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COMMONWEALTH
LOAN.
INSCRIBED STOCK ISSUED.
MELBOURNE, April 18.
The first Commonwealth loan was
launched to-day, when an Order-in-Council
was passed by the Federal Executive Council
creating inscribed stock of the value of
£700,000 under the provisions of the Act
passed by the Government last session.
The stock will be sold at par to the Treasurer
of the Commonwealth, and will bear
interest at 3½ per cent. The money will
be taken from the trust funds. There will
be a sinking fund of a half per-cent. The
total amount of the stock to be created
under the Act is £2,460,476. The immediate
objects for which the loan moneys
will be required are: — (1) Acquisition of
land in the Federal capital territory, about
£600,000; (2) purchase of the site and the
erection of a building in the Strand, London,
for Commonwealth offices, about
£700,000; (3) redemption of Treasury bills,
issued by the South Australian Government
on the Northern Territory, £226,000; (4)
repayment to South Australia of an amount
paid for out of the revenue towards the
construction of the Oodnadatta Railway,
£34,476. The stock issued to-day will enable
the Treasurer to complete the purchase
of the land required for the Federal capi-
tal.
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