DOMINION LOANS

Wanganui Chronicle, Volume 76, Issue 109, 11 May 1933, Page 7

DOMINION LOANS

AN INDIAN ISSUE. MONEY FOR RAILWAYS. LONDON, May 9. An Indian loan for £12,000,000 at 4 per cent., 1948-53, has been underwritten. It is being issued at £97 10s. It will be used as capital railway expenditure, also to redeem the outstanding balance of £7,000,030 6 per cent. 1933-45 loan. OVER-SUBSIDISED Received May 11, 1 a.m. LONDON, May 10. The India loan was over-subsidised. CANADIAN LOAN HUGE SUM REQUIRED. OTTAWA, May 9. Power to raise by way v-f man an amount not exceeding 150,000,000 dollars will be sought by the Minister of Finance (Mr. Rhodes) in a resolution of which notice was given to-day, for tho purpose of paying or redeeming the whole or any portion of loans or obligations of Canada and for the purchasing and withdrawing from circulation of unmatured securities of Canada. BIG DEBTS MATURING. OTTAWA, May 9. The loan resolution docs not necessarily mean that borrowing will be made up to tho amount named. The Dominion has maturing debts this year amounting to 279,971,000 dollars. It is anticipated that tho refunding portion of tho new loan will bo issued at 4 per cent., with the expectation that the selling price will mean a yield of slightly over that. rate. The borrowings will probably be in Canada with tho exception of 60,000,000 dol lars payable in New York, which will doubtless again ho borrowed there, because of the discount on Canadian funds. A conversion loan is also anticipated, but tho details are not known.