HON. MR. WARD IN ENGLAND.

Taranaki Herald, Volume XLIV, Issue 10294, 29 April 1895, Page 2

HON. MR. WARD IN ENGLAND.

-•■ SIR GEORGE GREY HELPING Mr. WARD. NEW ZEALAND LOAN AT 3i TO i PER CENT. PREMIUM. [PEB PRESS ASSOCIATION] London, April 27.—The New Zealand loan is quoted at from 3J to 4 per cent, premium. Tbe Bank of England will close the subscriptions to the New Zealand loan jn Friday. The payments are to be made jas follows .—25.—25 per cent, on May 13, aad ! 15 per cent, eaoh in July and August. The Government states that Mr Ward did not directly arrange the loan with the Bank of England, but the transaction was conducted a-j usual by loan agents after consulting with Mr Ward. Within fifteen minute 3of the announce' ment of the loan it was quoted at 2 per cent, premium. Sydney, April 29.—The Daily Telegraph says N<»w Zealand in floating the loan at 3 pev cent, is setting an example which is sure to be followed. The departure mny be a bold one, but it is undoubtedly in the right direction. The Sydney Morning Herald can hardly see what is to be gained by a change from 3£ per cent., ns the money will probably be borrowed at an equivalent to that price. The Herald fears that the objec* tionable use of the nominal rate of 3 per cent, will be made by politicians in order to make the loans to farmers appear to profitable. Hon. Mr Ward informs a " special" in London that tho financial institutions in New Zealand were flooded with enquiries as to what openings existed for foreign capital. He also stated that Great Britain was losing a large amount of trado by her lack of energy and refusal to subsidise steamers, wheieas foreigners were keenly pushing into any openings available. Referring to the comments on New Zealand by somo of the London papers, Mr Ward said the critics neglected to compare the debt and the private wealth of New Zealand j:er head ; tbe latter was the second largest in the world When addressing the London Chambers of Commerce, on Thursday, Mr Ward denied that the lnnd tax had been collected early because tho Government was hard up, It was merely he said to avoid the needless issue of Treasury bills. Moreover, the colony, at that time, possessed three millions' worth of unpledged securities in London, two-thirds of which he himself forwarded at the time of the crisis in Australia in order to guard against emergency. Referring to the action of the Government with respect to the B.*nk of New Zealand, the Treasurer said the Government was prepared to lose tha two millions rather than risk a crisis ia the colony. He denied the Advances to Settlers Act was a politicildodgo. lie urged upon the Chamber the claims of the Pacific mail and cable services. Sir G. Grey confirmed Mr Ward's remarks, saying those who invested in New Zealand had dono wisely and received handsome returns.