New-York tribune., 1919-01-30
Maturities i'm s.
OF Foreign issues
$500, 100000 i'm 1918
Bulk of Securities Will Be
Acknowledgement Note
holders Take Advantage
of Favorins Exchange

On Saturday. February /. The first
important foreign government loan to
mature in the American market this
year will fall due. ain issue of SlA1,-
100000 Of United Kingdom Of Great
Britain and ireland 5l2 per cent Sc
cured tWo-ycar notes. From then on
numerous other foreign government
obligations sold in this market Tor war
purposes before the United states cast
its lot with the Allies Will come due
in rapid succession. the total Of such
maturties during 1919. including the
impending British maturity, amounting
to Approximately 100000 coo.
Regardless Of what other new for
&gW government financing may be
arranged here during the next eleven
months. this total of maturitics must
be provided for. and according to the
bankers. the greater portion WIN be
taken care of through refunding orer-
ations. In the case Of the British
issue falling due on Saturday arrange
mcnts have already been made by u
syndicate of bankers to take over and
ernment bonds all thc.not turned in
by the notoholdcrs for payment SO
far the notholders have converted CON
siderably more than half of the issue
into the long term bonds.
List Of Maturities
The list of the important foreign
government maturities in 1919 foliows:
United Kingdom of Great Brit
ain and Ireland 2-year 5l4s.
due Februaly i ........... s144.ooo,ooo
United kingdom Of Great Brit
ain and Ireland 3-year LIS.
due November ..........-.. 80. 900 900
French government )American
Foreign Securities 2-year
Is. due August ........... o4ooo,ooo
French government secured
April observation-disclosures. 100 900, 900
French municipal CBordeaux
Lyons MarseiIlcs) IS. due
Russian government 6ia pcr
cent credit, due June IS 50,O00.OC
Dominion OF Canada 2-year s.
. due August ......'.......' 1oo,ooo.ooo
Newfoundland 3-ycar 5s. due
July l ................... 100000
Chinese government 3-year 6s.
due November / ........... 100000
The French government 800, 600 900
on April / will probably be
pad In cash, it is stated, and already
large amounts Of the notes have been
forwarded to Paris in anticipation Of
payment. The notes arc payable i'm
gold dollars in New York or at the op-
ton of the holder in Paris at a fixed
rate Of 30 francs to the dollar. With
french exchange now quoted in the
market at around 5.46 francs to thc
dollar. ii is expected that most OF the
N l(pfS of to -
sent them for payment in Paris. thus
taking advantage of the opportunity
offered for making a profit in exchange
" nile the notes are convertible into
q long Term French government loan.
few conversions are being made. the
bankers say.
Russian Issue Problem
So far there has been no official in
lmatlon of what viii be done about the
$40 100000 Russian government note
maturity on June 49, These notes.
0eaNng 6i1 per cent interest have
lately been selling around % ON the
-u"o. compared with d low lceQrd price
Of 81 and q high o. =. They we're
originally sold by a banking syndicate
III tins market under az agreement
With the then stable Russian govern
mont. which was 20 establish O. lJO.-
200 V0o ruole credit in Petrograd as Sc
,uiity. ihc interest ON the notes has
been paid regularly by the National
City Bank. 1t is generally known that
The Imperial Russian government had
large bank balances in thc United
states when it passed out of existence.
I'D there was also an unused balance
OF the money advanced to Russia bv
he tnitci States government. II is
anderstoo. that the total Of such funds
would me than provide for the June
Advice. rom Canada ave to the ef-
rect tina IT is probable that an issue
oi Domir IN government bonds may be
made IN e United States in the sum
mer TO r. and the issue o. sl0O 600 600
> per cert 2-year gold notes falling
1ue AuGNt l. Canadian bankers saw
tere Is nC Goubt about the Domjnjon's
blilty 60 raise 100000 900 at home. but
a heavy exchange premium would have
10 be paid IN meeting the maturity in
'f1s manner provided the exchange
SITUATION continues as at present. Bv
oorrowilg the money in the United
states the payment of this premium
aan DE avoided, it is said.
The $3.o90,00 Chinese government
loan is expected to be refunded in y
much larger loan which the American
Sroup Of bankers now have under con
sldefauon. A representative banker
las already sailed for China to look