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Thursday, 13 November 1930

Senator DALY (South Australia) (VicePresident of Executive Council) . - I move -

That the Senate do now adjourn.

Yesterday, on the motion for the adjournment, the right honorable Leader of the Opposition (Senator Pearce) asked me when I would be able to make a statement relating to the December conversion loan. I now direct the attention of honorable senators to the fact that the Government is issuing immediately a conversion and redemption loan, the main purpose of which is to provide for the conversion of the 6 per cent. Commonwealth loan which falls due on 15th December. At the same time, cash subscriptions are being invited to pay off those holders in the maturing loan who are unable to convert, and also to provide for shortages that have occurred in the conversion of certain State securities. The loan has been sanctioned by the Australian Loan Council, and the terms which have been approved are in accordance with recommendations that have been made by the CommonwealthBank. Investors are being given the option of three currencies, namely: - A two years' currency carrying interest at 6 per cent. per annum, a ten years' currency at 5¾ per cent., and a twenty years' currency at 5½ per cent. These terms will apply both to conversions and cash subscriptions, and have been designed to meet the convenience of all investors.

Question resolved in the affirmative.

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