LOAN OVERSUBSCRIBED BY £1,040,740

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

LOAN OVERSUBSCRIBED BY £1,040,740

Rush Of Investments On Closing Day

(New Zealand Press Association) WELLINGTON, July 8. The Government’s £30,000,000 national development loan, which closed today, has been oversubscribed by £1,040,740. The Prime Minister (Mr Holland) said tonight that the £31,040,740 received had come from 14,050 subscribers. Applications posted today had still to be taken into account. Mr Holland said that more than 5000 new subscribers had invested nearly £5,000,000 today. This was a great finish to a loan campaign that had been full of anxieties. It had been a great day for all’ concerned with the largest single peace time loan in New Zealand’s history. Today’s subscriptions had come in slowly for a start, and about £1,000,000 had been received by 1 p.m., said Mr Holland. The other £4,000,000 was invested in the few hours remaining after 1 p.m.

Mr Holland admitted that, until today, he had thought subscriptions would fall short of the target. A lot of people had worked very hard for the loan —the Ministerial team, the Reserve Bank, trading banks, sharebrokers, and members of stock exchanges, post office staffs, newspapers, and the loan committee itself—to say nothing of the thousands of investors, said Mr Holland. The Government very deeply appreciated all that had been done. The loan had been a success, said Mr Holland. It seemed to him that the best way the Government could express its gratitude was to ensure that the greatest care was used in spending the money. “The filling of the loan has been in doubt almost up to the last minute,” said Mr Holland. “Only this morning I Was wondering what I would say if the loan fell short. I made up my mind that I would announce that the Joan would remain open for a little while longer. “I cannot really see that there would have been much stigma attached to that, but I certainly-think that it is much tidier to have the loan filled at the due date.”.

The Prime Minister said the result of the loan was a “lift for the Government,” and it was a credit to New Zealand. He again thanked the investors who had subscribed to the issue.

ANNOUNCEMENT IN HOUSE MEMBERS APPLAUD MR HOLLAND (New Zealand Press Association) ' WELLINGTON, July 8. A. burst of applause greeted the announcement by the Prime Minister and Minister of Finance (Mr Hollands in tne House of Representatives tonight that the £30,000,000 national development loan had been oversubscribed. The applause was led by members of the Government side of the House, and most members of the Opposition joined in.

Mr Holland said that one aspect of the loan—the contribution of nearly £5.000,000 todav by 5000 subscribers—was “highly gratifying.”