§ 41. Squadron-Leader Donnerasked the Secretary of State for the Colonies where the recent loan in Fiji was placed; for what amount and on what terms; and whether it was fully subscribed.
Mr. Creech JonesThe loan was placed in Fiji, and was for 530,000 Fiji, i.e. £477,000 sterling (£F1 = 18s.), in the form of debentures bearing interest at 3¼ per cent., repayable on the expiration of 25 years from the date of issue. About 40 per cent. of the loan was subscribed, the remainder being taken up by underwriters.
§ Squadron-Leader DonnerCan the right hon. Gentleman say why it was not successful?
Mr. Creech JonesThe loan was raised in order to redeem a 5 per cent, specific loan, but I have no information as to why it was not more successful than we hoped it would be