Lower Interest.

“Cheap money, the historical solvent of depression,” continues to offer. It is estimated now that the British loan conversion to 3 1/2 per cent, will be accepted by the holders of all but 100 millions of the 2,000 millions conversion stock. The French Government has a big 4 1/2 per cent, conversion scheme on foot. Australia has the Hon. S. M. Bruce in London as Resident Minister, and loan conversion is admittedly one of his concerns. The Hon. W. Downie Stewart, after Ottawa, went on to London, in New Zealand's interest. Legislation in conformity with Ottawa decisions will be introduced in Dominion Parliaments. Australia has 106 millions of London loans bearing interest at £5 11s. per cent. Conversion to 4 1/2 per cent, is estimated to give Australia a saving of £1,119,609 per annum; to 4 per cent., £1,652,133 per annum.