CANADIAN LOAN.

Star (Christchurch), Volume LXIV, Issue 829, 1 August 1933, Page 1

CANADIAN LOAN.

Sum of £15,000,000 to be Raised in London. United Press Assn.—By Electric Telegraph—Copy right. LONDON. July 31. The City editor of ‘‘The Times” says: “For the first time for twenty years Canada is . issuing a loan in London. It will be for £15,000.000 sterling with interest at 4 per cent. It will be offered at par and be repayable over twenty to twenty-five years. It is the first fruit of the Empire declaration and will help to maintain the stability of Empire exchanges as it will increase Canada’s exchange resources.”

SURPRISE OCCASIONED. (Received August 1, 12.30 p.m.) LONDON, July 31. The financial writer of the “ Daily Telegraph ” says that surprise is expressed in some quarters that the Canadian issue was not accompanied by a Treasury announcement of the relaxation of the embargo as was made in the cases of the Australian conversions. The explanation is that the Treasury considered that this was unnecessary. The Australian optional conversions came within the Chancellor’s ban, which, for new money issues, applied only to foreign and not Empire loans. The Canadian prospectus states that no part of the proceeds will be remitted directly, or indirectly, to countries outside the Empire.