RESPONSE TO LOAN EXCEEDS £6,000,000

Wanganui Chronicle, Volume 90, Issue 167, 22 July 1946, Page 8

RESPONSE TO LOAN EXCEEDS £6,000,000

The response by investors to the i par issue opened in January last of i New Zealand Government 3 per cent. I stock maturing July 15, 1961-63, with interest payable on January 15 and July 15, was referred to by the Acting-Minister of Finance, Mr. Sullivan. He said that the total amount, of stock issued to the public by June 30 last, was £6,347,000. Of this sum £2,625,000 was subscribed between January and the end of March this year, and the balance of £3,722,000 during the June quarter. Amounts received up to March 31 were used to repay a portion of London loans which matured during that period. Since April, all moneys raised under this 3 per cent, loan, commonly referred to as the “tap issue,” were being ear-marked for expenditure on local development works, land development for rehabilitation, irrigation, public buildings, including post offices, and schools, highways extension and the building of bridges, said (he Minister. He considered that the response to the “tap” issue, represented by applications for stock exceeding £6,000,000 over the first six months of the year, was quite satisfactory, and indicated that the loan was making available a useful form of investment for surplus funds. It was also providing a means of utilising excess purchasing power upon desirable projects which would add to the well-being of the community in general by the establishment of worth-while national assets of a permanent character. The Minister stated that the “lap” issue was to remain open for subscription until further notice, and that applications could be made at any post office or trading bank.