NEW ZEALAND LOAN.

Dominion, Volume 3, Issue 736, 8 April 1910, Page 7

NEW ZEALAND LOAN.

"•PUBLIC FIND 85 PEE CENT. By Telegraph—Press Association—Gonyrliht. (Rec. April 7, ( 9.30 p.m.) ," London, April 7. The public have, subscribed 85 per cent.' of the New' Zealand debentures. A large I proportion of the applicants declared their intention to convert the debentures into inscribed stock when fully paid. : [The loan consists of £1,850,000 of convertible debentures with a currency of five years in, 3£- per cents., at £98 10s. The debentures are convertible at the holders' option into 3J per cent, inscribed stock at'the rate of 102 stock for' every hundred at any time prior to April, 1914.1 ' STATEMENT BY THE PREMIER. "A VERY SUCCESSFUL FINANCIAL ■.-,,• OPERATION." (By Telegraph—Press Association.) ? Duneclin, April 7. Speaking of the New Zealand loan of £1,850,000;.ju5t placed on the London market; Sir Joseph Ward stated to-night,' in reply to a question; that it was; being raised under the Public Works [Act, and .had nothing to do with the. State Guarantee Departments; .'• He had received advice that the loan had proved very successful. The loan was underwritten, but 80 pet cent, had been taken by the. publio, and the balance of 20 per cent, in the hands of the underwriters was a comparatively small amount both from the point of view of.New Zealand and the point of view of the underwriters, so that it was regarded in London as a yery successful financial operation. ;