The Loan

Press, Volume XC, Issue 27397, 9 July 1954, Page 10

The Loan

All New Zealanders will share the satisfaction expressed by the Prime Minister and Minister of Finance (Mr Holland) last evening at the filling, and more than filling, of the £ 30,000,000 national development loan. Mr Holland frankly admitted that he had been anxious about the result, not only in the early stages of the loan, but also towards the close, when the daily subscriptions, though very large, seemed likely to be not large enough. It seems now that in the event the loan will be oversubscribed by nearly £2,000,000 —a noteworthy result considering that this is the largest government loan floated in peace time in this country. As many speakers in the loan campaign emphasised, the money is required for development works upon which the future prosperity and wellbeing of the country must largely depend. This has been recognised by investors large and small; and their response is an expression of confidence in the future of New Zealand. For while the terms of the loan were attractive enough to the person seeking a gilt-edged investment, they were not attractive enough to compete with the slightly more speculative investments which now bid very strongly for the limited capital available. Obviously many investors have -subscribed as a matter of public duty. To a certain extent this duty coincides with self-interest; but the country as a whole should, as Mr Holland said, think kindly of them.