NEW ZEALAND LOAN.

Wairarapa Age, 9 May 1924, Page 5

NEW ZEALAND LOAN.

HEAVILY OVER-SUBSCRIBED. SUCCESSFUL FLOTATION. Great success has followed the flotation of the New Zealand £5,000,006 loan, and the issue has been oversubscribed nearly four times. The loan was issued at 95 at 4£ per cent, per annum, term 20 years, under-writ-ten for issue on May 6 closing on May 8. The approximate amount applied for is over H) millions. Rates of interest have hardened, but this loan has been raised on better terms than those obtained by any other overseas country during the last 12 months. It is not proposed to compound the stamp duty. Excluding stamp duty, the estimated charges are 35/, thus netting on the issue: a return of £93 5/. The money being raised is intended for the purpose of Public Works and State Advances, as follows: —£3,000,000 for Public Works and £2,000,000 for Advances, The annual cost per cent., after allowing for expenses, will be £4 16/5, as compared with £4 9/2 last year. These figures do not include provision for redemption. Stock Exchange dealings in the New Zealand five-million loan issue will probably not commence before Monday.