BRITISH 2 P.C. ISSUE

Evening Post, Volume CXIV, Issue 89, 12 October 1932, Page 7

BRITISH 2 P.C. ISSUE

RUSH OF APPLICATIONS

ALL FUNDS MARKED UP

United Press Association—By Electric Telegraph—Copyright. (Beeeived 12th October, 8 a.m.) LONDON, 11th. October. Thero was a great rush of applications for the new 2 per cent. Treasury Bonds. The list was only open an hour. The success of the-issue had an! immediate effect on British, funds. AH j were marked up sensationally. Assented War Loan rose 21s 3Jd and Conversion 12s 6d. Converters of 4J per cent, bonds to the new 2 per cent, issue will receive J 10s per cent. cash, bonus.

The "Daily Telegraph" says:—"lt is b.elieved that most of t~e maturing 4J per cent, bonds are held by public departments. The limitation of the issue to £150,000,000 will raise conjectures in regard to the means the Government will employ to redeem £165,000,000 worth, of unconverted War Loan 5 per cents, on Ist December. The new 2 per cent, bonds provide a new standard of British credit. Gilt-edged securities became buoyant on the appearance of the prospectus."

According to a message published yesterday the terms of the issue of £150,000,000 2 per cent. . Treasury bonds at par, redeemable 1933-38, were that holders of 4£ per cent. Treasury bonds,' 1932-34, redemption of which has already been'announced, might surrender this stock in whole or in part in exchange for the new stock. The list for cash applications was to be closed onor before 12th October, and for conversion on 17th October.