OVERSUBSCRIBED.

Star (Christchurch), Volume LXIV, Issue 939, 8 December 1933, Page 1

OVERSUBSCRIBED.

Australian Conversion Successful. LIST CLOSED IN TWO HOURS. United Press Assn.—By Electric Telegraph—Copyright. (Received December 8, noon.) LONDON, December 7. The Commonwealth loan was oversubscribed and the list of cash applications closed after two hours. A message from London on. Tuesday said:—Excluding £10,647*349, which will be underwritten to-morrow, only £17,854,000 in Australian optional loans remain unconverted in London. The delay in the present operation, which Mr Stanley Bruce was ready to launch weeks Ago, is due to the unsatisfactory state of the market, owing to uncertainty about the dollar. The last few days have seen only a slight improvement, but Mr Bruce has apparently decided to take a somewhat sporting risk before the arrival of the unsettling Christmas atmosphere. The r.ew conversion, at 32 per cent, issued at 99. gives a flat yield of £3 15s 9d and a redemption yield of £3 16s 9d, which Mr Bruce regards as. .flattering to Australia in view of tne market conditions. It matures in 1949 and is optionally redeemable in 1946.