LOAN CONVERSION

Hokitika Guardian, 24 March 1933, Page 6

LOAN CONVERSION

NINETY PER .CENT.

LAST DAY TO OFFER

WELLINGTON, March 24

Ninety per cent. 0 f the internal debt 1 lias been offered to the Government for conversion, and holders of the remaining 10' -per cent. have only ;i '"few moi’o hours in fwhioh ; to niakh’!'their

applications. Under the terms of the debt, conversion hot,'' the scheme definitely closes to-night.

Return's'''requisitioned late last- night from banks, post offices and district 1 t4 - c',.mwy offices, in all parts of ‘ New' Zealand, brought the total offer up tro £104,016,337, which represents s'igbtlv over 90 p->r cent, of the whole debt of £115,000,000, '

'Similar returns will be carreer for to-night ©0 that although the fihal'-’-S’e-,su!t of the conversion will not be known until * next week, ft will b ( y possible by to-morrow to give a very fair approximation.

Stock' in respect 0 f which - dissents have h-ee-.i lodged 'i s j;ow £472,C00 or considerably less than one half of one per cent, of the total oonversions. Since- t-hp last few day.s 'have shown no marked increase in notices of dissent, it- seems safe to predict that eonvtr.d'oTis' absented' and "silent * will represent as much rs 98 « r 99 per cent, of the total debt.

The' conversion of the British war .loan 'last year under different conditions was 92-per•cent, (successful. " i n the Australian debt conversion of 1931 out of a total of £556 million, the; .assontedi ,stock was £487 million (88 per cent,), dissented stock £lB million (3. per. cent.), and “silent-’ conversions- £SO -millions (9 pe T cont.) It is already clear that both the percentage of .conversions actually assented and the total percentage of . ..'conversions will be greater in New. Zealand than. They were in the Commonwealth.

“All I can.do now,” said the Minister of Finance, Hon. j. O. Coates to-day, “is to remind bond holders that to-day is the 'last, day on which their applications fo r conversion may be posted, ,-gr lodged with banks. post offices, or districttreasury offices. I have many times stressed thp value of a unanimous response to our appeal. We are nearly: there; now, and 1 am confident that when the filial result is known, it- 'will be v.-i-ry. .gratifying indeed. I know that some of. the details of the scheme- have been criticised among the public,.’'blit.l harm ‘found no one who -can' deny.-that the bone fits of conversion are -real-and ..are essentia! to the. country’s welfare, - . and that- after Ml, , is the bondholder':;’ main concern, for lie must first- guard hig country’s welfare if he. will guard his own.’'