FIFTY YEARS AGO

New Zealand Herald, Volume LXXII, Issue 22005, 11 January 1935, Page 6

FIFTY YEARS AGO

NEW ZEALAND LOAN

"ASTONISHING SUCCESS"

, COLONY'S CREDIT SOUND

Some idea of the easy borrowing conditions of last century may ]jg gained from newspaper reports of 5q years ago. Sir Julius Vogel was then Colonial Treasurer.

The following are extracts from the issue of the Nkw Zealand Herald of January 12, 1885:—"The astonishing " success which has attended the floating of the one million loan shows beyond all doubt that the credit ofJJeffs eff Zealand stands unimpaired in the money market. It was admitted, even by Sir Julius Vogel himself, despite his hopeful disposition, that the time ' was not propitious; and, though the market had begun to show an improving tendency, the indications were yet not sufficient to warrant high expectations. The result of the opening of the tenders was therefore the stronger a testimony to the soundness of the colony's financial position.

"The / fact of there being no fewer than seven hundred and forty tenders, covering in round numbers four millions of money, exceeded the anticipations of the most sanguine. It makes one almost regret that the attempt to raise the two and a-half millions had not been adhered to"