BRITISH LOAN
A GOOD RECEPTION
(United Press Association.—By Electric Telegraph.—Copyright.)
LONDON, Nov. 6
It is understood that thirty millions of a new five per cent, conversion loan, which is being offered to the public at 100 has been placed with banks, insurance companies and other large houses at 991. The “Financial News” says: The explanation is that the Treasury Is faced with an absolute necessity to cover the January and February maturities, totalling approximately thirtyone millions, at a time when the money market, owing to several causes will be even more perturbed and uncertain that at present. Had the Treasury anticipated such a favourable reception for the loan, there would have been no reason for undertaking what is virtually an underwriting operation. The action of the Treasury is dictated by prudence, which prudence the event has shown to be excessive.
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Hokitika Guardian, 7 November 1929, Page 6
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140BRITISH LOAN Hokitika Guardian, 7 November 1929, Page 6
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