Big Finance.

Stratford Evening Post, Volume XXXVIII, Issue 27, 2 February 1914, Page 5

Big Finance.

THE NEW ZEALAND LOAN.

QUOTED AT A PREMIUM.

[By Electric Telegraph—Copyright] [United Press Association.] London, January 30.

Twenty-five million eight hundred thousand was subscribed for the New Zealand loan, which closed within ninety minutes after opening. Bank and postal applications from other parts of the United Kingdom will, therefore, not receive consideration.

The bonds are quoted at over premium.

The evening papers comment on the remarkable success of the loan considering its size.

STATEMENT BY MINISTER.

[Per Press Association.] Dunedin, February 1

■ The Minister of Finance (Hon: James Allen) is delighted with the success of the flotation of tho four-and-a-half million loan, which he says has been secured on more advantageous terms /to the Dominion than any loan"since that which was raised to'provide the first advances made under the provisions of the original Advances to Settlers Act.

The terms on which the present loan was offered were:—Five per cent, on application, 174 pt 1 )' eent. on February 9,, 20 per cent, on March 24, 20 per cent, on April 27, and 18 per cent, on May 26, the payments aggregating £IOO 10s, at which the issue was made. Discount, at the rate of 2} per cent, is allowed in cases of prepayment before the above-mentioned dates.

The first half-yearly payment of interest will be made on August 1, and apart from this, no concessions are being made to the subscribers. The latter have the option to convert the bonds into inscribed stock at the rate of £lO2 worth of stock for every £IOO bond, if the conversion takes place prior to May 26, 1914. From the latter date, until February, 1919, the conversion may be effected at £lOl.