A FINE RESULT.
This is a result which may be said to have exceeded the most sanguine expectations, for at the time of the an- nouncement of the conversion on the last day of June the most optimistic scarcely dared to hope for the total of conversions at the end of September exceeding three- fourths of the entire Loan. As a matter of fact that result has been achieved during the first month, and allowing for the large amounts that will be automatically converted at the end of September, owing to apathy on the part of many holders, it is clear that the total amount uncon- verted will be of entirely manageable dimensions. In fact, there is something to be said for the size of the new 3i per cent. Loan not being quite so unwieldy as it would would be if the entire amount of the old War Loan were to be converted. It is true that as regards the new Loan the option as to time of redemption rests with the Govern- ment, but if circumstances should favour the Government being able to attempt another conversion some years later it will be just as'well that the amount of One par- ticular Loan should not be too overwhelming.
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