Progress of Big Conversion Loan

Manawatu Times, Volume 69, Issue 54, 7 March 1944, Page 4

Progress of Big Conversion Loan

(Per Press Association.) WELLINGTON, March «. A progress report on the conversion lean at present being dealt with ill New Zealand was given to-night by Hon. D. G. Sullivan. The Minister recalled that this local conversion offer applying to all holders of the 4 per cent, stock and debentures maturing on. February 15, 1943-46, would close next Saturday. The total amount involved was £9,839,080 and up to Saturday last the Government had received conversion applications for £3,900,000 and requests for repayment of £4S6,ooo—a total of £4,386,000, or 45 per cent, ot’ the convertible securities. “These results I regard as satisfactory, and I wish to extend my thanks to all tboso security holders who have responded so promptly to the Government ’s offer. There is no doubt that the tdVms of conversion were very well received throughout the whole country and this is borne out by the fact that the applications so far received are 89 per cent, for conversion and II per cent, only for repayment.” Mr. Sullivan said he could give no assurance that conversion applications would be accepted after closing date next Saturday, although the Reserve Bauk was authorised to accept late applications in cases where, in the bank’s opinion, application prior to the closing date was impracticable.

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