Story: International economic relations

Britons invest in New Zealand

Britons invest in New Zealand

The colony of New Zealand was hungry for money and London was the place to raise it. In 1867 the colony offered £500,000 worth of debentures – the balance of a £3 million loan which had been authorised in 1863. The colony’s representative in London reported to Wellington that the offer had been over-subscribed. He said ‘it affords me much satisfaction to state that although the price of issue was fixed … at one hundred and two a quarter for each one hundred pounds debenture – the amount applied for at and above the minimum was two millions four hundred and thirty three thousand pounds … it is also cause for satisfaction that Messrs Rothschilds took a portion amounting to four hundred and sixty four thousands and two hundred pounds, as being indicative of their opinion of the value of the New Zealand government debentures – this circumstance, at a time when so much distrust exists, is likely to have a beneficial effect.’

Using this item

Archives New Zealand - Te Rua Mahara o te Kāwanatanga
Reference: WP 3 22* 538

All images & media in this story

How to cite this page:

Malcolm McKinnon, 'International economic relations - New Zealand in the world economy, 19th century', Te Ara - the Encyclopedia of New Zealand, (accessed 25 April 2024)

Story by Malcolm McKinnon, published 11 Mar 2010