THE NEW ZEALAND LOAN.

New Zealand Herald, Volume LXIV, Issue 19625, 2 May 1927, Page 8

THE NEW ZEALAND LOAN.

FIVE PER CENT. AT 99£. PRICE OF STOCK RAISED. ALLOCATION OF PROCEEDS. THREE MILLIONS FOR RAILWAYS, [Br TELEGRAPH. —OWN CORRESPONDENT.] WELLINGTON. Sunday. The Minister of Finance announced today that the New Zealand loan on the London market is for £6,000,000. It is a 5 per cent, issue at £99 10s, compared with a similar issue last year at £9B 10s. The return to investors with redemption will be £5 0s lOd per cent., compared with £5 2s 6d per cent, on last year's loan. The proceeds will be allocated to railway construction, additions and improvements, hydro-electrical development, telegraph extension and other public works. The allocations of this year's loan compare with those of last year's loan as follows: — 1927. 192 G. Railways .. .. £3.000.000 £3.000.000 Hydro-electricity .. 900.000 1,000.000 Telegraphs .. .. 750,000 750,000 Other works .. 1,350,003 1,250,000 Totals .. .. £6,000,000 £6,000,000 Other colonial loans issued on the London market recently have been:— South Australia, £2,500,000, 5 per cent., at £9B; Western Australia, £1,500,000, 5 per cent., at £97 10s; Commonwealth of Australia (conversion loan), £11,711,000 5 per cent., at £9B. DETAILS FROM LONDOM. FIRST HALF-YEAR'S INTEREST. A. and N.Z. LONDON, April 29. The final instalment of the New Zealand loan will bs payable on August 3, and the first half-year's interest on January 1, 1928. The Assistant-Treasurer of the New South Wales Government, Mr. W. J. McKell, says this loan has long been anticipated. It is therefore not likely to prejudice the New South Wales conversions, in which direction negotiations are proceeding.