MATURING LOANS RENEWED.

Dominion, Volume 5, Issue 1536, 4 September 1912, Page 6

MATURING LOANS RENEWED.

NEARLY TWO MILLIONS. A statement regarding tho arrange* menta made for the renewal of loans which will mature in October and December was given to a reporter last evening by the Minister for Finance (the Hon. •Tames Allen). The various leans will fall in as follow ;-October 23, £750,0001 October 31, d£939,76fi; and December 1. 1 a total of .£2,398,606. Mr. Allen eaid that the amount cf •£750,000 duo on October 23 was a loan from (lie Post Office at 3j per cent., and arrangements have been mado for its renewal at 3J per cent. Tho amounts falling due on October 31 all bear interest nt 3J pct cent. They comprieo borrowed from the Post Office, which will be renewed at 3J per cent.; .£73,700 in Consols, hold in New Zealand, for the renewal of which arrangements arc being ma dp. The loans which mature or. December 1 are held as f0110w:—.£30,300 in London, .6155,000 in Australia,. by tho Post Office, and .£395,600 by tho public in Ne,w Zealand. The interest at present paid on these amounts is 34 per cent, on .£125,000, and i per cent, on .£583,500. Mr. Allen -said that although final arrangements had not been made, he was perfectly securo with regard _ to these loans, and thoro would bo no difficult} , in renewing Ihem. Asked whether any now loan was Contemplated Mr. Alleni mid that a loan would 1)0 required at the end of December or early in tho Now Year for publio works, water power development, irrigation, and possibly State coal mines. The timo when the money would be raised would depend on tho state of the London. money market.