N.Z. LOAN CONTROVERSION

Hokitika Guardian, 30 January 1929, Page 3

N.Z. LOAN CONTROVERSION

SUCCESS AT LONDON. (By Telegraph—Press Association). WELLINGTON, Jan. 29. The Prime Minister, Sir Joseph Ward, stated to-day that lie had received an intimation from London tnat the twelve million conversion offer to the holders of New Zealand lour pier cent. 192!) Consolidated stock, made in conjunction with the recent cash loan of seven millions, lias been taken up to the extent of £11,700,000. The Prime Minister considers this result to be a satisfactory one, as it lias indicated that the terms ol the oiler viz. £lOl os of the 19-18-58 H per cent, stock for each hundred of the old stock were as good as it was possible to obtain under the present market conditions. Including the live million New Zealand conversion of last May and about one million that has been purchased lor cancellation, a total ol £17.759,06!) of lour per cent, stock has now been dealt with. “It will thus be seen,” said Sir Joseph "Ward, f, mat we have already accomplished a great deal towards surmounting our most formidable financial hurdle, and the success of these most important operations is a further indication ol our high .standing in I/.union, the principal money market of the- world. r l he statement made in a section of the press recently that the above conversion operations were underwritten is not correct, as there wa.s no underwriting whatever for any portion ol the whole sum.”