THE WAR LOAN.

Taranaki Daily News, 16 November 1915, Page 4

THE WAR LOAN.

its successful flotation. ui;.\iai;ks by sik .Joseph warr By Telegraph. —Press Association. Wellington, Last Night. • Thn total sum offered the Govern* inont in connection with the Public. Works Loan of £2,000,000 was £4,124,820, (his sum including £480,225 of renewals by way of conventions. The Ministor lor Finance announced these inures to-night. "Of the loan of £2,000,000," added the Minister, "the investing public of New Zealand receives .C1,!)u."i,853, that is exclusive of investments through State Department*, the total under Unit heading being £44,145. All investments up to £IOO,OOO have been accepted in full. An allocation lias been made in case of applications beyond £IOO,OOO. Investors had the option of taking debentures for periods of 5,10, 15, 20, or 25 years. TUe> total cash allocations for Ave years amount to £1,0(12,454, for 10 year* £359,(135, for 15 years £82,050, for 2C years £13,080, and for 25 years £481,-' 880. Tlii- loan was issued at par, and no advantage was given to anybody so. far as the price of issue was concerned. The smallest investor and the largest stood on the same footing." In answer to a question regarding the cost of issue, Sir Joseph Ward said that every comparison that could be made was favorable to the local issue. If the, loan had been made in London it would have required t<i be underwritten, and" then issued at discount and ordinary charges for commission and brokerage would have bad to be paid. No spepjat inducements of that kind had been offered in the ease of the locally-raised' loan, and the charges bad been, small, amounting to little more tbitt the) cost of printing and advertising. Brokerage fee of one-half per cent, bad bee* paid in case of applications forwarded through licensed brokers and banks. "Hj will be a considerable time before the* Government goes upon the New Zealand market for another loan," added Sit i.Toseph Ward. "In all human probability •we shall not have completed the expendi* ture of this money on public work*), when the war reaches its conclusion, War Joan money which haa been coming: into the country at the rate of '£500,06$ a month, or £0,000,000 a year, wUI then have ceased to reach us, and the quesof future borrowing and where ifc, shall'be effected will be considered a$ that time. The Government will cons tinue to assist settlers and workers bj advancing money at low rates of inter-* est, in comparison to what we are pay* >ing to investors. We will continue ts, make .advances to local bodies also, the limit in that branch being £SOOO for H .single advance. This certainly shouli, ihave a steadying effect on -the- moaju ..- *"