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Hokitika Guardian, 8 February 1929, Page 4

Tub .Auckland Heform journal—the New Zealand Mora Id—which at, election period questioned the ability of Sir .Joseph Ward to give effect to his promises, now congratulates the leader of the United Party on the success of Ill's financial operations. The result of the conversion loan, it. says, may lie regarded with great satisfaction, and “in view of the magnitude of tin* operation there need’,not he any disappointment that the applications had fallen short of the nominal objective, apparently by only 3 per cent., a result that certainly compares favourably with similar operations in London in recent, vears.” The livening Post, too, says Sir Joseph Ward has every reason to congratulate himself and, as Minister of Finance, to he congratulated. “He

no sooner resumes his office, after a long period-out of politics, than Lombard Street turns its radiant smile upon him. lie went there to borrow £7,009.000 and got it; and he also required conversion of £]2,000,1.00 of maturing debt, and the market responds with a subscription of eleven and three-quarter millions. True, the indications in the great money markets of the world are towards lower rates for loans, and the terms offered by the Dominion, considering its good standing in London, were not unattractive to the big investors who favour British loans. Hut terms offered by some other applicants for accommodation wore also attractive, and yet they met with a rather tepid reception. Sir Joseph should have no difficulty in speedily disposing of the quarter of a million unapplied for at the opening of the subscription, and he should presently he in the position of announcing that the full £12,000.1KK) had been taken up. without expense of underwriting.”