The New Zealand Loan.

Evening Post, Volume XXXVI, Issue 7, 9 July 1888, Page 2

The New Zealand Loan.

PARTICULARS OF THE FLOATING. [UNITID PBF.BB ASSOCIATION.] ' Adelaide, Bth July. The P. and O. Company's steamer Arcadia brings news of the floating of the New Zealand loan. The Bnccess of the lean was a surprise to everybody, and especially to those who had decried it and had done everything to damage its prospects. Some of the financial organs daily paraded in their columns the indebtedness of the colony, and the Stook Exohance ciroles "beared" the loan. The greater portion of the amount has undoubtedly gone into the hands of a powerful syndicate, and the ohief feature in connection with floating the loan seems to be that two rival groups of money dealers competed to outbid eaoh other. It has been suggested that the reduction of the bank rate of interest two hours before the advertised time for delivery of tenders for the loan had something tc do with its success. The prices ranged from £9710 ato £9810b. The principal tenders were one for £900,000 at £97 15s, and three for £500,000 eaoh, at £96 10s, £97 12a, and £97 17s, respectively. There was considerable excitement when the result was announced, and the market prioe for old and new stock rose rapidly. One syndicate tendering at lower prices than those mentioned failed to obtain an allotment. The premium of the loan ran above two per cent.