BRITAIN STILL SOUND.

Hauraki Plains Gazette, Volume XXXVIII, Issue 5142, 22 June 1927, Page 2

BRITAIN STILL SOUND.

LAST YEAR’S LOANS.

£253,266,000 RAISED.

It is interesting to note that no less than, £253,266,000 new capital was raised in Great Britain during 1926, £112,000,000 being on account of overseas borrowers, showing that, in spite of all the dismal things which have been said about the Old Land’s financial troubles, her finances shotv vast recuperative power, notwithstanding her large war debts and interest thereon. This statement was made by Mr R. W. Gibbs, actingchairman of directors of the Bank of New Zealand, at the annual meeting of shareholders at Wellington last week.

“For public works of various kinds,” explained Mr Gibbs, “the New Zealand Government ha.s recently gone on the London market for a 5 per cent, loan of £6,000,000 at £99 10s, which was particularly well received, the whole amount being promptly subscribed, giving a net return to investors of £5 OS lOd. The successful flotation is a tribute to the high credit enjoyed by the Dominion on the London market. “Australia has also been a heavy borrower during the year, but has not been quite so fortunate on the New York market as New Zealand , has been in London. Of a recent Commonwealth loan place in London, 27 per cent, was left on the hands of the underwriters. A subsequent New South Wales loan was, however, oversubscribed.”