TWO AND A HALF PER CENT
While attempts, however inadequate, were being made to carry out a systematic policy of redemption, considerable changes were taking place in the character and composition of the debt. Probably the most important of these changes was the conversion of the debt from a 3 per cent. to a 2
per cent. basis. Thereby a considerable saving was secured, which was available for the use of the sinking fund, for a reduction in the burden of taxation or for an increase in other forms of expenditure.
But apart from this alteration in the denomination of the stocks, changes of a smaller order, though no less significant in ...
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