THE NEW ZEALAND LOAN.

King Country Chronicle, Volume VIII, Issue 658, 8 April 1914, Page 3

THE NEW ZEALAND LOAN.

The prospectus of the New Zealand per cent, loan of £4,500,000, floated in London towards the eiid of January, is now to hand. It will be remembered that ten years' convertible debentures were offered at £ioo 10s par cent., and the result was remarkable, in that subscriptions amounted to £25,800,000. The prospnctus stated that the first coupon, amounting to £1 8s per cent., and representing interest accrued from February 9th, would be paid on August Ist. Applicants who undertook to convert their allotments when fully piid into New Zealand Government 4 per cant, inscribed stock, 1943-63, were promised preferential consideration, and those who converted beEore July Ist were entitled to a full six months' interest on the stock or August Ist. The object ef the issue was, as to £1,000,000, for the redemption of debentures previously issued, and as to the balance for the constructoin of railways, roads, and other works; advances to settlers, and the purchase of Native land for settlements. Accompanying tenders a deposit of 5 per cent, was required, the balance being payable in five varying amounts at different dates up to May 26th, with a provision that instalments might be paid in full on or after February 9th, under discount at the rate of 2£ per cant.