Success of Loan Conversion Operation

Manawatu Times, Volume 69, Issue 52, 4 March 1944, Page 5

Success of Loan Conversion Operation

WELLINGTON, March 3. In an interview to-day the Acting Minister of Finance (Hon. D. G. Sullivan) stated that advice had just been received by cable of the result of the conversion operations undertaken by New Zealand in connection with the loan of £7,339,056 which was due for repayment in Loudon on March 1. “The conversion offer,” said Mr. Bullivau, ‘ 4 was made on February 1 and closed on February 20. Preliminary figures indicate that applications for conversion from the original holders totalled £0,023,400; leaving only £1,310,* 250 to bo dealt with on maturity date. Under tho facilities made available by the British Government through the Bank of England this was repaid on maturity date, the corresponding amount of new 1900/04 stock being taken up by the bank. The ultimate disposal of this stock is now under consideration. “The ready acceptance of tho conversion offer by tho British public to the extent indicated reflects their confidence in the financial stability of the Dominion, aud is most gratifying to the Government us it must also be to the people of New Zoalaud. 1 have no doubt that the locul conversion offer now open in New Zealand will receive a similar reception as the results to date show a very favourable response. As there is only one more week to go, however, before tho New Zealand offer closes holders of those securities, that is 4 per cent. February 15, J 946 stock and debentures, should take an early opportunity of making their decision as action on their part whether to accept conversion or apply for repayment is essential before the closing date on March 11.” Uflild Welfare Work A brief but informative review of the the activities of the Child Welfare Branch of the Education Department was given by Miss Lorua Hodder, child welfare officer, at the Palmerston North Citizens’ Lunch Club weekly meeting yesterday. Information from many sources, said tho speaker, enabled a great deal of preventive work to bo done in discovering tho causes of homo troubles where children were concerned, with a view to eliminating the difficulties which arose. The majority of those problems were solved without the necessity of resorting to action through the Children's Courts. In all cases which did come before the Courts a great deal of officers’ time and patience was expended in pursuing the fullest inquiries regarding every child to acquaint the magistrate with all the facts. There followed then tho visiting and the oversight of all children who had been dealt with by the Courts, and the responsibility for the placement of children committed to the care of the .State. Other activities of the department., to which Miss Hodder referred, were the licensing and visiting of foster-homes, where children were living away from their parents, inquiries into all cases of illegitimate births, the administration of State children’s homes, whore excellent work was being done, the inspection of private children’s homes and the legal guardianship of the British evacuee children who were growing up in New Zealand.