The Bank of New Zealand Loan.

Star (Christchurch), Issue 5056, 15 September 1894, Page 6

The Bank of New Zealand Loan.

All the London correspondents join in giving: much credit for the remarkable success of the Bank of New Zealand two million loan to the underwriters, who guaranteed the success of the issue. Oar own representative sends the testimony of a well-known Australian bank manager. "It is the underwriters," this gentleman said, "who have made the issue the great aucceßS ib haa been." " Underwriters," he continued, "you must understand, do not merely take a line on those loanß and then eit down and oalmly wait for the public to either relieve them of the risk or leave them to take up the etook themselves. They do not want to find the money unices compelled to, and work up every possible subscriber within their ken. On the euccess of the loan the amount of their profit depends. Now, ae regards the Bank of New Zealand issue, suppose for an instant -ii had been emitted without underwriting, and had not been a Buccess. What would have been the result? It would have been taken in the provinces at all events to indicate not only a belief that the bank's difficulties were more than merely temporary, but also that the credit of the Government of New Zealand waa not what it should be on the London market. And just think what a fine opening the failure or evon tho qualified Bucceßß of buch an iesue would have given to Mr Wilzon and his co-calumniators of the colony! Any peg is good enough for the editor of tho Investors' Review to hang ; an attack upon colonial finance, but with a j peg like that in view— well, you can only j imagine how plentiful a supply of I pessimism he would be able to pump up. ; Now, he and his henchmen may write as ! venomously as they please. In the face of i a ten million eubecripfion for a two million ; issue their f ulminations will have as much '•■ effect on investors as water on a duck'o back. ; The splendid success of the loan, indeed, '- will be beneficial to the bank in every ! way, and for a great part of that oucceaa I the underwriters will be given credit by ' those who really understand tho financial ■ methods of the Old Country." Our repre- i Ecntative also had a chat with the London : manager of the bank. Mr Tegetmeier was naturally much pleased with the result of tho loan, but evidently thought ! it no better than the colony deserved, j "No ni«a/' he said, "who goea through j New Zealand and sees what I saw can have any doubt as to tho splendid future before I the colony, and that future, in my humble j opinion, won't be lonq; coming." | ~.-q»l. liuj.iii— ■■■.■■—rim -n» \

Korbis-Tueb Shooting, — A Morris- ! tube match too!: pUca ou Thursday night • betweoa tho E Battery and Lyttuiton Navftls, and resulted in a win for the former corps by eighteen points. Tho following are fche tofcftle:— E Battery 302, Lytteltou Nav&ls 284. The principal i scores were :~I l or tfco Battery : Sergoftnfv i ! Major Sinclair 34-, Corporal T.»ylor 92, ■ I Corporal Cropp 31 end Gunuov liutUr 01, For the Navala : . ttuancr Hi;ston '62, i Guon?r Knowlea 32 and Gunner Norris i 30. [