The Assets Company.

Manawatu Herald, 12 July 1894, Page 3

The Assets Company.

It is a little over three years now since the Bank of New Zealand tided over the troubles which then threatened to submerge it, by the formation of the Globe Assets Company. Mr Hean was sent out from Home to report on the value of the estates on which the Bank had advanced money on mortgage, and had found itself forced to take over. The estates were valued at three million, and this three million was thus separated from the Bank's operative capital, and handed over, in name only to another institution. The Assets Company is nothing whatever but the Bank itself under another name. On this security of three millions, debentures, we believe to the amount of over a million and a half, and bearing interest at the rate of 5i per cent per annum, were floated. As the £ 100 bonds had to be sold at something like £80, the true rate of interest paid was very much higher. These debentures, unless we are misinformed, have receutly fallen due, and it was to meet them that the legislation of last Friday week was necessary. — Evening Press.