NEW ZEALAND LOAN

Manawatu Standard, Volume LII, Issue 108, 7 April 1932, Page 7

NEW ZEALAND LOAN

MARKETS AT HOME. OPPORTUNITY MISSED. LONDON PAPER’S COMMENT. (United Press Association—By Electric Telegraph.—Copyright.) Received April 7, 8.5 a.m. LONDON, April 6. The underwriters expect to receive a considerable portion of the New Zealand loan of £5,000,000. The Daily Telegraph says that the gilt-edged market revived too late today to nssist the New Zealand loan. It is believed that application was made for half the sum sought. Though this compares unfavourably with recent issues, the market conditions were adverse. While New Zealand scrip may open at a small discount on Wednesday, it will probably soon reach the issue price, £9B 10s. TERMS OF ISSUE. SUBTLE CHANGE IN MARKETS.

Received April 7, 9.50 a.m. LONDON, April 6. The underwriters receive 47 per cent, of the New Zealand loan. Dealings opened at three-quarters per cent, discount and later improved to onequarter. The Evening Standard says: ‘New Zealand missed a great opportunity with the new loan. By asking £97 10s instead of £9B 10s the Dominion could have won an immediate overwhelming success, which might have produced important Imperial benefits. The promoters seemed to miss the subtle change in the markets, for the clamour for new gilt-edged issues had suddenly died and might have revived if the terms had been more tempting and the day of issue better chosen.”