MORTGAGE CORPORATION

Greymouth Evening Star, 15 June 1935, Page 12

MORTGAGE CORPORATION

CAPITAL ISSUE SUCCESS.

[PER PRESS ASSOCIATION.]

WELLINGTON, June 14.

Mr. A. Hamilton (Acting-Minister of Finance) to-day announced that the share capital: of £500,000 of the Mortgage Corporation of New Zealand issued for public subscription, was well over-subscribed. The total number of applicants exceeded 6,300, and £1 shares to the number of 1,780,000 were applied for, this being over thre? and a-half times the amount on the issue. The Minister went on to say that the public response was most gratifying, and could be taken as a clear indication of widespread support to the establishment of the institution. The applications, in the majority of cases, were for shares for a fewer number than 100, and they consequently en-

abled the Minister to adhere to the desired policy of spreading tire holdings among a large number of small shareholders rather than among a small number of large shareholders. This policy, said the Minister, was also ■ observed, in connection with the Reserve Bank share issue, and it provides that a greater number of investors throughout the Dominion as a whole will have an interest in the welfare and the future of the Corporation. The result achieved in the successful flotation of the share issue has been contributed to by valuable assistance and co-operation extended by the various trading banks and members of the Stock Exchanges throughout the Dominion, to whom the Minister desifes to extend his thanks. Mr. Hamilton intimated that with 6,300 shareholders, the average holding is thus approximately eighty shares. Allotment letters had been issued to the shareholders and in conformity with the policy ,as above mentioned. ' The allocation of shares had been made on the following basis: 1 — Applied for Allotment

5 to 90 in full 91 to 500 90 501 to 1000 100 1001 to 1100 149 1101 to 2500 150 2501 to 3500 ISO 3501 to 4000 190 4001 to 5000 200