to convert the £2,000,000,000 of the 5 per cent War Loan, which is in contemplation.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/TS19320318.2.6
Bibliographic details
Star (Christchurch), Volume XLIV, Issue 376, 18 March 1932, Page 1
Word Count
198CONVERSION LOAN. Star (Christchurch), Volume XLIV, Issue 376, 18 March 1932, Page 1
Using This Item
Star Media Company Ltd is the copyright owner for the Star (Christchurch). You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Star Media. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in