30 OCTOBER 1926, Page 47

TREASURY BOND RESULTS.

The Government can be congratulated upon the result of the recent Treasury Bond conversion. Out of a line of £109,600,000 in 5 per cent. Treasury Bonds falling due for repayment next February, no- less than E82,700,000 has now been converted into 4i per cent. Treasury Bonds of 1934 in. response to the Government's recent offer of conversion. This result is equal to the best expectations of the market, meaning that over 75 per cent. of the maturing loan has been converted, leaving about £27,000,000 to be dealt with between now and next February. It must be hoped that these may yet be converted into some other form of security, otherwise borrowing on Ways and Means to repay may occasion a renewal of inflation.

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