EXTRA EDITION.

Evening Post, Volume LXVIII, Issue 134, 3 December 1904, Page 6

EXTRA EDITION.

THE MILLION LOAN. NOT A CONVERSION OPERATION. GOVERNMENT CONSIDER TERMS ADVANTAGEOUS. The following information regarding Aie loan of one million being raised by the New Zealand Government, and referred to in our cable news to-day, is supplied by tho Premier. Mr. ~Seddon says : "The Government has received information from the Agent-General, announcing that the loan of £1,000,000 has been publicly issued, applications to close on the Bth instant. He is of opinion that there is a fair prospect of a successful flotation. The loan represents the £750,000 authorised for public works during the rocent session, and other authorising Acts mako up the extra quarter of a million. The loan is being issued in seven years 4 per cent, debentures a* par, with options to convert into 3£ per cent, inscribed stock during the first two yews at 103; during tlfe next two years at 101, and during the last three years at par. The inscribed stock would, of course, carry a long currency. The Government is of opinion that the price and conditions are most advantageous to the colony — indeed, they look upon the notation as one of the most successful emissions made fora great I number of years, when the depressed condition of the money market and the enormously advantageous terms given by the Japanese Government to investors in their recent war loan are considered. The country must be congratulated upon the terms of the present loan issue." Since our leading article went to press we have received the above official intimation of the Treasurer regarding the lean mentioned in our cable news" to-day. From this it appears that 'the loan include* the £750,000 authorised for public I works last session, so that the necessary loan for renewals detailed in our editorial article has yet to be laised. It will be noted that while in the official statement the Agent-General "is of opinion that there k a fair prospect of a successful flotation," it is later slated that the Government "look upon the flotation as one of the most successful emissions made for a great number of years." Yesterday the Premier, in response to our enquiry, t.aid he knew nothing about the matter, while to-day Ire writes of it as a matter most successfully accomplished. The Agent-General, on the other hand, con.siders there is "a fair prospect of a successful flotation," and our own advices from London are of a loan issued, not subscribed. The sum of it all is appaiently that the loan has been underwritten, and therefore assured, but at ' what cost has yet to be disclosed. ]