LOAN CONVERSION
AUSTRALIAN PROPOSITION LOW RATI OF INTEREST. LARGE ANNUAL SAVING. United Press Assn.—Elec. Tel. Copyright. LONDON, June 3. Mr S. M. Bruce, Australian Minister In London, has announced the underwriting of a conversion loan totalling £16,551.403 bearing interest at 2* per cent, and Issued at £99, maturing 1941-43. The loans to be converted New South Wales, £10,954,600, present interest 4 4 per cent. South Australia £2,368,141, interest 34 per cent. Western Australia, £2,631,165, interest 4 4 per cent. Western Australia, £597,497, interest 3 per cent. A South Australian and the smaller Western Australian loans mature on July 1 and December 12 respectively, the others are optional, but Mr Bruce has decided in favour of a large issue which will end his programme totalling £198,000,000 since October, 1932, ■with a total annual interest saving of £3,979,000 (Australian). The final operation is believed to be the lowest rate of interest touched by Australia in modern times and gives a yield to the date of redemption of £2 18s 6d. The prospectus will be published on Monday. The loan will open and close for cash applicants on Tuesday.
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Waikato Times, Volume 119, Issue 19904, 5 June 1936, Page 8
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186LOAN CONVERSION Waikato Times, Volume 119, Issue 19904, 5 June 1936, Page 8
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