Financial Notes
A SPECTACULAR SUCCESS.
EVeri in these days-Of 'spectnenlar'sticeesses issues the success which attended the Government's offer of 2 per cent.-Treasiiry Bonds must be regarded as nothing less than dramatic. It only became known late. on Monday afternoon that the offer was to be made of £150,000,000 in bonds at the unprecedentedly low rate of 2 per cent., but by 10 o'clock on Tuesday morning the list for cash subscriptions had to be closed because of the rush of applications. Holders of the maturing 41 per cent. Treasury bonds have not only the right to conversion, but whereas cash applications are at par, holders of the old bonds have the right to convert and at the same time receive 10s. per cent. in cash, making the price of .issue to them practically 991. The lists for the conversion applications remain open until October 17th, and it looks, therefore, as though cash applicants might receive compara- tively small allotments.
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