The Bank of New Zealand Loan.

Feilding Star, Volume XVI, Issue 72, 19 September 1894, Page 3

The Bank of New Zealand Loan.

All the London correspondents join in giving much credit for the remarkable Buccefls of ihe Bank of New Zenland two million loan to the underwriters, who guaranteed the success of the issue. Our own representative sends the testimony of a well-known Australian bank man- , •ger. "It " the underwriters," thia gentleman said, "who have wade the i'eiae the great success it has been." < •• Underwriters," ha continued, " you mart understand, do not merely take a line on these loans and then sit down and calmly wait for the public to either relieve them of the risk or leave them to take up the stock themaelve* They do not want to find the money unless compelled to, and work up every possible subscriber within their ken. On the success of the loan the amount ef their profit de penda Now. at regards the Bank of New Zealand issue, sappote for an instant it had been emitted without underwriting and had not been a success Wh&t would have been the result ? It would have been taken in the provinces at all event* to indicate not onlr a belief that the difficulties were more than merely tempo, rarj, but also that, the credit of the Go moment of New Zealand was not what it should be on the London m*rkfrfc. And I juat think what ■ flue opening the failure ( or even the qualified success of such an , tatue would hare gi*en to Mr Wilson j and his co-calumniator* of the colon; ! Any peg w g°°d enough for the eduor of j the In?eators' Review to hang an attack x upon the colonial finance, but with a peg j like that in view— well, you can only lmagtne how plentiful a supply of pessimism { he would be able to pump up. Now, be , and his henchmen may write a venoraooalj v they please. In the free «f a , ten million no ascription for a two million j issue their fulminations will have as much j effect on investors as water on a duck's t back. The eplendid success of the loan indeed, will be beneficial to the bank in eye*J way, and for a great part of that j success the underwriters will be pi»en errdtt by those who really understand the financial methods of the old country. Our representative alo had a that with the London manager of the bank.—Christehoreh Star.