Financial Opinion

Feilding Star, Volume XI, Issue 128, 22 April 1890, Page 2

Financial Opinion

♦ . . • . .Notwithstanding the adverse criticism to which the Australian colonies, individually and collectively, are subjected, not only by financial papers at Home, but quasi-financial papers in the colonies, yet it is a singular fact that their loans when put on the English market are taken up with avidity. This conclusively proves that the well informed and experienced financiers who deal in these things, are neither guided nor influenced by what is published on either side of the equator in that connection. The latest Victorian loan of £4,000,000 had thirteen millions offered, and the whole amount which was taken up at an average of par now stands at 31s 6d premium. One syndicate alone is reported to have applied for three-and-a-half millions, while the French banks tendered for three millions. There is no want of confidence in the security indicated by these circumstances. Eight hundred tenders were received, and with the exception of small outsiders the highest tender was £102 Is. There is a well founded belief that it is the intention of our own Government to put another loan in the market with the view of raising money to complete the North Island main trunk railway, and the news of Victoria's success may act as an incentive, but we question whether it would be so well received at Home if we may judge by our recent experience, and whether the colony in its present humour would consent to be further indebted.