SOUTH AUSTRALIAN LOAN.
THE LOAN A FAILURE. London, Feb. 7. The South Australian loan is a failure, only .£553,700 having been subscribed in place of the £1,317,800 asked for. Sir Arthur Blythe, the Agent-General, was confident that the South Australian loan would be floated easily. The largest tender was for £25,000. The Banks tendered largely at a slight premium in the hope of saving it from failure. The Bank authorities disclaim having anything to do with authorising the minimum that was fixed. /The loan was boycotted by the syndicate, who are jubilant at their success, and say it will teach the colonies a lesson, and that to attempt to defy financiers makes floating a loan hopeles unless the Banks combine and subscribe.
Sir Arthur Blythe challenged the room, and said he would not allot it below par. but refused to give a pledge to that effect. It is understood that Messrs Glyn, Mills, Currie and Co., the eminent bankers are willing to co-operate with the Adelaide Banks in coming to the rescue, and taking up the balance of the loan.
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Gisborne Standard and Cook County Gazette, Volume II, Issue 258, 9 February 1889, Page 3
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180SOUTH AUSTRALIAN LOAN. Gisborne Standard and Cook County Gazette, Volume II, Issue 258, 9 February 1889, Page 3
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