IMPORTANT "SAVINGS."
This latest Government Loan marks the consummation of progressive Debt conversion operations which have been going on throughout this year. Altogether about 12,500,000,000 in Debt has been converted into securities carrying lower rates of interest. In the case of the 5 per cent. War Loan for 12,085,000,000 there were, however, dissentients to the amount of £165,000,000, for whom cash has to be provided on December 1st, while in addition the Government has now undertaken ti repay on February 1st next outstandiug 5 per cent. Treasury Bonds to the amount of 1114,000,000. The interest yield on the new Loan is just over 3 per cent., so that both in the case of the old War Loan and the maturing Treasury Bonds the Government in future has to meet a charge of just over 3 per cent, as compared with 5 per cent.
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