AUSTRALIAN LOAN

Evening Post, Volume CXXII, Issue 132, 1 December 1936, Page 12

AUSTRALIAN LOAN

A GOOD BEGINNING

LARGE SUBSCRIPTIONS

Subscriptions to the new Commonwealth Government loan were opened last Thursday with the announcement beforehand of £7,500,000 to be subscribed. The lists close on December 11. Among the first subscribers were the Australian Mutual Provident Society, £500,000; National Mutual Life, £100,000: and subscriptions of £15.000 by the National Roads and Motorists' Association Insurance, Ltd., and £20,000 by the Electrolytic Zinc Co. of Australasia Ltd. . Included in the larger subscriptions was one of £20,500, one of £20,000, and one of '£10,000 by private investors. To Thursday last over one-tenth of the required amount had been subscribed. The terms of the new loan are interest at 3$ per cent., price at £97 10s, and maturity in 1951. giving an effective yield to the investor of ££3 19s 4d per cent. Underwriting has been undertaken by the Commonwealth Bank, which has also appointed sub-underwriters. The present. makes the ninth Commonwealth loan issue since the great conversion operation of 1931. The first issue was in November. • 1.932. and was for £8,000.000 at par, with interest at 3:1 Per cent.