AUSTRALIAN.

Daily Telegraph (Napier), Issue 5266, 9 July 1888, Page 4

AUSTRALIAN.

» ■ ■ [PEB PEK3S ASSOCIATION— COEYBIGIIT.] NEW HEBRIDES. Sydney, July 8. H.M.S. Diamond has returned from her TJsit to tho New Hebrides, where she has successfully arranged the preliminaries of the commiasion for governing tho islands. When the Diamond left the commander of the French warship Fabert was left in oharge, and he will remain at tho head of affaire for a month, when he will be relieved by an officer from H.M.S. Rapid, who will take charge for a month. While on her cruise the Diamond'was successful in punishing the natives at Pentecost Island who murdered Mr Walker while labor recruiting in January last. The Diamond will leave for Home as sdon.ae H.M.S. Royalist, which is rftlievo her, , arrives. ' THE N.Z. LOAN. Abktjube, July 8. The P. and O. Company's steamer Arcadia brings particulars of tho floating of tho New Zealand lonn. The success of tho Joan was a surprise to everybody, and especially to those who had decried it and had done everything to damage its prospects. Some of tho financial organs daily paraded in their columns the indebtedness of the colony, and the Stock Exchange circles beared the loan. The greater portion of the amount has undoubtedly gone into the hands of a powerful syndicate, and the chief feature in connection with floating the lonn seems to bo that two rival groups of money denlors competed to outbid each other. It has been suggested that tho reduction of tho Bank rate of interest two hours before the advertised time for tho delivery of tenders for tho loan bad something to do with its success. The prices ranged from £97 10a to £98 10s. The principal tenders were one for £900,000 at £97 15s; and three for £500,000 each at £9G 10s, £97 12s, and £97 17s respectively. There was considerable excitement when tho result of the loan was unnoancod, and the market price for old and new stock roso rapidly. One syndicate tendering at lower prices than those mentioned failed to obtain an allotmont. The premium of tho loan ran up at onco abovo 2 per cent.