WELLINGTON DEBENTURES.

Auckland Star, Volume LIII, Issue 125, 29 May 1922, Page 9

WELLINGTON DEBENTURES.

STOCK EXCHANGE CI .'NG. EXTRAORDINARY - iKrom Our Own Ciirre-itunieiil > LONDON". April _M. There was a bin rush of applicants for the AVellingtoii Debenture Issue in London yesterday. A queue of considerable length, four deep, waited outside the Commercial Bank of Australia in Covnhill for the doors to open in order to obtain prospectuses, and much excitement prevailed when it was announced that these were not available, as the lists were already closed. The disappointed crowd became somewhat unruly, and attempted to break open the doors of the bank, and a good deal of excitement prevailed lor a time, which, however, -as subsequently quelled. Thus the "Evening News." The "Daily Express" makes it still more thrilling, for it has a story of two excited investors who evaded tlie police. They dashed up to the counter and threw their applications and money at the cashier, but they were compelled to take their money back. Another curious expedient adopted by sonic was to wrap their cheques up in application forms and to throw this over the head of the crowd to fall behind the counter. .Members of the Stock Exchange, it is asserted, are angry over the methods adopted in the issue of this loan. They complain that prospectuses were not available over night, and that as the I issue was not so widely advertised ns j usual in the Press in the morning newsI paper application forms were scarce. Comment is being widely made on the fact that New Zealand should actually be borrowing on better terms than the liritish <Government in connection with I the underwriting of the New Zealand ii per cent lonn at par to-day. On this topic the "Daily Express" says: "It is evident that the light for such issues between the group which has had a monopoly of them and the B.S.T. is becoming particularly keen. Colonial governments which come into the market as borrowers no doubt enjoy the contest. They got their money cheaper than would otherwise be the case-"