THE COLONY'S CREDIT IN LONDON.

Star (Christchurch), Issue 6291, 23 September 1898, Page 1

THE COLONY'S CREDIT IN LONDON.

This afternoon Mr Duthie put his ques- j tion regarding the alleged refusal of the London Stock Exchange to make a quotation for .£2,700,000 of three per cent New Zealand debentures. In so doing the .member for Wellington quoted certain paragraphs from the " Investors' Review." . severely criticising the action of the Government in respect to the matter in question. The Premier, in reply, expressed regret that the question should be based ..on adverse criticism of the kind quoted by Mr Duthie without careful inquiries ibeing first made as- to their correctness. The writer of the .article referred to was an inveterate " enemy of the colony, and • had . repeatedly attacked it through the Press. The .£2,700,000 was never placed, and consequently never withdrawn, moreover, it was never asked to. be placed, and the whole story was, therefore, without foundation. The Bank .of England had applied for quotations, and the Stock Exchange never refused the . quotation, but asked for information con.cerning the 3 per cent inscribed stock. This information was duly afforded. A few days ago he had received news that a considerable sum had been converted into 3 per cents at .£99 6s Bd. As scon as the article came under his notice he communicated with the Agent-General, and received a. reply denying the alleged refusal of the Stock Exchange. The Government was not floating a loan of ..£2,700,000, but was merely carrying out the conversion scheme. It had met every call, and would continue to do so. The operation in question had been carried out satisfactorily in every respect. He had no idea why the affair had been mentioned at all.