SIX MILLION LOAN

Sun (Auckland), Volume 1, Issue 33, 2 May 1927, Page 8

SIX MILLION LOAN

HALF FOR RAILWAYS OTHER BIG UNDERTAKINGS 5 PER CEJCT. AT £99 10 - Rrcss Association WELLINGTON, Sunday. The New Zealand loan on the London market is for £ . vi*o—a 5 per •ent. issue at £99 lus. Half the money will be spent on railways. The Minister of Finance made that announcement to-day. Last, year's issue was at £95 lbs. The return to investors on the present loan with redemption will be £5 0? 1 ■-•d per cent, compared with £ 5 is 6d per cent on i last year’s loan. The proceeds will be allocated to railway constructions, additions and improvements, hydro-electrical development telegraph extension and other public works. The allocations of this year’s loan compare with those of last : year’s loan as follow: 1927 IS2* j Railways .. £3 £3,(-AA*d9 Hydro-electricity 9'*. ,009 1 ' Telegraphs -. T&O.MK) < >**,oo9 Other works 1.350.009 I.2s€ r {*{*o Totals .. £ £6.000,009 Other colonial loans issued on the London market recently have been: South Australia, £ 2.500,990. 5 per cent, at £95; Western Australia £. 1.500.000. 5 per cent-, at £97 10s; ! Commonwealth of Australia (conversion loan), £11,711,000, 5 per cent-, at FINAL INSTALMENT PAYABLE ON AUGUST 3 Bjj Ca bJe. — Brc&e A ssocic 1 ion. —C opyriQ fc * LONDON, Friday. The final instalment of the New (Zealand loan will be payable on August 3, and the first half year's in- , teresx on January 1, 19? 5. The Assistant-Treasurer of the New South Wales Government. Mr. W. J. McKell. says this loan has long been anticipated. It is therefore not likely ; to prejudice the New South Wales coni versions, in which direction negotia- ! tions are proceeding.—A. and N.Z.