DEVONPORT'S LOAN.

New Zealand Herald, Volume LX, Issue 18317, 6 February 1923, Page 7

DEVONPORT'S LOAN.

COUNCIL SELLS AT 92. [from our own correspondent.] . ' . LONDON, Deo. 28. ■■I;Like all other New Zealand loans during the past year, the offer of the Si per cent, debentures at:97£ of the , Borough of Devonport met with enthusiastic response. The amount was almost immediate) v over-subscribed, and < the list for London was promptly closed, though.applications from the v country by the first post on ' the day of issue received consideration - > ' ' v - • The success of the issue was considered remarkable among authorities in financial circles, and it would appear to indicate that there is still a keen demand for investments yielding over 5i per cent. .It is pointed out that, although the amount was small, only £50,000, it was not small in relation to the size of the body asking for the money. Further, the debentures were not directly offered to the public by the borough, but by a corporation" which is not very well known, such corporation having acquired the bonds at 92, while the public were asked to pay 97£. There is the further fact that by reason of the smallnesß of the amount, the market for the new security must .necessarily be V a restricted one. ■■. ':■■'.'■. '■]'' " " - -•I.;' .. ■'•,-'■•"...' ■•>':■.., '■.'.-,'.;•■■.!..■•»'■ ■■■','■ v.-; ■.>,';.. ,-,' : ';V ,-;«-: : ' f