WAR LOAN CONVERSION

Sun (Auckland), Volume IV, Issue 1067, 3 September 1930, Page 11

WAR LOAN CONVERSION

RENEWALS COMING IN MINISTER’S STATEMENT THE SUN'S Parliamentary Reporter PARLIAMENT BLDGS., Tuesday. The statement that good results were being experienced by the Government regarding the conversion of the part of the War Loan redeemable on September 1 last, was made by the Acting-Minister of Finance, the Hon. A. E. Ransom, in answer to a question by the Leader of the Opposition, the Rt. Hon. J. G. Coates, in the House today. Mr. Coates asked whether Mr. Ransom would indicate the measure of success met by the Government’s offer to convert £5,437,000 worth of 41 per cent, tax-free War Loan redeemable on September 1, in to new 5§ per cent. Inscribed Stock. Mr. Coates said it had been reported that the period of the 41 per cent, stock might be extended for a year. Mr. Ransom replied that the offer of renewal was open for some time, and the returns from all over the Domin - ion were coming to hand. It would be some time before any definite informs - tion regarding the total number of renewal applications w'ould be available, but up to the present the Government had had no difficulty in dealing with maturities. No extension of one year had been offered for 41 per cent securities, and such an extension w'ould be contrary to the provisions of the Finance Act, 1920, section 18.