THE GILT-EDGED DOOM.
VICTORIA'S SUCCESS.
LOAN RAISED IN TWO HOURS.
£55,000,000 OFFERED.
By Telegrnph—Press
(Received. 5.30 p.m.) A. and N.Z. LONDON, Feb. 20.
The Victorian loan of £4,000,000 issued at 99 and bearing 5j per cent, interest has been ovor-subscrilied.
It was generally expected that tho loan would be fully subscribed, but few anticipated such an instantaneous success. The list was only open for two hours. The subscriptions amounted to £55,000,000. Many applicants for prospectuses were disappointed, and no country subscriptions can be considered.
Victoria's success is due to tlio rush for all gilt-edged securities, which was renewed this morning on even a bigger scalo than last week. The demand has been stimulated by tho Government's offer to convert & per cent, exchequer bonds maturing on April 1 into per cent, conversion loan at the rate of £136 of conversion loan for each £100 exchequer bond. Heavy subscriptions to all recent loans are largely due to " slagging." but at tho same time there is a good demand from investors. Consols were quoted to-day at £57 as against £54 on Thursday, 3£ per cent, war loans at £92 15s as against £91 2s 6d, and 5 per cent, war loan at £96 15s as against £94 on Thursday.
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Bibliographic details
New Zealand Herald, Volume LIX, Issue 18022, 22 February 1922, Page 7
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206THE GILT-EDGED DOOM. New Zealand Herald, Volume LIX, Issue 18022, 22 February 1922, Page 7
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