CONVERSION LOANS

Press, Volume C, Issue 29517, 19 May 1961, Page 13

CONVERSION LOANS

Minister Asks For Action

(N.Z. Press Association) WELLINGTON. May 18. Up to the close of business yesterday, nearly 11.000 stockholders had applied for conversion of £23m of their holdings in the maturing loans covered by the conversion offer, the Minister of Finance. Mr Lake, said today. “This is less than I had expected from the excellent response of the first few days. There are 28.000 stockholders altogether in the three loans holding some £s6m of stock. The offer closes tomorrow and investors who may have overlooked this fact should complete and lodge their applications without delay.” Mr Lake said. ”1 cannot emphasise too strongly the importance of a successful conversion." Mr Lake said. "To convert an existing holding into the new loans is as valuable to the Government as an investment in a new cash loan. It would be a most important aid to the Government’s policy of restoring and maintaining financial and economic stability if present holders leave their cash invested with the Government rather than seek repayment. "I strongly urge all who have not yet done so to com. plete their application for conversion right away.” he said.