Half Million Loan.

Opunake Times, Volume V, Issue 237, 11 December 1896, Page 3

Half Million Loan.

Wellington, December 7.

The following is the official communique respecting the half-million loan, offers for which closed at noon to-day:—Tenders for the half-million loan at 4 per cent were opened this afternood in the presence of a Committee consisting of the Colonial Treasurer, Controller and Auditor-General, and Mr Henry Kember, a well-known accountant of Wellington. Ten tenders had been lodged at the Treasury, and upon being opened were found an aggregate sum of £508,000, the average price being slightly over £IOO. Considering that the principle and interest are both payable in the colony, and that no real market exists for buying and selling securities such as these, the Government are to be congratulated on the successful flotation of this loan, which makes a wise departure in the effort to retain the interest within our own borders, and so save the drain which was always going on in having to remit our interest to English-investors. It is a great many years since a Government loan was locally floated, and the price of issue then, in 1872, for £250,000 was £9O 10s for a 4 percent loan, £40,900 was tendered for, about £BO,OOO, being 10£ per cent below the minimum, and only £BOOO was aTocated. The present successful result is therefore very flattering to the Government, and we have the assurance that no amount of issue has been allotted to the Government lending department. The money will come from the public as bona fid* investors.