THE WELLINGTON LOAN

Evening Post, Volume CIII, Issue 124, 29 May 1922, Page 7

THE WELLINGTON LOAN

£8,000,000^ NINE MINUTES.

Investors?,, faith in New Zealand was exemplified in a striking way (writes the' London correspondent of The Post, on 21st April). Within nine minutes a sum .stated to amount to £8,000,000 was offered to the -Union Bank of Australia as subscriptions to the £693,000 issue of five-and-a-half per cent, debentures by the city of Wellington. Had there been sufficient opportunity this large figure would probably have been doubled or trebled, for hundreds of stockbrokers and others.who gathered in a long queue at tho bank entrance were unable even to obtain prospectuses on which to make their applications. "The bank did not open till ten o'clock, and two policemen were needed to keep the eager crowd Irom rushing the doors. As it was, therei was no little disorder, especially -when1 at nine minutes past ten, it was announced that the lists were closed. Two excited investors who succeeded in eluding the police dashed up to the counter and threw their applications and money at tho cashier, but they /were compelled to take them back. ' It was essentially a. New Zealand day. as it marked also the successful Tinderwriting of the new five per cent, loan .(or £8,000,000 by the Dominion GovernIttWt, ■ • ■'