CONVERSION SCHEME

Hokitika Guardian, 16 March 1933, Page 6

CONVERSION SCHEME

AN important stage

INCREASED APPLICATIONS. (Per favour of Government.)

WELLINGTON, March 16,

Th e Government debt conversion was advanced an important stage this mom: •ihg \then in a'emes of Huge'operations, each irlvoilvihg millions of' ppuudsfy- ! the whole of the internal debt held by the State' !l)ep:/r.tments amounting to £45,800,000' was . converted-. under the scheme. -At the s arrte tinie, 1 conversions offered by the public rose tp 4 total of £36,322,147, so that of the total internal debt df t£115,000,000, no less than- •£82yi22,147 is now accounted tor, ■eight days "(before applications ckse. Applicatidns received' from the public] during 24 hours ending 'at midday today covered £3,563,465 worth of stock"lf this progress i-s maintained, and ■slightly'increased'’during th 0 last ddyS' of the peridd, there is every , reason to ; believp that by March 24th, practically ! 100. per cent, of the debt' will have been offered to the Government for conversion. Considering: that the majority of applications now being received are from small investors, -bach covering only ia' few 'thdiisathd poun*&at the most, jit will ' he understood what a vast ! amount’ bf v work the Treasury is involved in 'to reach a daily total of ovei £3,500,000.' . IncOmiiig mails which are being de- : livorecl constantly throughout the day ha e Reached] huge proportions, , and a "special "accbuhtiiig staff, which has been for.' 'the' worfj is now bus\, day and, night. In'' a statement to-day the Minister of' T'inknce, 'Hon. J. G. Coates, sau* that- although the response so far had | been-excellent,, the Gov e rnment was j by any ineane slackening its efforts- to !’ make,public the details] of the and- to secure th<j fullest co-opprat-id I of (bondholders (in all parts of the -Dominion. “It is hardly necessary for me” .to emphasise, -said Mr Coatee, “how important- it is for the prestige of the country that on March 24th when applications close, we should be able to v say that 90 p e r cent or 95 per cent., 0 r a 6 I "earnestly hope, 100 per the debt of.the Dominion within Kcw Zealand has been/freely and willingly offered" to ] the Gov-ernment for conversion;’' Pqr.Mie sake' of equality and fairness, Parliament provided whM ] amounts to a penalty for non-conversiOn,-y hut we are. most’reluctant to use it, , and as we see the increasing stream” oT a pplications that' pours, day after day, into the Treasury and thp sense :mt ardently helpful spirit of the countiy, ■we, feel that w e shall never need it. The Dominion's reputation for. patriotism, good sense and financial stability, will be vastly enhanced by the debt conver-siop, as outstandingly successful as this , bow., promises to b e , but J must remind the people that before it is /done, 'before the relief, all are so urgently in need of can .be -given, every J bondholder whether, his interests arc ; large .01% small must cheerfully take his ; par-t.”