Finance—Public & Private
Conversion Prospects
DURING -the past week the dominant feature has been the fairly sharp and general rise in long-dated British Government Stocks, while the depression in most other departments of the Stock Exchange has been very pro- nounced. Moreover, a further point to be noted is the fact that while the long-dated Government Loans haVe risen, there has been the unusual accompaniment of a moderate decline in the 5 per cent. War Loan, owing to the recommendations made from many quarters to holders to sell the 5 per cent. War Loan and exchange into the longer-dated Government Stocks. This advice is, of course, based upon the idea that the Government now having the right at any time to convert the 5 per cent. War Loan, a certain amount of risk is incurred in holding it when the price is much above par.
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