NEW ZEALAND LOAN
CASH APPLICATIONS CLOSE. (United Press Assn.—Telegraph Copyright.) (Rec. 12.15 a.m.) London, July 17. The list of cash applications for the New Zealand loan has closed. It is understood it is fairly heavy.
The New Zealand Government is converting £3,989,100 of 4 per cent, bonds into 3J per cents., redeemable 1955-1960. Conversion applications will close on July 30. The loan was discussed in the 1923 Budget in the following terms: —“In order to maintain capital expenditure at the necessary standard a loan of £3,000,000 for public works was raised in London. In addition, £1,000,000 has been borrowed for redemption in part of loans maturing in London, making a total issue of £4,000,000. This loan was floated in May and issued at £92, rate 4 per cent. It was well received, being oversubscribed, the lists closing three days before the time specified. The loan runs to 1943 with the option for redemption 10 years earlier and the flat rate is therefore £4 6/11 per cent, or if not redeemed until 1943, the cost is £4 12/7 per cent.” According to a statement supplementary to the last Budget this is the only sum of any size available for conversion before the end of the present year. Next year an amount of £10,135,800, 1935-45, bearing interest at 5 per cent, will offer for handling.
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Bibliographic details
Southland Times, Issue 22378, 18 July 1934, Page 7
Word Count
223NEW ZEALAND LOAN Southland Times, Issue 22378, 18 July 1934, Page 7
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