NEW SOUTH WALES LOAN.

Auckland Star, Volume LIV, Issue 95, 21 April 1923, Page 7

NEW SOUTH WALES LOAN.

SATISFACTION AT TERMS. i PAYMENTS TO CONVERTERS. LONDON*, April 20. . A loan of £'{,000,0(10 at -U per cent has l.een underwritten for the New South Wales ('overnment. and will be issued at 04. An oiler by underwriters to float the loan at it per cent, with all issue price of ().">. was rejected. The loan is repayable in IIKM or MM.",. About £2.000.01)0 of the loan are for conversion. Holders of £1.473.000 i) per vent inscribed stock and £.120.000 bonds ma luring in .July are invited to convert into nn equal amount of the new loan, receiving a cash payment of £(', per cent. The Premier of New South Wales, Sir (be.,.-L,e Fuller, and the Agont-('eneral. Sir I. A. Coghlan, have received congratulations from many sources upon t'njtsrms of the loan, which. Mr. Coghlan pi-bus out, are the most advantageous M.t.e IPM. Commenting on the loan, the -'Morning Post"' remarks: It says much for the inherent iirmnoss of ihe investment markets an.! tlie good effects of the I'.udget that I he New South Wales loan bad not the slightest disturbing effect on the Stock Ibxchaifge. Certainly the terms tire not of „ character to occasion disquietude io holders of existing securities. The -Daily Ibxpress" says the issue will bell, to relieve the tension that is being experienced in the stock markets. There is ti plethora of money. which on | account of the position of the owners,! cannot be diverted into industrial securities whatever the state of trade. Tim "Financial Times" says that (be success of New South YY'a'les will be watched with acute attention by wide circles on Ihe lookout for the kind of "pointer" which this issue gives. The strength of the gilt-edged markets is unabated.. (A. and X.Z. (able.)