THE LOAN.
The asm published with regard to the dotation of the New Zealand loan ii not by any means encouraging. When the news arrived that the loan had been taken up by the underwriters Mr Seddon and Sir J. Q-. Ward made a great point of their inooess. They pointed to it as a complete refutation of all tho criticism which the Opposition had made npon the financial policy of the Government. The wise held their peaeo and waited, and they have not had to wait long. The loan is indeed floated, but the public have so far taken only 8 per cent of the sum asked for, and the remainder is still in the hands of the underwriters. On the occasion of the previous loan it was said that the public took up about half and the underwriters were some time before they could unload. Tho fate of the present venture has been worse, and it is evident that unless it goes off better we shall have great difficulty in getting another loan underwritten. At tho best we shall only receive £9l, or over .£IOO,OOO abort of the full amount, whioh will make the interest figure out at about 31 per cent. The Agent-General attributes this unfortunate result to the recant attack on Australian finance, and to the approach of a large Transvaal loan. As far as we can learn. New Zealand has not been specially attacked in the course of the crnsada by the Daily Mail. But the English public probably does not distinguish between thisoolony and the Commonwealth. It seems to us more likely, however, that financial men are holding back for the Transvaal loan. Mr Beeves has, no donbt, good
reason for suggesting that this has accounted in part for the email intereet which the public has shown in our venture, But this might have been anticipated, we should have thought. Either our Ministry or its advisers have miscalculated the market. Sir J. G. Ward’s long-winded reply to Mr Fraser on the question of the loan, to which we recently referred, falls rather flat in face of the facts as we now know them,
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/HBH19030224.2.8
Bibliographic details
Hawke's Bay Herald, Volume XXXVIII, Issue 12379, 24 February 1903, Page 2
Word Count
359THE LOAN. Hawke's Bay Herald, Volume XXXVIII, Issue 12379, 24 February 1903, Page 2
Using This Item
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.