COMMONWEALTH LOAN
POOR RESPONSE BY PUBLIC LESS THAN HALF SUBSCRIBED (United Press Assn.—Elec. Tel. Copyrighn CANBERRA. Feb. 22 The public’s response to the Commonwealth works loan of £8.500.000, at 3 7-8 per cent., is disapointing. Less than half the amount was subscribed when the'lists were closed yesterday. It is expected that the underwriters will require to take up at least £2,000,000.
The comparative failure of the loan is attributed to it following too closely on the last big conversion.
The previous Commonwealth cash and conversion loan floated in December was fully subscribed and most of the maturing* loans had been converted by December 17. Enough new money was subscribed to pay off those Who did not convert. In addition, the £4,000,000 of new money required for defence was secured.
The present loan will yield £3 17s 6d per cent, and is repayable at par on December 15, 1955. or on or after December 15, 1953. Interest Is free of State income tax.
£3,700,000 WITH UNDERWRITERS
United Press Assn.—Elec. Tel. Copyright
Received Feb. 23, 1 p.m.)
MELBOURNE, Feb, 23 The Federal Treasurer announced that £4,800,000 was subscribed for the Commonwealth £8,500,000 loan, leaving £3,700,000 with the underwriters.
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Waikato Times, Volume 124, Issue 20738, 23 February 1939, Page 9
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196COMMONWEALTH LOAN Waikato Times, Volume 124, Issue 20738, 23 February 1939, Page 9
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