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FINANCE
The two long-time War Loans bear interest respectively at 3½ and 4½ per cent. The 4½ per cent. loan was issued in June 1915. Certain conversion rights were given to the holders of the 3½ per cents. and to the holders of Consols, and these conversion rights were to a large extent exercised. The amount of new money raised by the 3½ per cent, and 4½ per cent. War Loans is about $3,300,000,000. The bulk of the short-time borrowings is against the sale of three, six, nine, and twelve months Treasury Bills and 5 per cent. Exchequer Bonds running until 1919, 1920, and 1921. Approximately $6,900,000,000 of these two classes of securities have been issued.
