SUBSCRIBED TWICE OVER

Bay of Plenty Times, Volume L, Issue 7972, 29 April 1922, Page 3

SUBSCRIBED TWICE OVER

NEW ZEALAND LOAN. The Prime Minister has received a cablegram dated April 25, advising him of ihe following details in regard to the flotation of the New Zealand loan of £5,000,000 at 5 per cent ‘‘The list closed this morning, the total subscriptions being £IO,OOO, 000. Altogether 5000 applications were received. Those up to £IOOO were allotted in full, and the remainder were allotted 40 per cent. Press comments consider the terras excellent for the Dominion, and as a result war loan colonial stock prices have much appreciated.” Mr Massey said he had no further statement to make in regard to the loan. He expressed great satisfaction at its having been subscribed twice over, but in reply to a suggestion that it was a pity he could not have taken the whole £IO,OOO, 000 he declared that would have been suicidal. London, April 26. In regard to Hie New Zealand loan of £5,000,000 at 5 per cent, the Australian and New Zealand Press Association understands that the High Commissioner, Sir James Allen, discussed the advisableuess of adopting 4 1-2 per cent., because trustees are prohibited from investing in stocks above par. He decided in favour of 5 percent,, financiers having advised him that it was probable that the net result would be better.