VICTORIA'S PINCH.
PAYING DEARLY FOR LOAN CONVERSION.
By Telegraph—Press - Association—Copyrigh; Received 12.38 a.m., Oct. 12. London, Oot. 11.
The Victorian conversion loan is officially announced. Bondholders will bo offered for a period of about throe weeks the' choice, firstly of taking .£IOB threoand a half per cent, stock, redeemable from 1929 to 1949, for every £IOO of existing debentures, the holders retaining the coupon due in January, 1904, The new stock will carry interest from October Ist, and will have sinking fund of. one per cent.; or, secondly they will be offered four per cent. Treasury bills, repayable in July, 1906, and 25s cash, with tho option to holders of bflls to convert into £lO4 of 3J per cent, stock up to December 31st, 1905, with one month’s coupon on bills payable on July 1, 1904. Messrs Nivison and Company have arranged the scheme, and practically completed the underwriting of the loan. The underwriters’ commission will be one per cent.
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Bibliographic details
Gisborne Times, Volume X, Issue 1019, 12 October 1903, Page 2
Word Count
160VICTORIA'S PINCH. Gisborne Times, Volume X, Issue 1019, 12 October 1903, Page 2
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