LOAN CONVERSION

Hokitika Guardian, 5 October 1932, Page 5

LOAN CONVERSION

N'.S.W. SUCCESS | to , SPLENDID SUPPORT. (Australian Press Association.) •CAMBERRA, October 4. The 'Sydney ‘‘Sun’s” representative says: Provided the London money market remains stable, the Commonwealth Government propose to launch a major funding operation there next year. CAMBERRA, October 4. Regarding the loan nevt year to be -issued in London, it is understood the Government contemplates launching a loan involving the conversion of more Gian -eighty-two millions. It is hoped that any future conversions will be issued at par with. the- interest rate at four per cent. The annual saving on these terms would be -in the vicinity of two millions. ,

LONDON, October 4. The . “Morning Post,-’ in a leading article headed “Well ’ Done Australia!” says it trusts the conversion response will' afford practical testimony of the admiration universally felt in Britain for Australia’s splendid effort to set her -House in order. OVERSUB CRIBED. N.S.W. LOAN. LONDON, October 4. The New -South Wales conversion loan was oversubscribed in half an hour. A queue of messengers with application forms awaited the opening of the Commonwealth Bank, which also received so many mail applications that the list was closed in about half -an hour. The amount is undisclosed, but as country applications are also expected to be very heavy, it is believed that twelve millions will b e largely edMr Bruce -and financial circles are highly gratified -at t-he success, and regard it ae a happy augury for -future conversions. TRIBUTE TO AUSTRALIA. (Received this day at 9.26 a.m' LONDON, October 4. Evening, papers pay a tribute to the conversion success which the “Evening News” describes as England’s tribute to Australia., and congratulates Mr Bruce on his great personal part.. The ‘“Standard” says the rapid success was a remarkable indication of the improvement taking' place in Australia’s dredit.