COMMONWEALTH LOAN

Hawke's Bay Tribune, Volume XIX, Issue 31, 23 January 1929, Page 7

COMMONWEALTH LOAN

FURTHER COMMENT. [United Press Association—By CableCopyright.] [Australian and N.Z. Press Association.! (Received 23, 12.40 p.m.) London, Jan. 22. The “Daily Herald” says: “As anticipated, the Australian loan had a poor reception and it will take some time for fhe market to absorb that amount of paper. We hope that Australia will now give the giltedged market a sufficient rest and make easier anv possibility of Government conversions. The “Morning Post’s” city editor says: “The result of the Commonwealth loan is doubtless a reflection to some extent of the effects produced in investors’ minds by certain aspects of Australian borrowing, though the unification of control through the Loan Council, and the fact that the Australian authorities are thoroughly within bounds, constitutes the best guarantee that in the long run faith in her future will not go misplaced. Experience with other issues may have induced some to await the closing of the lists in the hope of buying brtow the issue price, but stock has seldom long re mained at a discount but has quickly passed into permanent investment hands, for there is apparently an insatiable demand for trustee stocks, yielding a full five per cent.”