AUSTRALIAN LOAN

Manawatu Standard, Volume XLV, Issue 192, 18 July 1925, Page 9

AUSTRALIAN LOAN

SUPERVISED BY BANK OF ENGLAND. MORGAN COMPANY’S SHARE. (By Electric Telegraph.—Copyright.) Received Julv 18. 9.15 a.m. NEW YORK, July 17. It is reported in banking circles here that the proposed Australian loan will he a Bank of England loan entirely, the Bank of England supervising the issue, while the Morgan Company will take charge of the payt sold in the United States. The amount is still in question, but it is estimated that it will total 125 million dollars, with 100 million dollars placed in the United States and the remainder in England. The delay in the announcement of the flotation is reported to be due to the Australians not being entirely agreed on the amount they wish to borrow ; also, the arrangements through the Bank of England may have made negotiations more complicated. It is believed that the loan may be offered earlv next week. Bonds will lie sold at 991.

A later message states that the Morgan company lias announced the purchase of 75 million dollars worth of gold bonds from the Commonwealth of Australia. They are thirty-years five per cent, bonds, and will be offered publicly on July 20. , Simultaneously an offer of £5,000,000 worth of Australian bonds will be made on the London market.—A. and N.Z. cable.