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Surprise has been expressed in London at the dearness of money, but it has not delayed the announcement of the New Zealand 3J per cent, conversion loan. TheAgent-General cables that the 3A per cent, conversion loan was to be announced last night. The minimum is fixed at 95, and tenders will be opened next Friday. An amount of L 2,700,000 is required to convert 10.40’s and the balance of the five million loan of 1879, both bearing interest at 5 per cent. The Treasury people are sanguine of the new venture, and expect the loan to be floated at par, or nearly so. The Treasurer has received a further cablegram from the Agent-General to the effect that the announcement of a new 3J per cent. New Zealand loan has been exceedingly well received, and the Press comment is friendly. The loan is already quoted at 1£ to 1| per cent, premium. In connection with the loan the following particulars by the London correspondent of the ‘New Zealand Herald,’ writing on September 7, will be of interest:—A decided advance has taken place in New Zealand securities, the inscribed stock during the fortnight having ranged between 107 aud 109. Some of the financial papers are commenting favorably upon this feature. The following short table will show the fluctuations of past years :

1833 . . Lowest 983 . . Highest 102} 1834 . . Lowest 99 . Highest 1043 1S85 . . Lowest 933 • . Highest 10 1 1886 . . Lowest 953 . . Highest 103g 1887 . . Lowest 93J • . Highest 1006 1883 . . Lowest 96} . . Highest 104} 1839 . . Lowest 996 ■ . Highest 1093

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Bibliographic details

LOAN CONVERSION., Issue 8043, 21 October 1889

Word Count

LOAN CONVERSION. Issue 8043, 21 October 1889

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