CONVERSION LOAN

Evening Post, Volume CXV, Issue 75, 30 March 1933, Page 12

CONVERSION LOAN

FINAL RESULT LATER

OVERSEAS HOLDERS:4

THE POSITION TO DATE

The final result of the Xew Zealand conversion loan will not be announced uutil the beginning of June, as bondholders who are abroad and companies with their head office overseas" haVa been granted an extension of 'time ia which to make their applications. Although the scheme closed last Friday, application from distant parts are btill , being received by the Treasury. The volume of maii is rapidly declining, however, and it is expected that by tomorrow most of the stock will have been dealt with, except that held over. The position last night was as follows:— , , • £: Assented conversions .. 103,770,0ftj; Silent conversions 8,500,090 Total conversions 114:270,00 ft Events 730,090 It will bo noticed that ' the stock covered by dissents has increased" in the last few days, but it is still, considerably less than three-quarters of I per cent, of the total conversions, arid is hkely to be further reduced as a result of correspondence now in traia between the- Treasury and the holders. So many interests co-operated witfc the Government in making the conversion a success that it is N difficult to apportion our thanks," said the Minister of Finance (the Bt. Hon.lj, G.Coatrs) last night. "Members of tha IScw Zealand Stock Exchange not only, placed, their expert knowledge gratuitously at tho disposal of bondholders, but took an active part in the campaign in the Press and over the-radio, we are indebted to them and also to the banks, -which gave a'valuable personal service to bondholders and -which . allowed their offices to be % used as ' clearing-houses for conversion applications. The legal profession took -its part well and gave as material assistance. ' . f . THANKS FOB ASSISTANCE. . "I.must specially commend the support given to us by the Press of New Zealand. The newspapers -were a val- - uable medinm. for our advertising, and gave.our.progress reports every consideration in their news columns: A' Government is very fortunate' which can depend on such support- for , a national cause. I have to thank .also tho YA and the B Class broadcasting stations for giving us all the opportunities we desired to make personal explanations and appeals to _ their listeners. The screen advertising companies and picture theatre proprietors generonsly made available-another important, field. ' ' ' "Among our own Departments, I must pay a particular tribute to the officers of the Treasury -who, on top'of their arduous -work during the last few weeks of the Parliamentary session, have had to face the even more, difficult task of handling tens of thousan'd3 of conversion applications and dealing with the voluminous correspondence that arose from. them. The organisation of the Post Office again proved of sub* stantial assistance, and X .am grateful to its officers for shouldering this special burden in addition •to their already heavy, duties. A DECISIVE LEAD. "As for the Government bondholders who came, forward so willingly and in-such great numbers to accept the reduction.-we asked of them, time-will show what an important part they have played in restoring the stability of the public finances and reviving enterprise and'prosperity among out people. Ia the meantime they have given-a decisive lead^to all other investors and financial institutions to help Teduce-in-terest -rates to a substantially lower basisl. They can rest assured that ths Government -will take every care to protect tho value of their ,-iev securities on the market by controlling new issue 3 and t>y asking the Local Government • Loans Board in respect of locaPbody; loans, to have regard to the interest reduction .policy laid down by Parliaj incnt. "■.■