SOUTH AUSTRALIAN LOAN

Otago Witness, Issue 2840, 19 August 1908, Page 25

SOUTH AUSTRALIAN LOAN

LONDON; August 13. Mr Jenkins, late Agent-general for South Australia, characterises the State Treasurer's (Mr Peake) statement regarding the loan as misleading. On the 9th of July Mr Jenkins cabled to the Treasurer advising him to leave the flotation till Sept-ember or October. This message was not acknowledged till the 23rd, when he was ' informed that the Government was arranging through a private firm for the sale of £2,000,000 worth of bonds at 95£, the Government paying the duty stamp of 12s 6d, which reduced the net price to 94£. The Government, says Mr Jenkins, will ngvr receive 95 3-6ths net instead of 94£, thus making a direct saving of £13,500 and interest on that amount for all time, the Government taking no risk, as that is token by the purchasers.

Mr Jenkins has received dozens of letters all expressing regret at his resignation, and generally stating the writers' high appreciation of the way he had carried out the duties of his office. Many express the opinion that in resigning he has adopted the proper and manly course. The writers include Crewe, Lord Jersey, -Lord Tennyson, Lord Kintore, Sir T. Fowell Buxton, the Agents-general for Australia, South Africa, and Canada, the Hon. W. P. Reeves, and many leading financial men.