Holders of the Third Series of National War Bonds may
be reminded that their option of conversion into the 5 per cent. War Loan on the basis of £105 5s. 3d. of War Loan for every £100 of War Bonds is exercisable within fourteen days after payment of the interest on the War Loan. Consequently this option will be open to holders as from Friday, December 1st. The bonds to which I am referring are those upon which interest falls due on March 1st and September 1st, while redemp- tion is on September 1st, 1923, at 102, on the same date in 1925 at 103, and in 1928 at 105. Even as regards the shorter-dated bonds there will be a further oppor- tunity to convert, namely, during the first fifteen days of next June, but the present high price of 1041 is a sufficient indication of the value of the Conversion rights, the market price being about 2i points above the level at which the bonds will be repaid at par in September. The advantage, therefore, of converting into the 5 per cent. War Loan, or even of realizing and investing in some other direction, should be sufficiently obvious.
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