NOTES OF THE DAY.

Dominion, Volume 7, Issue 1974, 3 February 1914, Page 6

NOTES OF THE DAY.

It must- be very gratifying to every patriotic New Zeajande.r to note the splendid response by the British inyestiag public to the 4& million loan jtist placed -on the London market by the of Finance. . A move ■flattering" tribute of confidence in We Dominion could not be wished for, and Mr, Allen's Satisfaction at the result of the operation is fully warranted. The fact of .a loan of such dimensions being so enottnatisfy ovcr-sttbseribed probably constitutes a record for this country. That there should be £23,000,000 offeriflfc at the present time far. investment in New Zealand Government securities is not only a plain indication of an abundance of money available, but it; may be taken, also, as an evidence that the , policy of the Reform Gayfir'nmeftt has strengthened, the confix deftce of the British investor in New Zealand as a. field for investment. It, is interesting to note that, compared with .' other" recent colonial Joans, New Zealand's' latest flotation stands out in ft. very fα-vaiirable light, as the following table will show:— , Issue iroount. Price. New South Wales J.COO.CCO 55 VnsetTriiler.i received SO rcf cent. ■ ' /Victoria 'IJNdiOOO 97 Bub. threefold, flfew Za'alanS .'.... <«,500;$QO 100^. Sab. fiTe-foid. Wort AtistTqJia 2,000,000 985 . Fully eubrici'ibe'il. Sbnttt Australia, 2i000.000 190 Sow before the nubile. All the above were 4 per cent, loans, and it will bo scon that the New Zealand issue was najj : only subscribed fjve-foid, but it was issued at i per cent, premium. This is the best.the Dominion has been able to accomplish in the waj_ of loan-raising jn London ! for sonic time past;. ; ->. ■

■ A valuable amendment of tits Public Trust Office Aqfc Was made las* session, which goes in the direction of strengthening the Board of 0011trol of this State institution, in addition to readjusting the membership of the Board from within' tho Public Service, provision syiis made for the appointaent of Wp persons from outside the Service, The ideii Was to sedttre for" the office the benefit of the experience arid judgment of men of business and commercial training, and it was specifically provided one of the two should be ss person experienced in matters relatiag.to farming and liVc- stock. Vetfy fett people fully realise the enormous growth of the Public Trust Office, find the very wide and varied responsibilities now resting onthose Who have the control and management of the heavy afccumiiJalaon of : Trust funds and other interests placed in the hands of the Public! Trustee, The value of the estates now totals about ten millions, and the capital fttruls in the ofltee amount to more than half thsif; sum. The step-"taken by the Government in proposing to strengthen the Board of Control was in the circumstances one in the right direction, and was in confor'mance with the recommendation of the Commission which investigated; the management and condition of the office. It is especially fortunate that in the .first appoint- . Mflt* aide, te tbe vevt. pgMtioM Jttijjitotew juvis been able to turn.

the services of two gentlemen of such standing and rjiialiflcations ?• Mr. G, E. Towwrst and Mr. W. 0. Fosteji. Mr. ToLiiunST is, of course, well known locally as for many years inspector foV Now Zealand of the.Union Bank of Australia, while Mn. Fosten is Managing Director of the Wellington- Men' Export Company, and possesses that knowledge of farming and lire stock which the Act specifics as an essential m one case to appointment to thBoard. The Government and the country arc to be coftgTatnlatod on the choice made.