HARBOUR BOARD FINANCE.

Auckland Star, Volume LIV, Issue 182, 1 August 1923, Page 3

HARBOUR BOARD FINANCE.

POPULARITY OF THE 51 PEB CENT DEBENTURES, RAISING £50,000. In response to its application for tenders for £25,000 worth of debcu- | tures at 51 per cent the Auckland HarJ bour Board received offers of £56,300, of which £25,000 (from one tirm) \va» ruled out as the terms were too high. As the board had authority to raise a second £25,000 it was decided to accept the whole of the £31.300, the term* being from par to 101.5. Tha balance of I the second £25,000 will be sold over the j counter at par, the secretary (Mr. H. B. Burnett) stating that there would be a good demand for them. The secretary reported that brokerage would have to 'be paid on £8600 only. Members of the board expressed satisfaction at the terms on which the debentures were disposed of. An offer from Harman Reeves, of Wellington, to procure the board £100,000 at 5J per cent at par, for a currenov of twenty years, interest and principal to be paid in Melbourne. w: ls referred to the board in committee. A report from the chairman (Mr. H. R. Mackenzie) re a new loan for further works was ordered to be circulated anionmembers and referred to the board in committee.