MORTGAGE CORPORATION

Hawera Star, Volume LIV, 15 June 1935, Page 4

MORTGAGE CORPORATION

Share capital of £500,000 Well Oversubscribed FINANCE MINISTER GRATIFIED ALLOTMENT OP SHARES (By Telegraph—Press Association.) WELLINGTON, Juno 14. The Hon. Adam Hamilton, actingMinister 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 oversubscribed. The total number of applicants exceeded 6300, and £1 shares to the number of 1,780,000 were applied for, this being over three and a-half times the amount on issue.

Tho public response was most gratifying,, the. Minister said, and could bo 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 consequently enabled the Minister to adhere to tho desired iiolicy of spreading tho holdings among a large number of small shareholders rather than a small number of large shareholders.

“This policy,’’ said the Minister, “was also observed in connection with the Reserve Bank share issue and provides that a greater number of investors throughout the Dominion as a whole wall have an interest in the welfare and future of the corporation. The result achieved in the successful flotation of the share issue has been contributed to by the valuable assistance and co-operation extended by various trading banks and members of the Stock Exchange throughout the Dominion. , Mr Hamilton intimated tnat with 6300 shareholders the average holding was thus approximately 80 shares. Allotment letters had! been issued to shareholders, and in conformity with the poliev mentioned the allocation had been made on the following basis: Shares applied for: 5-90, allotment m full- 91,500, 90; 501-1000, 100; 10011100 149- 1101-9500, 150 ; 2501-3500, 180;'3501-4000, 190 ; 4001-5000, 200.