NEW ZEALAND LOAN.

Dominion, Volume 6, Issue 1679, 20 February 1913, Page 5

NEW ZEALAND LOAN.

PUBLIC SUBSCRIBES 20 PER CENT. By TelcEraDh—Press Association—Oopyrleht London, February 18. The public subscribed 20 per cent, of the Now Zealand; loan. There were nianjr small amounts. . ' "IiOCK-UP INVESTMENTS." (Rec. February 19, 9.45 p.m.) ' Condon, February 19. Tho "Financial Times" states that the issue of the NeW'Zpalund loan is an excellent lock-up investment. Tho "Daily Mail",considors that Consols arc weak,, owing to the ill-success of the New Zealand loan. Loan. . underwriters have had to realise their securities in order to meet the calls. It adds that high-class borrowers ere busy arranging for fresh loans, some placing short-terms bills at a high rate in order to tide over the present difficult}. ' LOAN FURTHER EXPLAINED; Tho following particulars regarding tho loan were supplied by the Prime 'Minister last evening;— . , ''The loan issue is of four per cent, inscribed stock. Tho interest is due halfyearly ton Fobraary 1 and August 1. The amount of the loan is three millions sterling, floated at 98 and l-epayable at par on February 1, 19G3. Tho New Zealand Government, however, reserves the right of redemption at any time on or after February 1, 1943, on giving three months' notice. , : • "Of the total amount' of . the 'loan, i£6oo,ioo is required for redemption of debentures, and the bajnnco for tho construction of railways, roads, ;arid other public works, advances to settlers, workers, and local authorities, lands ' for settlement, and Stato coal-mines. . "Of tho lost Now Zealand loan, raised' by the Mackenzie' .Government, only thirteen per cent, was found by the public,. although the return to. Investors was very much greater than from the present loan. In the case,of the five million loan of (the year before, only seven jer cent, was taken'up by the public. The latest loan is therefore much, more successful." '.•* AUCKLAND LOAN PROPOSALS. '' (Reo. February 19, 9.45 p.m.) , ' . . .London, February 19. The City of Auckland is issuing JEIOOjOOO in 4J' per cent, debentures, payable in 1930.