SNOWDEN’S CAUTION
BRITAIN’S BIG CONVERSION LOAN £30,000.000 SEPARATELY LONDON. Tuesday. The Rt. Hon Philip. Snowden, replying to a series of questions in the House of Commons regarding -the conversion loan, said that the contract for placing <£30.000,000 separately at £99 10s wasn’t an ordinary underwriting transaction. Arrangements therefore could not be made until the day following the issue of the prospectus, in case there should be a premature leakage of information. It was therefore not mentioned in the prospectus. He was influenced in this matter by the difficulties of the present period, the imminence of the maturity, and especially the results of the Government issue last year, when the floating debt was increased by £50,000,000. Having regard to the present figure of the floating debt, he could not run any risk.
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Sun (Auckland), Volume III, Issue 819, 13 November 1929, Page 9
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131SNOWDEN’S CAUTION Sun (Auckland), Volume III, Issue 819, 13 November 1929, Page 9
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