LOAN MONEY FOR COUNCIL.

Auckland Star, Volume LIII, Issue 295, 13 December 1922, Page 8

LOAN MONEY FOR COUNCIL.

RAISED IN AUSTRALIA. SUCCESSFUL DEBENTURE L'.'i'E. Auckland City Council debentures totalling f1.10.000, having a currency of 21 years and hearing interest at iii per cent, the security being a special rate over the annual ratable value of the city, with a sinking fund of not less than one per cent, have been successfully issued in Australia. The Bank of New Zealand carried out the transaction, charging onehalf per cent commission. The all.-ca-tion of the money, which is payable at •par in Auckland, is as follows:—Antecedent liability. £89.000; drainage works, £25.500. abattoirs extension. £18.000-. toological park, £10.000: destructor. £7,500. The Mayor stated that the issue represents an advantage of 7/ per cent compared with the recent issue of some £800,000 city tramway debentures in Loudon by the Auckland Tramway Company. With the exception of a small loan of £S,OOO under the Auckland City Borrowing Act, which was.being issued by the city treasury over the counter at BJ per cent par, all the loan balances were now cleared up. Mr. (iunson added, that with the loan money from Australia the city abattoirs extension would lie carried out immediately, the work at the destructor and at the zoological gardens being already well forward. The year •would end with the city finances in a very satisfactory position, all essential municipal -work well provided for, and arrangements made for the future