THE NEW ZEALAND LOAN. PARTICULARS OF ITS FLOATING.
Adelaide, July 8. TliE P. and O. Company's steamer Arcadia brings news of the floating of the New Zealand loan. The success of the loan was a surprise to everybody, and especially to those who had decried it and had done everything to damage its prospects. Some of the financial organs daily paraded in their columns the indebtedness of the colony, and the Stock Exchange circles beaied the loan. The greater portion of the amount has undoubtedly gone into the hands of a powerful syndicate, and the chief featuie in connection with the floating of the loan seems to be that two rival grouus of money-dealers competed to outbid each other. It has been suggested that the reduction of the Bank rate of interest two hours before the time advertised for the delivery of tenders for the loan had something to do with its success. The prices ranged from 10s to ;£9S 10s. The principal tenders were one for /900,000 at 15s, three for,/ 500,000 each at ,£96 10s, £9" 12s, and ;£97 17s respectively. There was considerable, excitement when the result of the loan was announced, and the market price for old and new stock rose rapidly. One syndicate, tendering at lower prices than those mentioned, failed to obtain an allotment. The premium of loan ran above two per cent.
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Te Aroha News, Volume VI, Issue 280, 11 July 1888, Page 5
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229THE NEW ZEALAND LOAN. PARTICULARS OF ITS FLOATING. Te Aroha News, Volume VI, Issue 280, 11 July 1888, Page 5
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