LOAN CONVERSION

Hokitika Guardian, 16 August 1932, Page 2

LOAN CONVERSION

GREAT SUCCESS INDICATED

BENEFITS OF OPERATION.

(British Official Wireless.)

RUGBY, August 12.

' A. Treasury announcement as to the progress of the war loan conversion operation up to the end of the bonup month is expected next week. Much progress has been made with the great volume of mail received.during the last few days of July, and for some days afterwards. The delayed post, consisting mainly of letters from abroad, was unexpectedly large. There are indications that before July 31st, £l,700,000,000 worth of 5 per cent war stock, was converted to 31 % stock, and that the final approximate amount will show a considerable higher figure. The total amount of the War Loan outstanding is £2,177,000,000. City circles do not doubt that the Treasury will be able to announce a very great success, and anticipate that apart from the benefits it will confer on the financial situation the operation will encourage other countries with conversion schemes in prospect.

TO BE CONSIDERED LATER. WELLINGTON, August 15. It was ' ascertained to-day that the Government had not yet given consideration tb a conversion loan,- and that nothing is likely to bo done until Abo return of ’Mr Downie Stewart. Mr Fofibe,?, referring to now loans sniictioned,* said they ennnot be taken as au indication of the amounts actually borrowed, as many loans might be rejected at a poll or might not bo proceeded with for other reasons. The’ new loans sanctioned werel927-28, - £3,212,185; 1928-29, £3*866,651; 1929-.; 30, £3,063,842; 1930-31, £1,766,256 ; 1931-32, £781,195. The loans outstanding at March 31, were £65,029, 606, and the accumulated Sinking ■Fund was £9,323,461. The. sinking fund contributions for 1930-31 "'ere £866,646, and exceeded the amount of new loans sanctioned for £1931-32.