FIVE MILLION LOAN

Dominion, Volume 4, Issue 977, 18 November 1910, Page 5

FIVE MILLION LOAN

PARTICULARS OF FLOTATION. \ PREMIER'S STATEMENT, .; EFFECT OF HOME POLITICS, ! "IN STRONG HANDS. , ' ! OUR FINANCIAL POSITION. / • ' . 1 ..The following Press Association cable* " : . gram from London, dated November 16, ; was received in New Zealand yesterday:-. New Zealand 3= per cents are af 96. ' , - - - . The underwriters of the loan re». ceiv'e over seventy-five per cent. Scrip is quoted at. about 10s. discount,: There is an impression that the pub-' lie abstained, hoping to buy cheaper! later on, but a decline-is regarded as unlikely, as holders are very strong. - An important announcement with refer* ence to the flotation of.the five million ... loan was made by the Prime Minister . (Sir Joseph Ward) when the House ol ■" Representatives met yesterday afternoon.*. .- ' : Sir Joseph Ward said that he wished to , " inform tho House that he had received tha - following cablegram' from tho ' High' Commissioner., with reference 'to., the. ; . loan:— '. . . ... . Applications for the loan closed at ...- 4 o'clock to-day. Ecsult: Applications for ' received. Underwriters ■.-. take the balance, £4,656,000.'.. .■ The Premier ako read the above Presi Association cablegram. . ' "An 'Unfortunate' Telegram." Sir Joseph Ward went on to say. ho had received another cablegram from ■ thev . l High Commissioner of, a confidential na». . turo, but it had no direct bearing •oa ' this .particular matter.,,. The last para-, ; ' graph he would read:'"'■ ! ; ". "Regret to find that my telegram of . ./ : >. November .14, published in to-day's ■ : 'Tinies*, very unfortunate." ilr. Eussell: Will you read-that againf >-■•■- . Sir Joseph Ward repeated the extract/ '; Proceeding,. Sir Joseph-Ward went on" „• ;' to say that the cablegram in question ' was as follows: .."'". "In answer to your . telegram No-' . - vernier 14, regret leakage quite-un- " avoidable with underwriting. Had hoped no statement re Veto Conferenco until Tuesday, which would have suited splendidly. Must now make ■ best of it, but extremely fortunate "■ ■. ■ underwriting done before Veto amend- . . ment and Birkbeck trouble." . ' ; Sir Joseph Ward (continuing) said thafi when he read the cable in the House it was' ;of course public property. He did not by, any means find fault with the correspond. ; dent of tho London "Times." Quite on : the contrary. When he (Sir Joseph WardX was compelled to mako a statement pre- . maturely in tho House, and to .which he ■took strong exception, ..he might.eay, lie ,wasi indebted to that .correspondent,! also , -_, to other, correspondents here, for not cabling anything at that juncture to Len- ' don. He would acknowledge that, because ho was all along guarding against tho ' possibility of anything being stated at ithis end beforo tho underwriters'placed ;-. tho loan on.the market. .. : : ' Home Money Market. W'He.was compelled under pressure to ,-niafce' a statement prematurely already, and he said more than once he would do! 60 when- it was possible. So far as we :wero .concerned, this country was all! . right because tho loan was underwritten.. Ho would also take tlie opportunity 'ofc pointing out the-duty.ivhioh devolved oa! him to seo that nothing was done; which! might in any way prejudice the lo'anj whilst it was being floated on the mar* ket. It so happened that since the loa* was underwritten the . announcement connected with political matters. in tha Old Country would no doubt affect the local money market. That was one 61 those incidents over which, wo had nd control. So far as New Zealand was cerned, wo had tho whole of the loan at ■ .£9B 10s., at 3J per cent,,, on the" .terms ; ho had previously indicated. He ..would | ' merely savthat he felt the responsibility ■;. . ■very much. He had.pointed out more than, once that a man in his position should not be forced to make a statement . till he selected a time when ho should : do so. Though he was found fault with, ho would again, say that he should not have been put in that position. Financial Position of Nev/ Zealand. . ' "I want also to take this opportunity-, of saying," continued Sir Joseph Ward,, "that as far ns this country is concerned wo have onr moneys provided now. iov certainly over twelve' months ahead*, There is no'intention or no chance what* '■ ever of our going upon the market, in) . London at any time within that penod.i I want to take the opportunity • of say-; ing that the ordinary, finances of. thia couiih-y both as regards revenue and ml every way in my opinion and speatongj. from a long experience ■ have never been! stronger and never healthier. I .want.; . also to say that from tho standpoint of .=.- the producers I believe they have never 'nassed through more favourable times on , •■ the whole than, they are now passing through in this country.- Trado gener-. ,-. ally throughout this country is very ao •■ ■ tive: I take this opportunity of statins that tho country generally is ma highly satisfactory position. I have not been requested in any way. whatever to make . any. statement of this-kind .1 am making it because I think and feel that it is right for me to do eo. I Revved no request or information from the High; Commissioner requesting that I, should' make any statement on any points 1 referred to regarding tho latter portion ot _ his cablegrani u where the High J . sioner states that he regrets to fi ud[that the cablegram I received from him on. November U has appeared in the London "Times" and that it was very 'mfortunate. 1 have not in any respect, whatever suffKested any communication irom the High Commissioner m regard to the telegram received by me and it came without my knowledge at. all until 1 goi . lt "l want to sav." added' Sir JosepK Ward, "that I foil sure that it will only, ■-. L\ S tr ..£? na^en h u,Kler\ritf: ' \ni\« reported to bo in strong hands.- & the result'oT the satisfactory position. oY ftf s country, and its ability without Sin»an^n^Mtbr Weh «■= they have ever been before. Mr Mvers-.'Have you any objection ti tcllin's tho Hou - e the name ° f *•■ W Sir Joseph Ward: No. I cannot do' that. I would not do it in any case. '•_■■•