LOAN CONVERSION

Hokitika Guardian, 19 September 1932, Page 5

LOAN CONVERSION

FURTHER AMOUNT IN ENGLAND. (Britiah Official Wireleaa.) • RUGBY, September 13, - The announcement that a further £35,000,000 of the 5 per cent. War Loan has been converted into 3J per cent stock has led to the opinion being expressed in the city that (the amount which will be required to pay off holders on December 1, who have refrained from converting, will not exceed £100,000,000. At present, redemption has been sought in respect to only £88,060,000, and no action has yet been taken in regard to ,£112,000,000, but it is known that many holders of stock have refrained from converting it during the bonus period in order to save the bonus money. Their stock will be automatically converted -at the end of the present month. ;

FRENCH CONVERSION LOAN. • . 1 . ;t . PARIS, September 16. France is : 'v«>hvertihg; nearly £1,000,000,000 5' per'cent .. and 6 ; . percent stocks to 4$ per cent. BILL ADOPTED IN FRANCE. PARIS, September 17. ‘After an all' night sitting, the French Chamber of Deputies passed the Loan Conversion Bill by 540 votes to 48.

The Bill goes to the Senate to-day and it is expected to h e adopted. If so, it will come into operation on Monday. It for new 4£ per cent, .rentes, to b e redeemable within seventyfive years at the moot, and not to; be convertible .before January • Ist, 1939. The estimated saving is £11.400.000 yearly.