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Subscriptions to the July loan and Australian savings bonds series 8



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NO. 78

TREASURER

EMBARGO NOT FOR RELEASE BEFORE 5.00PM 27 JULY 1977

STATEMENT BY THE TREASURER, THE RT HON PHILLIP LYNCH, M.P.

SUBSCRIPTIONS TO THE JULY LOAN AND AUSTRALIAN SAVINGS BONDS SERIES 8 . .

The Treasurer, Mr Phillip Lynch, said today that

subscriptions to the July cash loan which closed on

22 July totalled. $610 million.

This compared with $453 million raised in the previous cash

loan in May this year and $726 million in the July 1976

cash loan.

Subscriptions from the non-bank sector totalled $375 million.

Mr Lynch noted the similarly strong support from this

sector to the recent May loan; the further strong

subscription on this occasion was very encouraging from

the viewpoint of economic management.

The ttital amount raised would provide a most valuable

initial contribution to financing the 1977-78 borrowing

program of the Commonwealth and the States.

Of the total cash subscriptions received, the 1979 stock

had attracted 12 per cent, the 1982 stock 15 per cent and

the 1987 stock 73 per cent. ,

Of the $603 million securities uhich had matured on

15 July, $573 million had been converted, $18 million

redeemed and $12 million uas still outstanding; the

conversion offer will remain open until 29 July.

AUSTRALIAN SAVINGS BONDS - SERIES 8 '

Mr Lynch said that net subscriptions to Australian Savings

Bonds, Series 8, after taking into account redemptions of

Special Bonds and Savings Bonds, had totalled a net $56

million since terms for the cash loan were announced on

11 July.

Series 8 had nou raised a.net $190 million since its

introduction on 6 May and uould remain on sale until

further notice.

CANBERRA ACT 27 July 1977