FINE RESPONSE

Southland Times, Issue 25312, 15 June 1935, Page 8

FINE RESPONSE

ISSUE OF SHARES MORTGAGE CORPORATION > WELL OVERSUBSCRIBED (Per United Press Association.) Wellington, June 14. The Hon. A. Hamilton, Acting-Minis-ter of Finance, to-day announced that the share capital of £500,000 of the Mortgage Corporation of New Zealand, issued for public subscription, was well over-subscribed. The total number of applicants exceeded 6300 and £1 shares to the number of 1,780,000 were applied for, this being over three and a-half times the amount on issue. The Minister went onto say that the public response was most gratifying and could be taken as a clear indication of the widespread support to the establishment of the institution. The applications, in the majority of cases, were for shares for a fewer number than 100, and consequently enabled the Minister to adhere to the desired policy of spreading the holdings among a large number of small shareholders rather than a small number of large shareholders. This policy, said the Minister, was also observed in connection with the Reserve Bank share issue and provides that a greater number of investors throughout the Dominion as a whole will have an interest in the welfare and future of the Corporation. The result achieved in the successful flotation of the share issue has been contributed to by the valuable assistance and cooperation extended by the various trading banks and members of the Stock Exchange and throughout the Dominion to whom the Minister desires to extend his thanks. Mr Hamilton stated that with 6300 shareholders, the average holding is thus approximately 80 shares. The allotment letters had been issued to shareholders and in conformity with the policy as above mentioned, the allocation had been made on the following basis: Shares applied for. Allotment. 5-to 90 In full 91 to 500 90 501 to 1000 100 1001 to 1100 149 1101 to 2500 150 2501 to 3500 180 3501 to 4000 190 4001 to 5000 200