NEW SOUTH WALES' LOAN.

New Zealand Herald, Volume LX, Issue 18389, 3 May 1923, Page 7

NEW SOUTH WALES' LOAN.

SUCCESSFUL FLOTATION. £6,000,000 AT 4* PER CENT. {NEW MONEY TOTALS £5,000,000. By Telegraph Press Association— Copyright. (Received 8.5 p.m.) A. and N.Z. LONDON. May 1. The New South Wales loan of £6,000,000 at 4£ per cent, has been fully covered. Conversions amounted to £1,000,000 and new subscriptions reached £5,000.000. About £2,000,000 of the loan, which was issued at 94. are for conversion. Holders of £1,473.000 5 per cent, inscribed stock and £526,000 bonds maturing in July were invited to convert into an equal amount of the new loan, receiving a cash payment of £6 per cent. The Premier of New South Wales. Sir George Fuller, and the Agent-General, Sir T. A. Coghlan, received congratulations from many sources upon the terms of the loan, which are the most advantageous since 1914. Commenting on the loan the Morning Post remarked : It says much for the inherent firmness of the investment markets and the good effects of the Budget that the New South Wales loan had not the slightest disturbing effect on the Stock Exchange. Certainly the terms arc not of a character to occasion disquietude to holders of existing securities. The Daily Express said that the issue would help to relieve the tension that was being experienced in the stock markets. There was a plethora of money, which on account of the position of the owners, could not bo diverted into industrial securities whatever the state of trade.

The Financial Times said that the success of New South Wales would be watched with acute attention by wide circles on the look out for the kind of " pointer " which the issue would give. RURAL LOAN SURPLUS. SUBSCRIPTIONS DECLINED. A. and N.Z. . SYDNEY. May 2. Mr. A. G. Cocks, State Treasurer, has announced that Cabinet declined th« £3,000,000 over-subsoribod for the rural loan in consequence of a promise made to the Commonwealth to keep off the money market during the period of the conversion loan.