INTEREST SAVED.
SUM OF £21,092 A YEAR. AUCKLAND LOAN CONVERSION. (Per Press Association). AUCKLAND, May 24. The first formal step in the biggest loan conversion attempted by any New Zealand local body was taken by the Auckland City Council at a special meeting, when a resolution wa&. carried providing for the issue of new securities in the conversion of debentures or other securities in respect to 130, separate loans, aggregating £1,797,275.. The resolution will come up for confirmation on June 7. The Mayor said that under the present temporary legislation the council was saving £18,258 a year in interest payments. That legislation would expire in 1935. The conversion scheme which had been adopted made permanent that saving and an additional £2834, or £21,092 a year in all.
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Bibliographic details
Ashburton Guardian, Volume 54, Issue 190, 25 May 1934, Page 2
Word Count
127INTEREST SAVED. Ashburton Guardian, Volume 54, Issue 190, 25 May 1934, Page 2
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