COURAGE APPLAUDED
(Press. Assn.
GUARANTEE OF SOUNDNESS
— By Teletrmh — Ccpyrlglit).
Rec. July 1, 9.40 p.m. LONDON, Friday. Newspapers unreservedly applaud the courage of the Government in taekling the conversion of one-third of the total internal debt. In all £2,000,000,000 out of £6,329,000,000 is affected, whereon interest costs to the State total £267,000,000 annually. The Times describes it as a great conversion scheme. The Government, it says, need not be diffident ahout | the public response. There has been neither fear nor doubt in the keen lexpectancy with which the city and ' puhlic have followed the fortunes of Government security. Numbers declare that this action is a demonstration of social and fiscal strength, unrivalled since 1888. With the Government steadily and
rapidly gaining, a five per cent. debt is an anachromism diverting investers from other Government stocks. . The Daily Telegraph says that some holders will he disappointed that only 3£ per cent. is being offered, whereas they expected four per cent., but the vast majority will be accepted. The present holders of war loans, whenever they purchased them, have done exceedingly well out of the investment. , ,
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/RMPOST19320702.2.30.3
Bibliographic details
Rotorua Morning Post, Volume 2, Issue 265, 2 July 1932, Page 5
Word Count
184COURAGE APPLAUDED Rotorua Morning Post, Volume 2, Issue 265, 2 July 1932, Page 5
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