THE NEW SOUTH WALES LOAN.

New Zealand Herald, Volume XXVIII, Issue 8670, 12 September 1891, Page 5

THE NEW SOUTH WALES LOAN.

Press Association.—Electric Telegraph.—Copyright.

London, September 10. A New South Wales four and a-half million loan, with a minimum of 95, is announced. Tenders will be opened on the 17th instant. Later. The New South Wales 4i- millions loan is nominally at half-premium. The feeling in the city is not hostile, but the amount is considered excessive. It is thought that if the syndicates subscribe, the amount will be covered at a small premium. A million and a-half will be devoted to conversion purposes. The lowness of the minimum is expected to assure success if the rate of interest is 3$ per cent. London, September 11. The Times thinks the New South i Wales Loan will have an unfavourable effect on the market.

The Standard considers that if the amount had been less, a higher price would easily have been secured. The present issue satisfies no one, though satifactory from the point of view that the colonies are paying a higher rate for their money. A syndicate may be unwilling to tender, as such an sua would affect even consols.

The Daily News says the size of the loan has staggered the market. It was a blunder to refuse the previous offer of the syndicate, as the last Queensland and Victorian loans are still undigested. The colony is courting disaster. The Financial Times says it is doubtful whether the banks will lock up their funds at the present juncture owing to the stringency which is shortly expected in the London market. The colony is in bad odour, owing to the recent attempt to float a loan privately. Despite the adverse comments of the press the loan is quoted at par to one premium.