U.S. Finances .207/
/39
1
BRITISH EMBASSY,
WASHINGTON, D. 09fA
March 10th9 1939
No. 380 E
My Lord,
With reference to Mr. Mallet*8 despatch
No. 1065 s of the 6th December, I hare the honour to
inform Tour Lordship that the Treasury March financing
took the form of an offer to convert the #1,293,714,200
2-1/8 per cent Treasury Notes maturing on the 15th June
next into either 1-1/8 per cent Treasury Notes maturing
December 15th, 1945 to ha Issued at 101, 2i per cent
Treasury Bonds of 1950-58 to he issued at 102jr, or 2f
per cent Treasury Bonds of 1960-65 to "be issued at
102-5/8, at the option of the holders.   The operation
is stated to have been completely successful.    It la
also stated that some 97 per cent of the holders of the
maturing Notes chose to transfer into Bonds rather than
into the new Notes.
2. I am sending copies of this despatch to the
Lords Commissioners of His Majesty's Treasury and the
Department of Overseas Trade.
I have the honour to be,
with the highest respect,
My Lord,
Tour Lordship*s most obedient,
humble servant,
(SfcB)   R. 0. LINDSAT
The Right Honourable
The Viscount Halifax, K.G.,
etc.,      ete., etc.
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