THE CHANCELLOR OF THE EXCHEQUER'S SCHEME FOR CONVERSION OF STOCK.

Waikato Times, Volume XXX, Issue 2446, 15 March 1888, Page 2

THE CHANCELLOR OF THE EXCHEQUER'S SCHEME FOR CONVERSION OF STOCK.

[By Electric Telegraph—Copyright]. London, March 10. Mr Gosohen's conversion scheme provides for the conversion of one hundred and sixty-six millions of new three per cents., sixty-nine millions of reduced three per cents., and one hundred and twenty-three millions worth of consols, redeemable iu fifteen years at a percentage of 2'/, or in twenty years at "2',. It merges the different stocks into one. Holders of the new three per cents, are offered three per cent, for the current year, and two and three quarters per cent, for the next fourteen years, at the end of which period the interest will be reduced to two and a-half per cent. The latter rate will prevail till the expiration of the twentieth year. Holders wishing to be paid off in cash at the end of a year's time must signify their wish by March 2!). Holders of consols and reduced three per cents, are offered similar terms, with the addition of a 5s cash bonus, and Is (id for brokers. The conversion proposals will affect five hundred and fifty-eight million pounds'worth of stock. Mr Gladstone applauded the scheme, and expressed the opinion that much public benefit would result from it. All the newspapers speak in favourable terms of it. Mr Gosehen states that he has no fear that foreign complications will compromise his conversion proposals, He also believes that the scheme will ultimately effect a saving of £2,800,000 annually.