THE MILLION LOAN.

Manawatu Standard, Volume IV, Issue 40, 15 January 1884, Page 2

THE MILLION LOAN.

— :oo: — A Brilliant Success. (Post.) It is our pleasant duty to-day to announce the brilliant success of the New Zealand Million Loan, which was offered m the London Market yesterday, and which, as will be seen from the information published m another column, has been subscribed more ihan five times over, on by far the best terms ever yet obtained by this colony. The loan has been placed on an average rate of very nearly 100£. l This is the first time a New Zealand Four Per Cent, loan has ever been taken up at above par; or, m other words, it is the first occasion on which New Zealand has been able to borrow m the London Market at less than 4 per cent. In the present instance the rate of interest will be a fraction over 3 and 9-10ths (or about £3 19s 4d) per cent., only a trifla more than the rate of interest earned by the New Zealand railways m 1881-2, before the operation of the. reduced charges had been felt. Apart from the satislaction of effecting so large a saving: m in teresfc— nearly onefourth, as compared with the loan of 1879 — and so being able to borrow a million and a quarter for the same interest as was then paid on a million, the great success of the new loan is of vast importance as proving the thorough confidence felt, by capitalists, m this colony as a field for safe investment. This ought to have a pronounced effect on the New Zealand money market m addition to the general benefit resulting from so much more money being put m circulation, while the floating of the loan will also enable the Government to frame liberal public works estimates for the coming session, and to proceed with some urgently-needed •"''"•")'" "P«v»m oil pnmta nf viftW the intelligence conveyed by to-day's telegrams is most gratifying.