YANKEE DOLLARS FOR N.S.W.

Timaru Herald, Volume CXXIII, 9 April 1927, Page 9

YANKEE DOLLARS FOR N.S.W.

Banks Handling New Loan. WALL STREET REPORT. By Cable —Press Association—Copyright. Australian and N.Z. Cable Association. (Received April 8, 5.5 p.m.) NEW YORK, April 7. A Wall Street report indicates that the Equitable Trust group of banks will underwrite the New South Wales 25,000,000 dollar loan. It is understood the loan will be for 31 years, at 5 per cent., with a sinking fund. PROSPECTS OF UNDERWRITERS. BID FOR AUSTRALIAN" BUSINESS LOAN. By Cable —Press Association—Copyright. Australian and N.Z. Cable Association. (Received April 8, 5.5 p.m.) NEW YORK, April 7. 'The Equitable Trust Company officially confirms that it has purchased the New South Wales loan of 25,000,000 dollars, and within a week or ten days, will offer the same to the public. Observers, while sceptical that the net return to New South Wales will be 94 or better, are contending that the intrinsic conditions of marketing foreign bonds to the consumer in America, are such that to underwrite the issue at* these figures is unprofitable. They admit that the expectation of becoming the permanent American financial agents or advisers to New. South Wales may induce the company to offer exceptionally attractive terms, in the hope of securing the State’s future American financing. It is believed, furthermore, that the Equitable Group has received an understanding that this will be the case. LOAN ISSUE IN LONDON. COMMONWEALTH’S BIG REQUIREMENTS. By Cable—Press Association—Copyright. Australian and N.Z. Cable Association. , (Received April 8, 11.40 p.m.) LONDON, April 8. The Commonwealth Conversion Loan of £11,711,000 at 5 per cent., issued at 98, has been underwritten.