THE NEW ZEALAND LOAN.
THE NEW ZEALAND LOAN. SIX MILLIONS OFFERED "• AVERAGE .£94 9s 8d PROPOSED LARGE CONVERSION SCHEME London, May 3. ' Tenders were opened to-day for the New Zealand 3 per cent million and a-* half loan with a minimum of 90. The • total amount offered Was £5,963,400. There were tenders* for £3,210,000 at £94 Bs, which price will get about onethird. The average of loan'was about 94£. The highest tender was 97. Later. ' The New Zealand loan averaged. £94 8s 9d. One tender was for £IOO at par. , The New Zealand loan was not ,v underwritten, the local banks not re- . ’ ceiying any of the money. Financiers believe that the successful raising of the loan will result in re-establishing colonial credit* and congratulate the Hon. J. G. Ward on the success of the loan.
The Financial Times declares that the success of the New Zealand loan is due to a well-grounded belief that the finances of New Zealand are improving. Mr Watd believes that it is advisable that the Australian colonies should issue future loans, at 3 per cent., and is arranging to convert aU New Zealand Stocks into 3 per cents., as near par as possible. Mr Ward will initiate the operation before returning to Wellfo gton. The process will be extended gradually, as prices /, of stock justify it, and will result in a / Very large saving. • The leading fiinan- / ciers assure Mr Ward that the conversion scheme will be well received," the - - market being convenient for both dealers and investors, and that it is advisable that the Australian Government should take . similar action, though one federal stock would be the best of all. Mr Ward thinks longdated 3 per cents likely to induce' a conversion which would be entirely voluntary. Latest. New Zealand 4 per cent inscribed stock is quoted at II2J. • Wellington, Saturday. The Government have received a message stating that the loan'is considered a spl<s,lid success in London, and has raised the credit of all the colonies.
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Te Aroha News, Volume XI, Issue 1737, 8 May 1895, Page 2
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333THE NEW ZEALAND LOAN. Te Aroha News, Volume XI, Issue 1737, 8 May 1895, Page 2
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