AUSTRALIAN LOANS

Wanganui Chronicle, Volume 76, Issue 288, 6 December 1933, Page 7

AUSTRALIAN LOANS

ANOTHER CONVERSION ARRANGED BY MR 3RUCE. By Telcr; apli—Pres. AMOc*-tion —CopyriuM) LONDON, Dee. 4. Despite the difficult conditions of the market the Australian Press Association understands that Mr 8. M. Bruce has arranged the immediate conversion of a substantial amount. It is expected that the terms will be available to-night. CHANCELLOR’S PERMISSION [ British Official Wireless 1 RUGBY, Dec. 4. As an exceptional measure the Chancellor of the Exchequer has agreed to an immediate Commonwealth of Australia issue for the purpose of refunding certain Australian loans bearing interest rates of 5j per cent, and 5 per cent. A SPORTING RISK EXCELLENT TERMS LONDON, Dev. 4. Excluding £16,647,000, which is being underwritten to-morrow, only £17,854,000 of Australian optional loans remain in London. The delay in the present operations, which Mr Bruce was ready to launch weeks ago, was due to the unsatisfactory state of the market largely owing to the uncertainty of the dollar. The past 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. Tho now conversion gipes a flat yield of £3 15s 9d and a redemption yield of £3 16s 9d, whreh Mr Bruce regards as flattering to Australia in view of tho market conditions. The prospectus will be published on Wednesday and the loan will open and close on Thursday. Existing holders will be allowed ten days in which to convert.