CONVERSION OFFER

Wairarapa Times-Age, 15 May 1941, Page 4

CONVERSION OFFER

MADE BY GOVERNMENT SECURITIES MATURING IN DOMINION. ANOTHER AVAR LOAN LATER. (By Telegraph—Press Association.) WELLINGTON. This Day. An offer to holders of Governmenl securities maturing this year and in 1943 to convert their holdings, was announced by the Minister of Finance, Mr Nash, last evening. The offer, he said, concerned over £21.000.000 of debt domiciled in New Zealand. It was stated by the Minister that another war loan would be necessary this financial year, and that it would be on a voluntary basis. Mr Nash said the offer was addressed to holders of the following Government securities: — 3 per cent stock and debentures maturing July 15, 1941. 3? per cent stock and debentures maturing November 15, 1941. 3j per cent and 4 per cent stock maturing March 15. 1943. These holders, said the Minister, were invited to apply forthwith and in any ease not later than June 14 for conversion of their holdings in any or all of these loans into new 3.| per cent stock maturing 1957-60. at the rate of £lO3 of new stock for every £lOO of old stock surrendered, or alternatively into shorter dated 3 per cent stock maturing 1946-48 at par. The Minister.said the return to investors irom the new securities, allowing for the premium, was £3 9s 3d per ceiit in the ease of the longer-dated issue, and 3 per cent from the short-dated securities. Success in these operations would clear the decks of maturing debt for the probable duration of the war, and be a material factor in securing the financial stability which was so essential a factor in a sustained war effort.