MORTGAGE CORRORATION

Northern Advocate, 15 June 1935, Page 9

MORTGAGE CORRORATION

ISSUE OF CAPITAL. BIG RUSH FOR SHARES. [Per Press Association.— Copyright.] WELLINGTON, This Day.’ The Acting-Minister of Finance, the Hon. A. Hamilton, yesterday announced that the share capital of £500,000 of the Mortgage Corporation of New Zealand issued for public subscription, was well over-subscribed. He said the total number of applicants exceed 6300, and £1 shares to the number of 1,780,000 were applied for, this being over 34 times the amount on issue. . The Minister went on to say that the public response was most gratifying, and could be taken as a clear indication of the widespread support of the establishment of the institution. The applications in the majority of cases were for shares for a fewer number than 100, said Mr Hamilton, and this fact consequently enabled him to adhere to the desired policy of spreading the holdings among a large number of small shareholders rather than a small number of large shareholders. This policy, continued Mr Hamilton, was also observed in connection with the Reserve Bank issue, and provided that a greater number of investors throughout the Dominion as a whole would have an interest in the welfare and future of the corporation. The result achieved in the successful location of the share issue had been contributed to by the valuable assistance and co-ordination extended by the various trading banks and members of stock exchanges throughout the Dominion, to whom he desired to extend his thsnks Mr Hamilton said that, with 6300 shareholders, the average holding was approximately 80 shares. Allotment letters had been issued to shareholders, and in conformity with the policy as above-mentioned, the allocation had been made on the following basis:— Shares Shares applied for: allotted: sto 90 In full. 91 to 500 90 501 to 1000 100 1001 to 1100 149 1101 to 2500 .... 150 2501 to 3500 180 3501 to 4000 190 4001 to 5000 .... 200