SOUTH AUSTRALIAN LOAN.

Press, Volume XLVIII, Issue 7780, 6 February 1891, Page 5

SOUTH AUSTRALIAN LOAN.

FAILURE OF THE OPERATION.

IP—B PB—SS ABSOCIATIOIf.I Received February sth, 10,30 a.m. London, February 4. The tenders for the South Australian 3£ per cent, loan of £1,200,000 were opened to-day, but only £434,000 was offered. The syndicates abstained from tendering. Tbe balance remains open at the minimum, but if a liberal discount is offered the syndicates will probably take it. Received February sth, 8 poo, London, February 4. The failure of the South Australian loan is attributed to the high premium at which the loan was fixed when the advisers suggested that the minimum should be 97. Another cause assigned is that only 2 per cent, discount was offered on immediate and final payments. There were about 100 tenderers, the highest individual | amount subscribed being £50,000 at Is premium. Opinions are generally expressed in the city that is is madness of the other colonies to think of borrowing at present nnless they are prepared to place a loan at a lower minimum than 98.

Received February 6th, 12.20 a.m. Adelaide, February 5. The Colonial Treasurer will not send definite instructions to the loan agents respecting the loan until further information has been received from the Agent-General, Sir Arthur Blytb.