NEW SOUTH WALES LOAN

Southland Times, Issue 19508, 6 May 1922, Page 5

NEW SOUTH WALES LOAN

THE PREMIER JUBILANT. (By Telegraph—Press Assn.—Copyright.) (Australian and N.Z. Cable Association.) SYDNEY, May 5. The new loan floated in London is intended for conversion purposes, as £6,900,000 of various loans are failing due by October 2. Sir George Fuller is jubilant at obtaining a London loan at a better price than either New Zealand or the Commonwealth had to pay. He expects the Issue to work out on a better basis than 5 per cent, at par, and claims that this is one of the first results of the return to sane government. The keynote of economy and financial reconstruction struck by the Coalition Government has had its effect, and money in future will undoubtedly be easier to obtain for the State on the London market. The “Herald” says the. terms obtained are evidence of the easiness of money in London and the desire to invest in dominion securities. THE PROSPECTUS. LONDON, May 4. (Received May 5, 930 pan.) The New South Wales loan prospectus invites holders of £2,430,000 of 4 per cent debentures maturing on October 1, £291,400 in 5i per cent debentures and £1,128,000 in 5i per cent stock maturing on August 15 to convert into an equal amount of 4i per cent stock, the first-named receiving a cash payment of 113/2 per cent others a cash payment of 131/- per cent. Converters will receive preferential allotment.