THE MILLION LOAN.

Otago Witness, Issue 2232, 10 December 1896, Page 16

THE MILLION LOAN.

HALF A MILLION FLOATED LOCALLY.

AVERAGE OVER PAR. Wellington, December 7. The following is the officitl communique respecting the half-million loan, offers for which closed at noon to-day : — " Tenders for the half-million 3£ per cenfa. 10-25 debenture loan were opened this afternoon in the presence of a committee constating [of the Colonial Treasurer, the Controller ami Auditor-general, and Mr Henry Kember (the well-known accountant, of Wellington). Tou tenders had been lodged at the Treasury, and jipon beiDg opeDed were found to aggregate the sum of £508,000, the average puce being slightly over £100. Considering that the principal 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 tbis loan, which marks a wise departure in the effort to retain interest within onr own bjrders and so save the drain which is always going on in having to remit our interest to English investors. It is a great many years oince a Government loan vaßflcc/dly Sotted, and the price of issue then (in 1873) for £250.000 was £90 10s for a 4 per cent. loan. £40,900 was tendered for, about £30.000 being 10£ per cent. t below the minimum, and. only £300 waa allot kd. ' The present successful result is therefore very flattering to the Governmeut, and we b&va ao assurance that no amount cf tbe issue hss baen allotted to the Government lending departments. The money will comb from the public es bonajide investors."