CONVERSION PROGRESS.
A few months ago many people would have scouted the idea of the Government being able to tackle such a huge operation as that involved in the conversion of the 5 per cent. War Loan into a 31 per cent. issue. For, of course, it involved the Execu- tive taking its courage in both hands by announcing its pre- paredness to repay in cash all those holders of the 5 per cent. War Loan—the total of which was over 12,000,000,000—who before September 30th presented forms requiring repayment in December next. It is already evident, however, that courage in this case has met with its due reward for it will be surprising if by the end of July it is not found that by far the greater part of the conversion has been accomplished and I should expect that the repayments to be made by the Government in December next will be quite moderate in extent.
(Continued on page 140.)
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