RATHER ONEROUS
TERMS OF NEW ZEALAND CONVERSION BUT WITHIN DOMINION’S POWERS. PRICES OF EXISTING STOCKS MARKED UP. (British Official Wireless.) LONDON. July 27. The “Financial News” says I hat 1 he rat her onerous repayment terms of the conversion loan are believed to be well within Xew Zealand’s powers. since il is possible on the present restrict ion of imports to save £10,000,000 a year after 1939. British exporters who had hoped for early relaxat ion of 1 he restrict ions are likely to be disappointed. The deficiency of £1.000,000 in the loan conversion will be paid out of New Zealand's accumulated sinking funds on behalf of the Government. New Zealand has undertaken .to provide for the redemption by making available sufficient sterling to repay the loan in agreed instalments. The "Daily Express” understands that the Governor of the Bank of England, Mr Montagu Norman, insisted on the instalments because of heavy falls in the market value of New Zealand loans. The “Evening News” says that the New Zealand loan has been well received. and prices of existing New Zealand Stocks have been marked up.
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Wairarapa Times-Age, 29 July 1939, Page 7
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185RATHER ONEROUS Wairarapa Times-Age, 29 July 1939, Page 7
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