THE RAISING OF THE LOAN

Timaru Herald, Volume LX, Issue 2263, 8 December 1896, Page 3

THE RAISING OF THE LOAN-

'■■■■. , ■■ ■■ ■ ♦: ■■■■ : ■'•■'■ (By Tjblbgbaph. ) '■ WELLINGTON. December '7. The following is an official communi cation respecting the half-million loan, offers for which closed at noon to-day. Tenders for half a.- million of the 3£ per cent. 10/25 debenture loan were opened this afternoon in the presence of a committee consisting of the Colonial Treasurer,: the Controller and AuditorGeneral, and Mr Henry, Kember, the well known aocountant, of Wellington. Ten tenders had been lodged at the Treasury, and Upon being opened were found to aggregate the sum of £508,000, the average price being slightly over £100. Considering that principal and interest are both payable in the colony, «hd that no real market exists for buying and spiling securities such as these, the ~ Gbvernment are to be congratulated on the successful flotation of this loan, which marks a wise departure in an effort to retain the interest within our own borders, and to save the draiu which is always going on in haviugto lerait our interestto English investors. It is a great many years since a Government loan was locally floated, and the price of the issue then, in 1873, for £250,000 was £90 10s for a 4 per cent loan. £40,900 was tendered for, about £30,000 being 10i per cent, below the minimum, and only £300 was allotted. The present successful result is, therefore, very flattering to the Government, and we have an assurance that no amount of the issue has been allotted to n Government lending department. The money will come from thV public as bona fide investors. ...