INTERNAL LOAN

Waikato Times, Volume 124, Issue 20821, 3 June 1939, Page 13

INTERNAL LOAN

£4,704,000 OFFERED RATIO OF ALLOTMENT (By Telegraph.—Press Association) CHRISTCHURCH, Friday Approximately £4,704,000 was subscribed for the Government's internal loan. The loan of £4,500,000 was offered in two sections, each of which returned more than 4 per cent. The Prime Minister, the Right Hon. M. J. Savage, acting-Minister of Finance, said that application for sums up to £30,000 will receive allotment in full and applications for amounts of 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 for the assistance they have rendered to the State,” said the Prime Minister. T am satisfied that subscribers were actuated more by this thought than by the thought of pecuniary gain to themselves.” TRADE UNIONS’ RESPONSE NO HEAVY INVESTMENTS (By Telegrapb—Pres* Association) WELLINGTON. Friday According to reports in the City the more Qnancial trade unions did not invest heavily in the Go\erninents internal loan. Controlling fairly large funds, many of Ihese 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. Information was received yesterday that the New Zealand Insurance Company, Limited, and the South British Insurance Company each took up £50,000 of the loan.