DEVELOPMENT LOAN

Press, Volume LXXXIX, Issue 27065, 13 June 1953, Page 8

DEVELOPMENT LOAN

£11,211,000 ALREADY SUBSCRIBED 47 PER CENT. REPRESENTS STOCK CONVERSIONS (New Zealand Press Association) WELLINGTON, June 12. Subscriptions to the 1953 National Development Loan now amounted to £11.211.000, and the number of subscribers was 2029, said the Associate Minister ot Finance (Mr C. M. Bowden) today. Of the total, 53 per cent, represented new subscriptions and cash and, 47 per cent, reinvestment of Government Stock maturing on October 1, 1953, said the Minister. “In the last day or so, there has been a falling off in the number of applications,” said Mr Bowden. “This was not altogether unexpected after the initial inflow of applications, but I am hoping that the public’s response will be sufficiently sustained over the next two weeks and a half to ensure the complete success of the loan.” The Minister said that among the larger subscriptions to the loan since it opened were: South British Insurance Company, £200,000; Dunedin Savings Bank, £50,600; Provident Life Assurance Company, Dunedin, £40,000; A.M.p. Society, £250,000; F.A.M.E. Insurance, £25,000; Auckland Savings Bank, £420,390; Northern Co-operative Terminating Building Society, Auckland, £50,000; New Plymouth Savings Bank, £90,000; State Fire Insurance, £162,440; Canterbury Farmers’ Co-operative Association, Timaru, £10,COO; Wright, Stephenson and Company, Limited, £50,000; Farmers’ Co-operative Insurance Association, Christchurch. £ 15,000.

FINANCE FOR EDUCATION

SUGGESTED DIVERSION OF LOAN SURPLUS (New Zealand Press Association) WELLINGTON, June 12. the event of the Government’s 1953 National Development Loan being oversubscribed, would the Government give some assurance to educational governing bodies that additional funds would be made available for educational purposes?” asked Mr O. Conibear, president or the New Zealand Secondary School Boards’ Association, today. , Mr Conibear said he agreed with the Minister of Education (Mr R. M. Algie), who had stated that the loan should interest practically every household throughout the Dominion, because it was through this loan that funds would be made available for the erection of new schools and additions to existing ones. “What could be better than for the loan to be oversubscribed,” said Mr Conibear, “particularly if the Government will make available to the Minister of Education additional funds so that greater progress can be made to overtake the school accommodation shortage which has been with us so long.