FAILURE OF A LOAN.

Otago Witness, Issue 2318, 4 August 1898, Page 17

FAILURE OF A LOAN.

London", July 26.

Tenders for the Westralian million loan were opened to-day, but the amount was notcovered. The total amount subscribed was £550,000 at about the minimum. Tbe balance was withdrawn. July 27. The average price for the Westralian loan was £94 3s 4d. The balance remains opei tor subscription at £94. Syndicates did not lender, as a large quantity of the colony's stock is at present held by them. Several of the City newspapers declare that the market is tired owing to the fiequeney of Westraliun loans. It is also oxplained that the Birmingham municipal loan of one million intcrfcicd with the flotation. PKimf, July 29. In the Assembly Sir John Forrest icfcrrcd to the failure of the million loan as a fiasco. Thcic was i-o necessity for its flotation, but the Government had been \v)iigly advised that the pic^ont junctuie \wis favourable. He believed that the balance would be bhoitly ai ranged. The failure would have no died' on the public works policy. The Premier accepted as a motion of no confidence Mr Leakc's motion proposing that private tenders be called for the Eastern goldu'elds water scheme.