EQUITABLE AND ATTRACTIVE.
From the foregoing it will be seen that specially favour- able terms have been given to holders of 5 per cent. War Bonds. At the time the prospectus was issued the 34 per cent. Conversion Loan stood in the market at just over '75, but the consideration given to holders of the 5 per cent. War Bonds means that they obtain the Loan at round about 74, while in the other two cases the equivalent is nearer to 744. This special consideration given to the holders of the 5 per cent. War Bonds is, of course, in recognition of the fact that those Bonds are redeemable at 105. After the microscopic examination by bankers and others to which the Government Conversion opera- tions are always subjected the conclusion is general that the scheme is an equitable one, and the terms fairly attractive, due recognition being given to the fact that it was the obvious duty of those responsible for the issue to see that its terms were not of a character calculated to impair the status of existing Government securities.
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