HC Deb 19 November 1942 vol 385 c520W
Mr. Boyce

asked the Chancellor of the Exchequer whether he has any statement to make about the facilities to be given to the Commonwealth of Australia in respect of the conversion or repayment of Commonwealth of Australia 2¾ per cent. Registered Stock and Debentures 1941–43, falling due for payment on the 1st January, 1943?

Sir K. Wood

Yes, Sir. The Government of the Commonwealth of Australia propose to make an offer at an early date to holders of £16,500,000 of the stock referred to by my hon. Friend, inviting them to convert their holdings into a new stock. As on the previous occasion when an offer of conversion of certain Australian stocks was made in May, 1941, and in order to facilitate the new 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 sums as may be necessary to repay any unconverted stock.