GOVERNMENT LOAN RESULT.
Almost immediately after the announcement of November 28th of the Government's new issue of Treasury Bonds to deal with debt maturing in February of next year, came the disquieting news of the illness of the King, and consequent upon the extreme anxiety which followed concerning His Majesty's condition, British Funds declined to an extent which, it was felt, was bound to affect the success of the new Bond issue. Therefore, the City has been delighted to find that the results have exceeded expectations, though there is no doubt that they would have been better but for the circum- stances just mentioned. It may be recalled that the offer consisted of 41 per cent. Treasury Bonds for cash subscription at the price of while holders of maturing bonds were offered terms of conversion. It now appears that the total appli- cations for the new Bonds amounted to £149,666,000, of which £46,150,000 represented cash applications, and the remaining £103,516,000 represented the amount allotted by way of con- version. Including Bonds to the amount of about £30,000,000 maturing next April (for which no conversion offer was made) the total of Government debt maturing during the early part of next year is approximately £200,000,000, and it will be seen, therefore, that as a result of the recent. loan operation, there is still about Z50;000,000 to be dealt with.
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