CONVERSION CONTINUING.
Thus it will be seen that for the first month of the operation nearly 90 per cent. of the whole Loan of £2,087,000,000 has been converted, while the very fact of the success which has attended the first stage of the operation makes it likely that the final total will be a great deal larger. Holders of the old Loan still have until the 80th of next month the opportunity of converting into the 31 per cent. issue, and during the same period even those who have filled in forms demanding repayment on December 1st have the right to cancel and convert. Those who take no action whatever between now and the end of September will have their old stock automatically converted into the new Loan. Experience of past operations reveals the fact that there are usually a vast number of individuals who seem too indolent to fill in forms of any kind, and there is little doubt that many millions of stock will be automatically converted. What, however, is also possible, is that the new 8f per cent. Loan—the Assented Loan as it is now called—will rise to a sufficient premium to cause holders of the old War Loan to feel it to be worth their while to convert into the new stock. It for example, the new Assented Loan should rise to 102 the holders of the 5 per cent. War Loan would find it advantageous to convert, because, of course, in so doing they would still be entitled to the six months' interest on the old stock at the old rate of 5 per cent. per annum, due on December 1st mext.
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