§ 53. Sir George Broadbridgeasked the Chancellor of the Exchequer whether he is now prepared to give facilities for the conversion of stocks in respect of which the Commonwealth of Australia, and the various State Governments, are in a position to exercise an option of repayment?
§ Sir K. WoodYes, Sir. I am glad to be able to announce that an offer of conversion in respect of those stocks carrying a higher rate of interest than 4 per cent. will be made at an early date. In order to facilitate this operation without interference with the Government's borrowing operations, I have agreed to advance from the Vote of Credit to the Commonwealth of Australia such sum as may be necessary to repay any unconverted stock.