BRITISH WAR LOAN.

Taihape Daily Times, Issue 219, 12 January 1917, Page 5

BRITISH WAR LOAN.

CONDITIONS AND CURRENCY. Received 8.50. LONDON, Jan. 11. Mr Bonan Law, Chancellor of the Exchequer, announces that the war loan will be issued at 95 for a term of thirty years, at five per cent.,, the bonds of \v#jfch will be optionally redeemable at the end of 1929. Also an optionary loan will be issued at 4 per cent., free of taxes, and issued at par,. A sinking fund will be established of one-eighth of one per cent, of the capital,' until £10,000,000 have been accumulated for purchasing stock whenever it falls below the issue price. Income tax will not be collected at the source in order to encourage small subscribers. Holders of 4 per. cent war loan and five per cent, exchequer bonds have the option of converting them to the new loan at par. AN UNFORTUNATE LEAKAGE. Received 10.15. LONDON, Jan 11. Details of the War Loan accidentally leaked out at Manchester, where bundles of prospectuses were sent for deliverv. The contents reached the Manchester Jfcock Exchange, and efforts were"«Kde to transmit the principal condiSbns to London by telefcfeph and telephone. The result an immediate censorship was insmuted, and Manchester was telegraphically isolated. qfcere are thousands of clerks in ihewsank of England's new loan office to deal with prospectuses, and dozens of strong rooms have been constructed for storing the gold.