LOAN SUCCESS

Wairarapa Times-Age, 3 June 1939, Page 7

LOAN SUCCESS

AMOUNT OVERSUBSCRIBED BY £204,000 PRIME MINISTER GRATIFIED. AN EXPRESSION OF THANKS. (By Telegraph—Press Association.) CHRISTCHURCH. June 2. A total of £4.704.000, approximately, was subscribed for the Government's internal loan, announced a little more than a fortnight ago. The loan was of £4,500.000, and was offered in two sections, each of which returned more than 4 per cent. In making this announcement this evening, the Prime Minister, Mr Savage, who is Acting-Minister of Finance, said that accordingly application for sums of to £30,000 will receive allotment in full, and applications for more than £30,000 will receive 90 per cent of the total applied for. “The result is very gratifying, and I wish to thank subscribers to the loan for the assistance they have rendered to the State,” said the Prime Minister. “I am satisfied that subscribers were actuated ' more by this thought than by the thought of pecuniary gain to themselves.”

TRADING BANKS SUBSTANTIAL SUBSCRIPTIONS. WELLINGTON, This Day. The six trading banks doing business in New Zealand were substantial subscribers to me Government’s 4 per cent loan issue of £4,500,000. No definite figure is available regarding the amount taken up by the banks, but it is stated to have been approximately £1,000,000. Beyond saying that the loan had been “accorded strong support by the trading banks,” the chairman of the Associated Banks, Mr R. C. Addison, had no statement to make regarding the matter. According to Wellington reports, the more financial trade unions did not invest very heavily in the Government’s internal loan. Controlling fairly large funds, many of these organisations were keenly interested in the project, but the limited time available made it difficult to assemble executives to take the necessary steps in addition to which the majority of trade union funds are already soundly invested. INSURANCE COMPANIES. FURTHER AMOUNTS TAKEN UP. AUCKLAND, June 2 Information was obtained in Auckland today that, in addition to the insurance companies previously mentioned as having supported the Government’s £4,500,000 loan, amounts were taken by the New Zealand Insurance Company, Ltd., and the South British Insurance Company, Ltd. Both these companies took up £50,000 of the loan.