THE £5,000,000 LOAN.

King Country Chronicle, Volume V, Issue 311, 12 November 1910, Page 5

THE £5,000,000 LOAN.

HOW IT WAS RAISED,

PREMIER EXPLAINS

Wellington, This Day. Early this morning the Prime Minister announced he was able to make a statement in connection with tin lo n of £5,000,000, which he had orders to raise in Loirlon. Within tl o • last half hour he had received \vh. t lie had been wailing for a cable fiom the High Commissioner regarding tl.o matter, which up till then had betn confidential. The loan was at 3J p-.r cent, and had been raised at £9!i , lOs, and underwritten. The cable had been received as £S9 10.$, which was incorrect. The loan had been raised on similar conditions to that of the !rst one, the uonds being issued at a minimum of lour years, holders to have the option of converting at £ 10'J, Tie J purposes of th" loan he enumerated ta J follows: -Advances to Settlers, £l5O,000; Advances to Workers, £50,00( ; Naval Defence, £1,000,000; Publ'c Works, £1,750,000; Lauds for Settlement, £350,000. Sir Joseph Ward added that the usual amount for thfc- v Advances to Settlers Department was not raised'last year, and was included in the present loan. He cansideied that New Zealand had every rcnon to be highly satisfied with the trensactijn. In fact, that such a large loan had been readily underwritten on such good terms, showed that New Zealand stood high in the estimation of the leading financiers in England.