Debenture prices

Argus 26 Jan 1867

The circumstances of the money market made it inadvisable to attempt the sale of debentures under the Public Works Loan Act

at the time of Mr. Verdon’s arrival in

England. At length it appeared to the committee of the associated banks and to Mr. Verdon that the debentures should be advertised’ for sale by tender, in the usual way.
Tenders were received to the amount of £3,073,600, of which £1,485,900 were at and above the minimum of 102j, the average

price for the portion accepted being £102 19s. Out of the £850,000 offered, debentures

amounting to £700,000 were purchased on French account, and the report expresses “gratification at the fact that our bonds are recognised by foreign capitalists as a first-class security. Inquiries were made as to a farther loan for the extension of railways and water

supply, and for the completion of our larger public buildings, and it was believed that if in the course of a couple of years it be necessary to borrow three to five millions for these purposes, the money could without doubt be obtained.
On the subject of immigration the remarks contained in the report offer useful suggestions’, but give no definite results.

The report concludes by expressing gratification at the strong marks of sympathy and

friendship which Mr. Verdon’s visit elicited from members of Her Majesty’s Government, and the symptoms of the good-will enter-

tained by all classes in England towards Australia, by whom, also, the right and privilege claimed by the colonists of forming an essen-

tial part of the empire appeared to be fully conceded. Mr. Verdon also acknowledges the kindness and consideration shown to himself; and, further, the very great assistance affordcd him by Major Pasley and Captain Payne, to whom he had left with confidence the duty of completing in detail the work which had been entrusted to him.

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