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1
12
have accrued in the Sinking Fund for the previous issue of Stock would enable the debt of the Colony to be reduced in 1918 from about £1,500,000 to about £700,000 by means of a conversion operation or by the issue of a new loan as the circumstances of the case may prove to be desirable when the time arrives.
8. Having thus explained the grounds on which we arrived at the conclusion that the new Loan must be issued in the shape of Stock: that it must be issued at once and that it would be desirable to issue it as an addition to the existing line of Stock I now proceed to report the actual action taken in the matter. I enclose herewith 12 copies of the prospectus which we issued on the 14th instant inviting tenders for the Loan to be sent in on the 20th instant. I also enclose a schedule of the tenders received which will show that the Loan has been fully covered and that Stock to the extent of £1,142,500 has been allotted, which we estimate will provide approximately the sum of £1,100,000 together with the expenses of issue. The schedule also shows that the average price realised for the Loan has been £99. 1. 0 per cent.
9. The expenses of the issue, full details of which will be subsequently given in the Loan accounts which we shall furnish to the Colony monthly, may be taken to be approximately as follows viz.
• per cent commission to the Crown Agents for their services in issuing the Loan, out of which 1 per cent is payable by them on all tenders received through members of the Stock Exchange or from Bankers or the principal Financial Houses.
1 per cent underwriting commission to the members of the Stock Exchange and to the Financial Houses who guaranteed
'
508
1
12
have accrued in the Sinking Fund for the previous issue
of Stock would enable the doht of the Colony to be
reduced in 1918 from shout £1,500,000 to shout £700,000
by means of a conversion operation or by the issue of
& new loan as the circumstances of the case may prove to
be desirable whon the time arrives.
8. Having thus explained the grounds on which we
arrived at the conclusion that the new Loan must he issued
in the shape of Stock: that it must be issued at once and
that it would be desirable to issue it as an addition to
the existing line of Stock I now proceed to report the
actual action taken in the matter. I enclose herewith
12 copies of the prospectus which we issued on the 14th instant inviting tenders for the Loen to be sont in on
the 20th instant. I also enclose a schedule of the
tenders received which will show that the Loan has been
fully covered and that Stock to the extent of £1,142,500 has been allotted, which we estimate will provide approxi- mately the sum of £1,100,000 together with the expenses
of issue. The schedule also shews that the averse price
realised for the Loan has been £99. 1. 0 per cent.
9. The expenses of the issue, full details of which will be subsequently fiven in the Loan accounts which we shall furnish to the Colony monthly, may be taken to be approximately as follows viz.
• per cent commission to the frown Apents for their services in issuing the Loan, out of which I per cent is payable by them on all tendere received through members of the Stock Exchange or from Bankers or the principal
Financial Houses.
1 per cent underwriting commission to the members of the Stock Exchange and to the Financial Houses who
rusranteed
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