Mew Zealand Half-Millon Loan

Feilding Star, Volume XVIII, Issue 136, 8 December 1896, Page 2

Mew Zealand Half- Mill on Loan

SUCCESSFULLY FLOATED. (Per Press Association ) Wellington, Dec. 7. The following is the ofiicial communication., respecting the Half- Million Loan, the offers for which closed at noon to day : —Tenders for the Half Million '6\ per cent, 10/25 debenture loan were opened this afternoon in the presence of a committee consisting oi the Colonial Treasurer, Controller and Auditor General and Mr Henry Kember, the well-known accountant of Wellington. Ten tenders bave been lodged at the Treasury and upon being opened were found to be the aggregate sum of .£508,000, the average price being slightly over £100. Considering principal and interest are both payable in the colony and that no real market exists for buying and selling securities such as these, Government are to be congratulated on the successful flotation of this loan which marks a wise departure in the effort to retain interest within our own borders and so save the drain which is always going on in haying to remit our own interest to English investors. It is a great many years since a Government loan was locally floated ancl the pnce of issue then (in 1-573) for £'250.000 wns £90 10. for a 4 per cent loan £40,000 was tendered for, about £30,000 being 10| per cent, bflow njiniw.um, end only £j3OO wns allotted. The present successful result is, therefore, very flattering to the Government, and we have the assurance that no amount of the issue has been allotted to the Government lending depart menta. The money will come from the public as bona fide investors.