N.Z. LOAN
(By Telegraph—Per Press Association.!
WELLINGTON, May 1
The Prime Minister in a telephone message from Rotorua, stated that the press cable to- the effect chat a New Zealand loan of £5,000,00 at 5 per cent., with a qurrency to a year 1949, is -being underwritten ,at £9O per cent., was correct insofar as the terms and purposes of a loan were concerned. He stated that he would give further particulars later on after the public subscription list closed.
Sir Joseph added, 'however, that the further statement in the cable that part of the loan was required to meet short-term maturing debt, was misleading.
It was true, he remarked that part of the cash proceeds will probably be temporarily used to pay off Treasury bills issued in London, on account of the exchange difficulty hindering the remittance of cash from Neu r Zealand which .cash is at present invested here on fixed deposit. The loan however, he stated was being raised for the carrying out of public works programme of the Government, and it would be applied to that. - purpose within the current financial year.
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Hokitika Guardian, 2 May 1930, Page 6
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186N.Z. LOAN Hokitika Guardian, 2 May 1930, Page 6
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