POPULARITY OF NEW ZEALAND STOCKS

Evening Post, Volume CV, Issue 109, 9 May 1923, Page 5

POPULARITY OF NEW ZEALAND STOCKS

REVIVAL OF COLONIAL 1 BORROWING

BUSINESS FOR BRITISH MANUFAC-

TURERS.

(UNHID PRESS ASSOCIATION.—COPTRIBBT.)

(AUSTRALIAN - NEW ZEALAND CABLE ASEOCIATTON.)

(Received 9th May, 9 a.m.)

LONDON, Bth May.

The "Daily Chronicle," commenting on the New Zealand loan, says that New Zealand stocks have always been favourites with investors, owing to the Dominion's excellent sinking fund arrangements. One million of the new issue is towards the redemption of 2j- millions in debentures due in August. Considerable amounts of the remainder will be spent on contracts in Britain for materials.

The "Morning Post" welcomes as a distinctly good feature the detailed information, relating to the Dominion's financial position, given in the prospectus of the loan. .

The "Daily Telegraph" points out that •ra less than two years New Zealand's credit has improved nearly 2 per cent., the preeent flat rate being £i 6s lid per oent., compared with £3 os per cent in June, 1921. r

The "Daily_ Express" says: "A revival of colonial borrowing in London is taking place. Sines January over 25 millions have been subscribed in London for the Dominions and colonies. To-day New Zealand is before the public It is understood that Victoria, will follow shortly with a seven-million offer for the conversion, of certain outstanding obligations. This financing means business for British manufacturers, as the money, except iff the case of a conversion offer "is generally utilised to pay for the products of our engineering and constructional industries. The attractiveness of the New Zealand loan should ensure rapid oversubscription."