NEW ZEALAND LOAN

Sun (Auckland), Volume IV, Issue 967, 9 May 1930, Page 11

NEW ZEALAND LOAN

QUOTATIONS AT PAR LONDON, Wednesday. The over-subscription of the New Zealand loan of £5,500,000 was so extensive that applicants have received about 30 per cent, of their applications. Nevertheless, dealings in the scrip opened at 2s 6d per cent, discount, reflecting the general heaviness of giltedged securities. Quotations of the loan subsequently recovered to par. Advice has been received by the Prime Minister, Sir Joseph Ward, from the High Commissioner in London, the Hem. T. M. Wilford, that there were 21,852 applicants for the loan, their subscriptions totalling £19,577,800. Allotments have been made as follow: Applications for £IOO received nil; applications for £2OO up to £SOO received £IOO, and applications for over £SOO received just under 30 per cent. Dealings on the Stock Exchange opened at about £9B 17s 6d to £99, and closed about £99. The applications were more than three and a-half times the amount of stock offered. This heavy subscription places the 1930 loan in the category of the most successful of the Dominion’s flotations in recent years The record was established in 1926, when there were 24,059 applications totalling £119,600,000 for £6,000,000 of stock—a subscription of nearly twentyfold. In 1928 the £5,000,000 loan was heavily oversubscribed; it was reported from London at the time that applications had totalled £35,000,000, but the 1928 Budget states that the subscription was “nearly sixfold.”