FALLING DUE

Evening Post, Volume CXIII, Issue 61, 14 March 1927, Page 11

FALLING DUE

LOANS OF THE MOTHER. STATE. ■ ' < LONDON, mil March. The "Financial Times" states that .discussion in city circles regarding two New South W.ales loans maturing shortly suggests tliat the'nioney iequire'd for repay-' ment will be raised in New York. ,'■' - ■ The "Morning Post's" financial correspondent pointedly says' that, in view of the fact that New Soutli Wales made her last borrowing in New York, and not here, a good deal of interest is* being taken, in the very large - amounts of New : South Wales "obligations which will be maturing later in the year." '■'■'.■'."■'".';•' New South Wales Government loans, Sydney Register, redeemable 1927 to , 1930, are as followl— ,' . "'■;- Interest. Year. Date. Amount. Percent. „'■'£ 1927—10 th May 502,384 .. 4%.----1927—10 th May 3,821,242 5 1927—10 th June ...... 1,000,000 5% 1928—10 th May ...... 891,511 5% 1928-33—10 th August 2,946,202 5 . 1929—10 th August ... 157,740 5 1930—1st December .. 3,012,640 5% 1030^-lOth May ...... 270,166 6 1930—1st June v : . 703,520 6 1930—30 th June ...... 11,520 6 £13,376,925 The public debts of the State of New South Wales, v-Britain, and local loans, and the years of their maturity to 1930 are as follow:— . ■ ■■ 1927 18,386,676 1,165,611 1,306,990 7,097,706 Total ..27,956,983 New South Wales early this month went on to the New York market for 25,000,000 dollars, say £5,000,000, and the money was over-subscribed, the books opening and closing simultaneously and bonds traded immediately at. 96% per cent. This loan carried interest at the rate of s,per cent, per annum, and the issued price was £96 ss. The loan was for 30 years, and the effective rate of interest for that period was £5 7s 8d per cent, per annum. This rate is higher than that offered by the Government of New South Wales for local money, the interest on which is subject to Federal income tax. : ■ i . : .■.' \■"

Incidentally the city of Brisbane has just raised a loan in New York for 7,500,----000 dollars, through the National City Company, at 5 ier cent, per annum. The loan, was over-subscribed by 3500 dollars. The period is 30 years, and the issue price was 96. .- ■