NEW SOUTH WALES

Sun (Auckland), Volume 1, Issue 42, 12 May 1927, Page 2

NEW SOUTH WALES

CONVERSION TERMS By Cable. —Press AMoctatton, q LONDON Only £ 6,000.000 of the v. Desi «! Wales conversion loan havl underwritten. The balance **■ financed, if necessary thJ Bank of England. ““S' t The loan provides for the of £1.600.000 of 5 b per cer? tures: £4.300,000 of 5J p er c i,.% maturing on June 1; £2.000 one per cent. debentures ° w • £3.000,000 of 41 per cent. stoA ing on July 1. K Holders of these securities aPft vited to .accept 51 per cent s w ' payable in 19o« Cash applications are invite stock bearing 5 per cent : which a half-year’s paid on June 1. Both the new stocks carrv i m - , fund of one-half per cent. ‘ July. 1928. an amortisation one-quarter per cent, will be -U to all former London issues State’s securities. * « Although only part of the NWc Wales loan is underwritten, the amount is practically the of the Westim^

The portion underwritten meeting the £ 6.000,000 due on whatever the result of the loan ondlv, the bank has authorised an,-' tended overdraft of upward* £5,000,000 at the current bank thereby ensuring the balance mattLon July 1. The terms of the loan give a »v better yield than the existing \ South Wales 5 per cent, at 94. 7U circles therefore express the opiiK that there is a good chance of succi Satisfactory results would be lam attributable to the institution of aS' ing funds.—A. and N.Z.