THE AUCKLAND CITY COUNCIL LOAN.

New Zealand Herald, Volume XXIV, Issue 7844, 13 January 1887, Page 5

THE AUCKLAND CITY COUNCIL LOAN.

[rboter's telegram.] London, January 11. Tendees for the Auckland Municipal five cent, loan for £25,000 were opened to-day. Tbe total tenders amounted to £47,000. Tenders at 105 (the minimum) will receive 20 per cent., and those above that in fall. Tenders for the fourth instalment (£25.000) of the city of Auckland loan (5 per cent.) were opened on Tuesday at the London office of the National Bank of New Zealand (Limited), the bankers of the corporation. The minimum had been fixed at 105. When the tenders were opened it was found that the price realised was £105 18s 9d. Wβ may state that the instalment of the loan floated last year realised £111 Is lOd, so that there has been a decided fall this year. In 1884, the first portion of tbe loan (£100.000) fetched £102 Hβ 4d ; in 1885, £25,000, at £109 3s 10<i; in ISS6, £25.000. at 111 Is 9d ; and in 18S7. £25.000, at £105 17« 9d. There remains now only another instalment of the loan to be floated, making £200,000 in all. The minimum having been fixed at 105, shows that the position of the market was accurately gauged by those who had charge of the loan. Another difference to be noted between the present year and last is, that the amount applied for last year was £117,000, while this year it was only £47,000. No doubt the lower price obtained this year is owing to the general depression, to the announcement of the large deficit in the revenue of New South Wales, and to the general fall that there has been in all New Zealand securities. The particulars of the prioe at which the loan had been disposed of were received yesterday by cable by the Manager of the National Bank here, Mr. James Coates.