Govt loan likely to reach $280M
PA Wellington The Government’s attempt to attract smaller investors to its 11 per cent savings-stock loan issue has been phenomenally successful.
Reserve Bank staff say that; the 65,500 applications ..recessed to date — and there, are more to come — far exceed the war loans in popular support. The war loans had a powerful patriotic sentiment to help as an added incentive. The latest loan closed last I Friday. With 5261.5 M sub-' scribed. Since then the Reserve!' Bank has been processing further applications received
by provincial trading banksand savings banks. ;; The bank now expects the; grand total to be at least[; S2BOM, the biggest internal]: capital raising in New Zea-' land history and by far the:) most successful Government;; lloan. h It if believed to havetripled the number of per-ii sons in the Reserve Bank’s;i (books which it knows may bep 'interested in contributing top an- further issues. |s Speculation continues after'!
remarks made by the Pri ne (Minister (Mr Muldoon) this week that there could be ar [Other similar loan announced ! shortly. ' However, the Januarv-to-, March period is traditionally! ja poor period for money! raising. i Most people are short of cash after their Christmas i and holiday expenses, while' jwealtltiei persons and com panics are concentrating on saving money to pay their tax bills.
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Press, 21 December 1978, Page 6
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221Govt loan likely to reach $280M Press, 21 December 1978, Page 6
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