LOAN CONVERSION

Hokitika Guardian, 16 July 1932, Page 5

LOAN CONVERSION

FURTHER! APPEAL

BY CHANCELLOR OF EXCHEQUER

(British Official Wireless.)

RUGBY, July 14

On his departure for Ottawa to-day, Mr Neville Chamberlain (Chancellor of the Exchequer), in a message to General Seely, who is organising the public appeal for the operation for the conversion of the 5 per cent, war loan to 3) per cent, says:—The success which has been achieved" in the. immense task of converting the war loan is greater than either I or my advisers expected. I have eveiy confidence .that, before the end' of July’, the vast majority of the holders- will have .converted, and will thus , bring forward convincing evidence of ‘ the financial security of this country and of a continuation of the determination of our people to unite in bringing us back, to better times.” A further 4700 applications in connection with the scheme followed yesterday morning at the Bank of England, and the total number to dkte flow exceeds 600)000, The number of applications for i'edemptioii is insignificant.

The Post Office Savings BaUk l'Ocoivod about 370,000 applications, the majority being for conversion. The market for British Government securities continues strong.

Among many large holders of the war loan stock, whose decision, to convert was announced to-day, are Cooperative "Wholesale Society (two million sterling), Spiders (£190,000), and the Yorkshire Penny Bank (£6,475. 030.) ,