NEW ZEALAND LOAN.

Timaru Herald, Volume CXXIII, 2 May 1927, Page 8

NEW ZEALAND LOAN.

ISSUED IN LONDON. By C»ble —Press Association —tfopyrtgM. Australian and N.Z. Cable Ap-sociation. LONDON, April 29. The New Zealand Loan bears 5 per cent, interest. The final instalment is payable on August 3, and the first half yeai s interest on January 1, 1925. The Hon. W. J. McKell (Assistant Colonial Treasurer of New B>o ith Wales), says the New Zealand loan was long anticipated, and is there!ore unlikely to prejudice the New South Wales conversions, in which direction negotiations are proceeding.

DETAILS BY MINISTER. By Tslesraob —Press Association. WELLINGTON, May 1. The Minister of Finance (Hon. W. Downio Stewart) announced to-day that the New Zealand loan on the London market is for Lb,000,000. It is at 5 per cent., issued at £99 10s, compared with a similar loan last year at £9B 10s. The return to investors, with redemption, will be £5 0s lOd per cent., compared with £5 2s 6d per cent, on last year’s loan. Tho proceeds will bo allocated as follows Railway construction, additions and improvements, £3,000,000; hydro-electrical development, £900,000; telegraph extension, £750,000; other public works, £1,350,000. Other colonial loans recently issued cn the London market were:—South Australia, £2,500,00, 5 per cent.., at £9B; Western Australia, £1,500,000, 5 per cent., at £97 10s; Commonwealth of Australia (conversion loan), £11,000,000, 5 per cent., at £9B.