A FINANCIAL BLUNDER.

Timaru Herald, Volume XIIC, Issue 13673, 15 August 1908, Page 5

A FINANCIAL BLUNDER.

SOUTH AUSTRALIAN LOAN Pk ess Associalion-By Telegraph-Copyright LONDON, August 13 Mr "Jenkins, Agent Geneial for South Australia, charactenses the State Treas urer's statement regarding the loan as 1 mis leading. On July 9th Mr Jenkins cabled to the Treasurer advising him to leave the flotation till September or October This cable message was not acknowledged till July 23rd, when he was"informed that the Government were ai ranging through a private firm foi the sale of two million pounds worth of bonds at 954, t ne Government paying stamp duty of 12s 6d, which Teduced the net pneo to 94£ The Government will now receive 95 3 6ths net, instead of 94£, making a direct sav nig of £13,500 i and inteiest on that amount for. all time, the- Government taking no risk, that,' if any, being taken by ' the purchasers Mr Jenkins has leceived -dozens of letters all expiess-ing his resignation of the position of Agent-General and generally stating high appreciation of the way in which he earned out the duties of his office Many express the opinion that in lesigning, ho adopted the proper and manly course The writeis, include the Earl of Crewe (Colonial Secretary), the Earl of Jersey, Lord Tennyson*' the Eai.l of Kintore, Sir T. Fowell Buxton, and all the Agents General of Australia, South Africa, and Canada, Mr Reeves, and many leading financial men.