THE COST OF LOANS

Wairarapa Age, Volume XXXII, Issue 10572, 1 March 1912, Page 5

THE COST OF LOANS

SOME BELATED INFORMATION. SIR JOSEPH WARD MAKES AN ADMISSION. (By Telegraph—Press Association.) •' _ WELLINGTON, Last Night,.. Sir Joseph Ward tins afternoon laid on the table-of the House a paper containing details of. the. £1,850.000 loan floated in 1909. ■Mr James Allen drew the attention of the House to the fact that the High Commissioner's letter, covering the details, was dated September 16th, 1910, and had only now been laid before the House. He objected to 13 percent being paid in commission'on loans, when.there were other charges to be paid. Fifteen years ago the Premier himself floated Joans without the underwriters. ' .

Dr. Newman, said money was going to be very much dearer in. the near I "future, and would cost four per cent. [•'The Prime Minister should, float.loans j ait 4 per cent now, rather than at 3 I per cent witfi all the attendant charges and commissions. The days when the country could-borrow money at pOr cent were over. He considered the country would do better if the loans were floated at par. Sir Joseph Ward pointed out, in connection with the criticisms of the cost of loans, that China and Japan had raised hundreds of millions in loans and Japan had just paid 51 per cent. He considered some of his critics .knew as about loans as his foot. No one raised loans now without the assistance of the xmder'writors. He went on to say that'he had applied;; more information and papers than, any 1 of his predecessors. He had never seen the letter from the High Commissioner until just lately, when he had<#iven orders,, seeing the possibility of the very close condition of parties, for all such papers to be printed and laid before the House. The paper was laid on the table.