FALL IN THE " ASSENTED " STOCK.
So much for the great success which has attended the Conversion Loan upon which all concerned in the operation may be heartily congratulated. Nevertheless those who promptly responded to the Government's appeal must have been somewhat chagrined at the tendency of price movements since the end of July. British Funds and kindred stocks have dropped almost like a stone and holders who had retained their 5 per cent. War Loan have been able during the past week to sell the same at £101 15s. and purchase the new assented Loan at 97 per cent. thus obtaining a bonus of £4 15s. as compared with the Govern- ment's cash bonus of £1 to those converting during the month of July. The matter, of course, is not one involving any reproach to the authorities, but all the same I am inclined to regard it as decidedly unfortunate even, though I hasten to add that I do not think that those who have converted have any reason for concern with regard to the ultimate price of the new converted stock which I should expect later on to see back again to par.
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