Pleased Treasury officials rubbed their hands over long tables of figures last week, then called in the Press for an announcement. The first, most important step was over in the Government's spectacular campaign to convert Britain's 5% War Loan Bonds (largest single block of the national debt) to new 3½% bonds Out of a total of £2,086,000,000 outstanding, £1,500,000,000, or something over 70%, has been voluntarily converted. Over 75% of the individual bondholders, 2,036,700 out of 2,600,000, have come forward with applications. Only 6½% of them took advantage of their right of Dec....
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