THE QUEENSLAND LOAN.

Star (Christchurch), Issue 7176, 29 May 1891, Page 4

THE QUEENSLAND LOAN.

AN ASTOUNDING FAILURE. LONDON, Mat 27. The present depression in New Sonth Wales stocke. causes city men ■ to regard the prospects of conversion as gloomy. The result of the Queensland loan surprised even the pessimists. Among the reasons alleged in the city for the astounding failure -are the distrust of Queensland's -Republican tendencies, the refusal of the Colony to contribute to the naval -defence scheme, and her disposition to follow an isolated policy on other questions. The Stock Exchange manifests delight at the failure, and .predicts that the stock will be secured at as low a price as 90. It suggests '■a, temporary renewal of the 6 per oentß, which have matured, and .urges the withdrawal of the -8300,000 that was offered, on the ground that it is too small a line. Dealers think "it is a mistake to keep the loans open, as further subscription are unlikely. Mat 28." The Queensland loan is quoted at 1 per cent discount. The Times says the loan ought to 4>e confined to the redemption of debentures. The time was badly -chosen for launching it, the syndicates who usually tender being too -deeply involved to operate, and the rate of interest too low. Brokers complain that the tenders vere opened in private. The Daily News thinks it was rash -to offer the loan without previously securing tenders from the banks, or Ascertaining whether syndicates would take it up.