21 SEPTEMBER 1934, Page 34

NIGERIAN LOAN CONVERSION.

It is suggestive of the view taken by first-class borrowers with regard to the present value of trustee securities that the Nigerian Government, which has the option of redeeming shortly an outstanding issue of a little over £4,000,000 in Southern Nigeria 34 per cent. Stock, should deem it well to exercise the option and issue a 8 per cent. Stock in its place. Moreover, the response given to the issue also demonstrates the views of the public on the matter, for although at the issue price of 974 per cent. the new Stock only gives a yield of about £3 1s. 6d. per cent., the rush of cash applications was such that the subscription list was closed last Monday within an hour of the opening.