THE NEW ZEALAND LOAN.
(PSR PRESS ASSOCIATION.) Adelaide, July 8. The P. and O. Company's steamer Arcadia brings news of the floating of the New Zealand loan. The success of the loan was a surprise to everybody and especially to tbose who had decried it, and had done everything to damage its prospects. Some of the financial organs daily paraded iv their columns the indebtedness of their colony, and the Stock Exchange circles " beared " the loan. The greater portion of the •mount has undoubtedly gone into the bands of a powerful syndicate, and the chief feature m connection with the floating of the loan seems to be that two rival groups of money dealers competed to outbid each other. It has been suggested that the reduction of the Bank rate of interest two hours before the advertised time for delivery ot tenders for the loan had something to do with its success.
The prices ranged from £97 10s to £98 10s. The principal tenders were one for £900,000 at £97 15s, three for £500,000,- each at £96 10s, £97 12s, and £97 17s respectively. There was considerable excitement when the result was announced, and the market price for old and new stock rose rapidly. One syndicate tendering at lower prices than those mentioned failed to obtain allotment, the premium of the loan ran abo7e 2 per cent.
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Ashburton Guardian, Volume VII, Issue 1888, 9 July 1888, Page 3
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227THE NEW ZEALAND LOAN. Ashburton Guardian, Volume VII, Issue 1888, 9 July 1888, Page 3
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