NEW ZEALAND LOAN.
AN- ATTRACTIVE OFFER.
RAPID RESPONSE EXPECTED
Elec. Tel. CopyrtKtn—tinned Pre*« Assnj (Australian ana N.Z. Cable Association.! LONDON, May 8.
The Daily Telegraph points out that in less than two years New Zealand's credit has improved by nearly 2 per cent., the present flat rate being £4 6s lid per cent, compared with £6 5s per cent, in June, 1921. The Daily Express says a revival of Colonial borrowing in London is taking place. Since January over £25,000,000 has been subscribed in London for the Dominions and Colonies. To-day New Zealand is before the public. It is understood Victoria will follow shortly with a £7,000,000 offer for the conversion of certain outstanding obligations. This financing means business for British manufacturers, as the money, except in case of conversion offer, is generally utilised to pay for products of our engineering and constructional industries. The attractiveness of the New Zealand loan should ensure a rapid over-sub-scription.
LOAN GETS A GOOD PRESS.
UNDERWRITTEN WITH PROMPT! TUDE.
.'Australian and N Z. cable Association.)
(Received May f), 10 a.m.) LONDON, May 8,
The Daily Chronicle, commenting on the New Zealand loan, says: "New Zealand stocks huvo always been favorites with investors, owing to her excellent sinking fund arsjtagemcnts. A million of the now issue is going towards redemption of a-half millions of debentures coming due in August. Considerable amounts of the remainder will be spent in contracts in Britain for materials.''
The Morning Post welcomes the loan as a distinctly good feature. Detailed information relating to the Dominion's financial position are given in the prospectus. . The Financial Times says: "Tho New Zealand loan was underwritten with the promptitude associated with all such issues, but gentle protests arose at the apparently high price which tho colony asks for the new stock. As trustee investment stock the loan may be recommended with confidence."
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Bibliographic details
Poverty Bay Herald, Volume XLIX, Issue 16121, 9 May 1923, Page 3
Word Count
308NEW ZEALAND LOAN. Poverty Bay Herald, Volume XLIX, Issue 16121, 9 May 1923, Page 3
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