HARBOUR BOARD DEBENTURES
RALE AT DISCOUNT PERMITTED. By Telegraph—Press Association. Auckland, December 7. In answer to the Auckland Harbour Board's protest as to tho rnte of interest fit whicli.it is compelled to jell its debentures, a lettfcr was received from tha Prime Minister this afternoon, stating that section 33 of the Finance Act, 1920, empowered the Minister of Finance to increase the rate ot interest provided in the board's own Empowering Act. "It . is proposed at once to prepare a fresh Order-iu-G'ouncil," wrote tho Prime Minister, "which, although specifying the rate of interest ail 5J per cent., will enable your board to sell debentures at a discount. With tho income tax concession recently granted, I am inclined to think thai; you should have no difficulty in disposing of your debentures at such a price as would not return to thr lender any more than 55 per cent. Feeling coiindent. however, that your present borrowing will be stricMy confined to urgent requirements, I am not imposing any restrictions."
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Bibliographic details
Dominion, Volume 14, Issue 63, 8 December 1920, Page 6
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167HARBOUR BOARD DEBENTURES Dominion, Volume 14, Issue 63, 8 December 1920, Page 6
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