£15m STATE LOAN
Longer Terms In Issue (NX. Press Association) WELLINGTON. May 24. A £l5 million Government Loan for development will open next Monday and run for four weeks. The chief features are slightly longer terms for medium and long-term stocks, and the introduction of a new two-year stock for large investors. The long-term loan would be repayable in 13 to 15 years and carried 5 per cent, interest. the Minister of Finance said today. It was being issued at a discount of £3 on each £lOO of stock bought, and this brought the effective yield up to £5 5s lOd per cent. Medium-term stock was repayable in 4 to 6 yeans and carried 5 per cent, interest It was being issued at par. The minimum subscription for both medium and longterm stock was £5O. he said Short-term stock was repayable in two years and carried interest of 4 3 8 per cent. The minimum subscription was £lO.OOO. Mr Lake said the offer of two-year stock was designed to attract funds from firms and individuals likely to have large sums available for temporary investment pending major expenditure on such items as plant and buildings
>N. May 24.
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Bibliographic details
Press, Volume CI, Issue 29831, 25 May 1962, Page 10
Word Count
197£15m STATE LOAN Press, Volume CI, Issue 29831, 25 May 1962, Page 10
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