The NEW SOUTH WALES LOAN AND TEE LONDON MARKET

Waikato Times, Volume XXI, Issue 1787, 18 December 1883, Page 3

The NEW SOUTH WALES LOAN AND TEE LONDON MARKET

The following telegram to the Press Association, dated London. December lot 1 .), has been published : — The announcement of'the New 5 Sbnth Wales 16an has caused considerable excitement, ami the brokers, are bearing New South Wales stock, seeking to compel the colony to give a pledge to refrain from further borrowing next year. There is almost a panic created in the stock market. Westg.irth's circular reports that the market is entirely upset, that New South. Wales four per cents. ha v e dropped two per cent, in price. The brokers threaten to refuse the loan altogether unless it is withdrawn for six months. The Pall Mall Gazette says the investors must remember that the new policy decided on by the Australian colonies in regard to their foreign relations will mean increased expenditure and additional debt. Commenting on the loan, the Standard states that the system of rapid borrowing either indicates bad management or pressing necessity, and is likoly to injure the credit of New South Wales in the English Market. In the event of the loan not being covered, a syndicate will probably be formed to take up the balance. The Cape loan has been rendered practically unsaleable. The Economist in speaking of the new loan expresses an opinion that Now South A Vales is going too fast. The brokers think that the loan will float, as investors are offeiing a quarter per cent premium. The New South Wales inscribed 4 per cent stock, cv October interest, is quoted at 9J)y, and Victorian 4 per cent ex April and October interest, at 10l).|.

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