Floating the Seven Million Loan
'T'HE Prime Minister has reason to be well pleased by the London 1 money market's ready response to his seven million loan. Happily the credit of the Dominion stood high with financiers and investors and there was never a doubt that the full amount asked for would be subscribed and over-subscribed. There had been attempts in some quartet's during the election campaign, however, to create an impression that the credit of New Zealand depended largely upon the political party that happened to be in office for the time being and that Reform would be more acceptable to investors than either United or Labour. But the present loan of seven millions negotiated by the United Government is costing the country £4 16s 4d by way of interest, while the five million negotiated by -he Reform Government in May last cost £-* 19s Sd. Sir Joseph Ward at least may take credit for having done as well as his predecessor at the Treasury and to have done it without drawing any invi lions comparisons. (
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Manawatu Times, Volume LIV, Issue 6812, 16 January 1929, Page 6
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176Floating the Seven Million Loan Manawatu Times, Volume LIV, Issue 6812, 16 January 1929, Page 6
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