CONVERSION LOAN
THE CONVERSION LOAN. fUnited Press Association.—By Electric Telegraph.—Copyright. ] LONDON, September 13. The “Economist,’ in an editorial, says:—“ It is impossible to congratulate the Australian Loan Council on forcing the conversion dissenters to convert their holdings. M-re far-see-ing statesmen would have reflected that such compulsions will cheapen the oatriotic sacrifices of the great majority, and arnish the credit of Australia. The Commonwealth and the States have laid thems. Ives open to a charge of breach of contract without even an immediate financial advantage. If the* latest proposal to prevent the States to sell bonds over the counter means four per cent. interest, the prospects of obtaining money are anything but bright. If, on the other hand, it is liop.d to raise substantial sums in London and . ew York, the treatment of the minority of its internal bond holders, apait from the present unfavourable conditions, would appear a doubly unfor tunate error in tactics.”
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Hokitika Guardian, 14 September 1931, Page 5
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154CONVERSION LOAN Hokitika Guardian, 14 September 1931, Page 5
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