••• FINANCIAL NOTES' .
•
As I ventured to anticipate;the New Zealand Loan, although for the la* amount of £6;000,000, has pioYed it' great success and the reason deserved- emphasis -because of its significance to other_ Colcinial:boirowings: The. City. attributes the success of the issue_ in addition to the cause mentioned elsewhere —first, to the fact that, recognizing the huge derna.nds- for capital just now, New Zealand made ,the terms attractive, namely-, 5 per cents. at 98f which, .AS'eorilfrAi.eil with existing similar issues, meant a turn of -about 1 per cent.L to the subscribei.- In the second place, New Zealand as compared with the • Australian Sthtes is freer- from- the --Litbriiir policy in its-Government and financial affairs. And, in the third place, New Zealand does not take advantage of the Trustee Act by declining to give the fullest details of its financial position and the purposes for which the new money is required.
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