Manawatu Standard (PUBLISHED DAILY.) Suivant la verita. FRIDAY, JANUARY 18, 1884. THE MILLION LOAN.

Manawatu Standard, Volume IV, Issue 43, 18 January 1884, Page 2

Manawatu Standard (PUBLISHED DAILY.) Suivant la verita. FRIDAY, JANUARY 18, 1884. THE MILLION LOAN.

The unprecedentedly favourable terms on whjeh the second instalment of the New Zealand Three Milliqn Lpan has .been floated, and the eager competition for tlie debentures, is subject for general congratulation. Previous loans, fyave nqt been floated on anything like such tevms.. Vfe tnay compare the position of the New Zealand million loan of last year with that just raised, bot]i. being, instalments qf the same loan,- atnd beiigM>f course m all respeots as to the 4 per cent, interest, duration, and circumstances the same.. That of last yaar was placed at an average of £98 12s sd, and was applied for one and a-half times ; the present instalment has averaged £100^ Bs, and has been applied for five tim<\s oyer— - th,pre being no fewer than si* hundred tenderers, and one of thorn applying for tho entire loan. As» the Auckland Herald points out, this is a remarkable stride for the public credit ot the colony m a single yeai*, and t^ejo.ctyt). b,e.litt}e doubt that it is m large part to be Qb.ar.ged to the interest and attention thai h-\s recently been aroused m favour of the colonies . by the federation and annexation movements, adJed to the increasing knowledge of the financial soundness auditbe, wonderful resources pbssessod "by these favoured portions of the empire. TJjis knowledge has no doubt., been acquired fhrongh the incpeasjng number ot travellers visiting- •the colonies and inquiring for themselves, a knowledge which now-a-days can no .Jongei>be darkened by the, words without' knowledge of ignorant "and prejudiced writers at home, ' understand— | ing neither what they say nor whereof they asi>m, Qny : Northern contemporary observes that probably we Uo hot .sufliciently appreciate .the jndirect effects of the reoeut excitement m England over the movements of national life m Uje polonies, and the beariug whioh it may \\avs on ti]e or-pdjt of the fiolonjes. One leading journalist at home warned his renders of the ill-effect which the new foreign policy would have on the finances of the colonies. TJpp he did (o prejudice the jate New South Waleg loan, and t})o best refutation of his theory 1 appeared jn. tfyat loan being successfully floated. So far from these nati6sftl movements fright ening capital, -we* feel ftonvinoed that m drawing attention to the colonies, and m showing that they' sire becoming real powers m the earth, the Convention will give tangible results of the veiy highest kind m the improved confidence reposed by caitpalists m the^e rising 1 Stales. ■The^effeet of the success that has attended the floating of ■■■ • • ™ ■

the last loan cannot fail to be beneficially feltinthe colony. When a loan is subscribed five times over, especially when so many foreign securities are being ofiered to Home capitalists it proves that our colonial credit is good, ;ind that New Zealand securities are desirable investments. Ono tenderer, we are informed by cable; offered to take the whole amount ! This is surely something to be proud ot. Notwithstanding all effoits to decry our credit, it still stands Al on the London market, and the floating of a loan does not involve the riunous ■'■* discount " required some years ago. People at Home, with money to lend will now banish their fears and prejudices, and will without misgiving look out for investments m a colony whose credit stands so high. : The contingent advantages attending the floating of. the Loan wo regard as more important than the actual fact itself. The ultimato result should be an easier money market before very long; not so much on account of the loan, as m consequence of the outride capital which will he thereby induced to be sent abroad.