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NEW ZEALAND LOAN.

SUCCESSFUL FLOTATION

The sum of £25,800000 was sub edribed for the New Zealand loan, which closed within ninety minutes after its opening at tbe bank. Postal application" from other parts of tbe United Kingdom, therefore, will not receive consideration

Tbe loan is quoted at one per cent premium. The evening newspaper* comment on the remarkable success of the loan, considering its size The Minister of Finance (tbe Hon James Allen), informed a "Lytteltoo Times" correspondent that he was de lighted with the success of the flotation of tbe four and a half million loan, which, he says, has been secured on more advantageous terms to the dominion than has any loan since that which was raised to provide the first advances made underthe provisions of the original Advances to Settlers Act. The terms on whioh the present loan was offered were 6 per cent on application, 17£ per cent on February 9, 20 per cent on February 24, 20 per cent on March 2i, 20 per cent on April 27, abd 13 per cent on May 26, these payments aggregating the amount at which the issue was made. Discount at the rate of 2J per cent is allowed in cases of prepayment before the above-mentioned dates. The first half-yearly payment of interest will be made on August Ist, and apart from this no concessions whatever are being made to subscribers. Tbe latter have nr> option to convert their bonds into inscribed stock at the rate of £102 worth of stock for every £100 bond if conversion takes place prior to May 20, 1918. From the latter date until

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AMBPA19140203.2.27

Bibliographic details

NEW ZEALAND LOAN., Akaroa Mail and Banks Peninsula Advertiser, Volume LXXII, Issue 4368, 3 February 1914

Word Count
271

NEW ZEALAND LOAN. Akaroa Mail and Banks Peninsula Advertiser, Volume LXXII, Issue 4368, 3 February 1914

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