War Loan Bonds conversion, 1932. In an attempt to reduce the National Debt the British government campaigned for the conversion of 5% War Loan Bonds to new 3 1/2% Bonds. Over 75% of bondholders applied for conversion and only 6 1/2% exercised their rights. Bernard Partridge cartoon from 'Punch', London, 1932.

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Photo credit: © Photo12/Ann Ronan Picture Library / Alamy / Afripics
License: Licensed
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Keywords: 1930s, britain, caricature, crisis, economical, economics, england, great, politics, symbol, thirties