DEVELOPMENT LOAN

Press, Volume XC, Issue 27367, 4 June 1954, Page 12

DEVELOPMENT LOAN

TOTAL AT £2,390,000

(New Zealand Press Association) WELLINGTON, June 3. Subscriptions to the £30,000,000 national development loan up to midday today totalled £2,390,000, said the Associate Minister of Finance (Mr C. M. Bowden) tonight. “I would like to commend the promptness with which the investors responsible for this result have backed the loan,” said Mr Bowden. “It is an example which I hppe others will follow, so that there will be a steady build-up throughout the campaign to the total the Government is seeking.” The Minister said that investors could either pay their full subscriptions in cash with application or m instalments of 10 per cent, on application, 40 per cent, on August 2, and the balance on October 1.

CHRISTCHURCH TOTAL £280,000 A total of 22 applications for subscriptions to the new Government loan received .yesterday brings the total Christchurch subscriptions to £280,000. The number of local applications since the issue was opened to public subscription on June 1 total 92. Additional large applications received yesterday include one for £7500, one for £2500, and one for £2OOO.

It is noted that to date investments made have been by the larger investors. Local Treasury officials report that the general public is inclined to overlook the low minimum investment accepted, which is £5O, increasable by multiples of only £lO. The loan is therefore well wittan the reach of small investors. *