OUR DEBT IN LONDON

Wairarapa Times-Age, 27 July 1939, Page 8

OUR DEBT IN LONDON

CONVERSION TERMS STATED Repayment ©f New Issue Guaranteed by 1945 FROM FUNDS ACCRUING FROM EXPORTS REDEMPTION IN ANNUAL INSTALMENTS (By Telegraph.—Press Association. —Copyright.) (Received This Dav. 12.5 p.m.) LOXDOX, July 26. Applications are invited for £16,000,000 sterling of New Zealand conversion stock, maturing in 1945. New Zealand undertakes to provide for redemption from funds accruing- from exports sufficient for instalments of two millions sterling in 1940 and 3i millions in each of the four following years. The issue price is £99. Holders of 1940 stock may exchange their holdings, receiving a cash payment of £1 per hundred. The lists close on August 5. The rate of interest is 3) per cent. CITY COMMENT New Zealand Facing Facts PROSPECT OF ADEQUATE RESPONSE (Received This Dav, 12.20 p.m.) LONDON, July 26. The “Daily Telegraph’s” City editor considers that the terms should ensure an adequate response from investors and financial institutions. The “Daily Mail’s” City editor says the loan settlement is a proof of New Zealand’s willingness to face facts and vindication of the view that a financial crisis in the Dominion must at this juncture be avoided. • The “News-Chronicle’s” City editor says it was impossible to secure the underwriting of the loan, but arrangements were made whereby full subscription, either by conversion or cash, is assured.