COMMONWEALTH LOAN
OFFERED IN NEW YORK AT 4| PER CENT. (Australian Press Association.) (Rec. May 8, 5.5 p.m.) New York, May 7. Mr. J. P. Morgan is offering for public subscription to-morrow a fifty million dollar Commonwealth bonds loan at 44 per cent., issued at 924, the period being 28 years.
The 44 per cent, rate for the new Commonwealth loan is not only the lowest at which Australia has borrowed here, but it is only the second time since the war that any foreign Government has been able to obtain that rate. The flotation of the loan at this time confirms reports in Ferbuary that Australia is ready to enter the American market for further financing. It is believed here that the fact that stocks of the “recent Commonwealth eight million sterling loan in London are now selling at a premium of 1 per cent, is in no small part responsible for the rate at which tomorrow's issue will be offered here. The usual group of affiliated Morgan bankers compose the syndicate offering this loan, namely, the National City Bank, the First National Bank Guaranty Company, and the Bankers’ Trust Company, although the Harris Forbes Company, Brown Brothers, Kidder, Peabody, and Lee Higginson, also are included.
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Bibliographic details
Dominion, Volume 21, Issue 186, 9 May 1928, Page 11
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207COMMONWEALTH LOAN Dominion, Volume 21, Issue 186, 9 May 1928, Page 11
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