LOAN CONVERSION

Dominion, Volume 28, Issue 96, 17 January 1935, Page 12

LOAN CONVERSION

Commonwealth 5 Per Cents. . BIG SUMS INVOLVED By Telegraph.—Press Assn.—Copyright. Sydney, January 16. Underwriting to-morrow of the Conversion Commonwealth 5 per cent. Joans totalling £22,384,000 is reported at 3:1 per cent, at par, maturing 1956-61. - The prospectus will be issued on Thursday. Cash lists will open theu, and close on Friday. The conversion closes on January 28. The loan comprises £5,000,000 issued in 1922 at £96; £7,500.000 issued in 1923 at £99; £10,000.000 issued in 1924 at par, of which £116.000 has already been redeemed. Already £146,000,000 has been converted during Mr. Bruce’s stay in London. A further £48,000,000 remains to be dealt with between now and December 31 next, of which £12,420,000 are of definite maturities. The Conversion is described as the largest single London operation that the Commonwealth has ever undertaken, and the terms are also the best ever obtained. DEALINGS ON ’CHANGE Yesterday’s Sales The following sales were recorded yesterday on the stock exchanges mentioned: — WELLINGTON.

SYDNEY STOCK EXCHANGE Industrials Very Strong By Telegraph.—Press Assn.—Copyright. (Received January 16, 9.10 p.m.) Sydney, January 16. Oa the Sydney Stock Exchange to-day Commonwealth bonds were steady, but the activity of gilt-edgeds is restricted, while the market for industrials, viewed generally, is very strong. Sales: Union Bank, £9/2/-; Colonial Sugar, £42/2/6; Mercantile Mutual Insurance, 26/-; Australian Provincial Assurance, 11/1; Associated News, 2-1/-; ditto, pref., 24/6; Howard Smith, 16/-; Burns Philp, South Sea, 24/6; Australian Gas A, £B/2/6; British Tobacco, 39/9; Tooths, 51/3; Drug Houses of Australia, 26/9; Dunlop Perdriau, 20/-; Goldsbrough Mort, 30/-; Morris I-Ted-strom, 17/6; Henry Janes, 36/9; Farmers, 27/3; Anthony Hordern, 19/4$ ; Standard Cement, 19/10$; General Industries, 13/11; ditto, pref., 24/101. Mt. Morgan, 37/7s; Mt. Lyell, 17/3; 'Larut, 11/9; Matti Tin. 25/-; Placer Development, £25/8/-; Euratha Gold, 7/2. Morning sales included :—Commonwealth bonds, 4 per cent., 1938, £104; 1941, £lO5/17/6; 1944, £108; 1950, £lll 5/-; 1953, £lO9/17/6; 1955, £lO9/17/6; 1957, £llO/12/6; 1961, £111; Australian Gas A, £B/2/6; Tooths, 51/3; British Tobacco, 39/9: Broken Hill Proprietary, 54/6; Burns Philp. South Sea. 24/6 ; Howard Smith, 16/-; James Stedman, 17/6; Morris Hedstrom, 17/4s; Wilcox Mofflin, 10/7. Melbourne, January 16. Sales on the Melbourne Stock Exchange to-day ihcluded :—Commercial Bank of Australia, 16/10; English, Scottish and Australian Bank, £5/3/-; Goldsbrough Mort, 30/-; “Herald and Weekly Times,” 57/6; Electrolytic Zinc. 22/6. London Stock Exchange (British Official Wireless.) Rugby. January 15. The stock markets are cheerful. On news of the Saar plebiscite result; German bonds again provide a firm feature and French bonds are also higher. British Government stocks are quiet. War Doan 3$ per cent, is quoted at £lO9/10/-. By Telegraph.—Press Assn.—Copyright. London. January 15. On the London Stock Exchange quotations of bank shares and other corporation debentures and stocks compare with previous quotations as follow: — Jan. 2. Jan. 15. £ s. cl. £ s. <l. Australasia 9 O 0 !) 6 3 New South Wales . 2-1 0 0 23 10 0 Union of Australia 6 10 O 6 15 74 National of N.Z. ? 14 3 2 14 10* E„ S. and A 4 2 9 4 10 0$ Bank of N.Z. shares 3 9 2 4 0 N.Z. Loan & Merc. 4 p.c. debent. . . 93 0 () 93 o (1 N.Z. Loan & Mere. (ord.) 37 10 0 37 10 0

£ s. d. Comm. Bank of Aust., cum div. 0 16 5 Bank of New Zealand 2 9 6 Union Bank, Melb. reg., cum div. 9 3 0 N.Z Breweries ♦2 12 6 British Tobacco 1 19 10} "MTatinnal Tllectrie ,0 10 0 Unlisted: Woolworths Ltd ord 4 5 6 •Late'sale Tuesday.

AUCKLAND. Inscribed Stock, 4 p.c., 1946 ... c £ s. . 105 10 d. 0 Hamilton Borough, 4} p.c., 1949 , . 103 10 .0 Comm. Bank of Aust. . 0 16 Eng., Scot, and Aust. Bank .... . 5 1 6 Bank of New Zealand . 2 9 6 TTnlon Bank ........... ...... ■ , 9 1 0 National Insurance ........... . 1 2 3 N Z. Insurance , 3 9 3 South British Insurance (2) .... . 4 17 3 , 1 6 9 Electro. Zinc, pref , 1 13 6 Morris Hedstrom (2) . , 0 17 0 Robinson Ice Cream . 1 1 6 Sanford 0 3 0 Golconda Holdings , . . 0 1 7 Waihi . 1 19 10

CHRISTCHURCH. £ s. d. Com. Bank of Aust, cum div. .. 0 IS a Reserve Bank (3) 6 12 e Union Bank, cum div 9 0 0 Goldsbrough Mort 1 9 6 Ditto 1 10 0 N.Z. Refrig., £1 paid, cum div. 1 1 3 Ditto, 10/- paid, cum div. (2) 0 10 1 Kaiapoi Woollens, pref. (3> .... 0 18 3 1 19 a Alexander Mines . 0 17 10 Big River (4) 0 2 1 Ditto 0 2 0 Ditto 0 2 1 0 0 81 Gillespies Beach (2) 0 1 6 0 0 si Maori Gully 0 1 6 Sales reported:— 9 0 0 Canterbury Frozen Meat, ord. . 10 12 6 Big River (2) 0 2 1 Mount Lyell 0 17 2 Unlisted: — Macetown 0 1 4 Woolworths (Syd.), ord 4 5 0 DUNEDIN. £ s. d. N.Z. Refrig., 10/- paid, cum div. 0 10 1 Big River (3) O 2 *> Sales reported:— National Insurance (2) 1 2 0 Union Steam, pref 1 7 3 Dunlop Perdriau 0 19 10 Broken Hill Proprietary (2) .... 2 14 6 Woolworths (Syd.) 4 5 0 Otago Daily Times 2 12 0