BRITISH LOANS

Hokitika Guardian, 3 October 1932, Page 5

BRITISH LOANS

BAN WITHDKAWN AGAINST NEW ISSUES. * a (United Press Association—By Electric Telegraph—Copyright.) LONDON, September 30. The Chancellor of the Exchequer, Mr Neville Chamberlain* announces the Withdrawal of the ban on new, loan issues except ones on behalf of borrower? ’domiciled Outside the Empire, or where the proceeds are to be remitted abroad, and also that on the optional replacement of existing loan issues by i-ssues involving underwriting or an invitation for new cash. Tile Chancellor adds that, with a view to coordinating the requirements of borrowers and of preventing possible congestion, no trustee security issue should be -made without agreement with the Bank of England, regarding its amount and the date of issue. LONDON, October 1. “The removal of the ban on fresh loan issues gives new hopes to British i industry,” says the “Daily Telegraph.” New trades will be encouraged by' the import duties, beside© which established industries will be able to appeal to the Hom e investor for cash. The. benefit of the cheap money in London will be reserved for Empire industry. No foreign country or industry will be permitted to raise capital here and remit the proceeds' abroad. Any new cash so raised must remain in the Kingdom. CHEAPENING OF MONEY. BRITISH LOAN CONVERSION. LONDON, ‘ October 1. , The War loan conversion offer has closed to-night. A total of £1920 mil- ' lions sterling .worth pf the 5 per cent, war loan surplus has been converted, leaving £165,000,000 or , eight per cent, of the total to be redeemed in cash on December Ist. BRITISH SMALL SAVINGS. 'RUGBY, September 30. Addressing the conference of the 'National Savings Association, at Oxford to-day, Sir Robert Kindersley stated the small rsavings of Great Britain totalled two thousand two hundred and fifty-six million pounds, or fifty pounds per head of the population. He referred to ;the calm 'and patriotic attitude maintained by the holders of savings j certificates during the crisis, and their action in refraining from preseming" their certificates ■ for encashment. 'Those in authority knew that the great mass of the people could be Telied on to show common sense, and it was this policy of trusting the people to a» what was fight, That wns British patriotism,