Finance—Public & Private
Reducing the Debt Charge
ASSUMING—and I believe I am safe in so doing—that before this article appears in print the latest-National Government Loan will have been fully subscribed, the Government must be congratulated upon having brolight to a successful conclusion one of the greatest Debt conversion operations which has ever been accomplished. With the details of this latest Loan readers of the Spectator will already be familiar; the issue is for £300,000.000 in 3 per cents at 975, with redemption at par at the latest in 1953 and at the earliest in 1948. The reason for this fixed date of redemption is that while the large 35 per. cent. War Loan has really no fixed date of redemption, there is a large section of the community, including banking institutions, which is compelled to hold a• certain portion of its resources in redeemable stocks.
Previous page
