THE LATEST LOAN.

Taranaki Herald, Volume LX, Issue 143842, 17 July 1912, Page 2

THE LATEST LOAN.

By the mail which arrived in Auckland ou Sunday some information was received respecting the four and a half million loan just raised at Home, but it only serves to add to the mystery concerning it. When the ioan was first announced at, Wellington it was stated by the late Minister of Finance that a largo portion of it was to meet loans falling due, but when Mr. Myers was asked the question in tbo House the other day he stated that no portion of the four and a half millions was for renewal of loans. Yet the prospectus issued by tho High Commissioner stated distinctly that of the proceeds of tho loan tile sum of £2,840,500 was to bo utilised “for the repayment of debentures issued under tho various Acts.” How tho reply •of Mr. Myers to Sir Joseph Ward can be reconciled with the terms of tho prospectus it is difficult to understand. Again Mr. Myers stated that a sum of £609,-fIOO out of the loan was for the purposes of the Naval Defence Act, 1909, that is, for the purchase of a Dreadnought, but a leaflet issued in connection with the loan by tbo Bank of England makes tho amount intended for tins purpose .€459,500, a difference of £150,000, Taking the smaller sum ns correct and adding tho amount raised to meet temporary advances, which are loans in effect if not in name, there appears to be only £1,200,000 available for future expenditure out of the whole loan; less than that in tact, for the loan was floated at a discount. If tbo Dreadnought loan was of tbo amount stated by Mr. Myers there will be very little more than a million to come to New Zealand for public works, advances to settlers, etc. The whole business is unsatisfactory, and a complete and true statement of tho position by the Hon. Mr. Allen will bo looked for with great interest.