THE COLONIAL LOAN.

New Zealand Times, Volume LVIX, Issue 2997, 8 December 1896, Page 2

THE COLONIAL LOAN.

A Highly Satisfactory Result, Tenders for the halt million 31 per cent. 10/23 debenture loan were opened yesterday afternoon in the presence ot the committee, consisting of the Colonial Treasurer,,the Controller and Auditor-General, and Air Ilenry Kember, the well-known accountant of this city. Ten tenders had been .lodged at the Treasury, and upon being opened wore found to aggregate the sum ot .£508,000, the average price being slightly over £IOO. Considering that the principal and interest are both payable in the Colony, and that no real market exists for the buying and selling ot securities such as these, the Government are to bo congratulated ou the successful flotation of this loan, which marks a wise departure in the effort to retain the interest within our own borders, and so save the drain whioh is always going on in having to remit our interest to the English investors.- It io .a great many years since a Government loan was locally floated, and the price of issue then—in 1873 -for £230,000 was £9O 10s for a 4 pel cent. loan. £40,900 was tendered for, about £30,000 being 10; per cent, below the minimum, and only £3OO was allotted. The present successful result is therefore very flattering to the Government, and we have the assurance that no amount ot the issue has been allotted to a Government lending department. The money wilt come from the, public as bona fide investors.