POWER BOARD LOAN.

Auckland Star, Volume LVII, Issue 158, 6 July 1926, Page 5

POWER BOARD LOAN.

i-2oO.()00 AT FIVE PER (. ENT. \ I The general manager. Mr. H. H. j Baxtley, to-day reported re the raising i of further loan moneys for the Auckland S Power Board, as follows: — "Accompanio'l by the chairman, we interviewed the manager of the Bank of Xew Zealand, in connection with their recent offer to raise further loan moneys as under. "'The bank was of the opinion that the offer was a good one. and that it wa; extremely doubtful if it eoiiM be bettered at the present time, or in the near future. At the chairman's request the bank agreed to forward a cable to London, and obtain the latest advice as to the money market, and al-o the pos sioility of obtaining- a better quotation by waiting. "This has been done, and t't.-> reply to this cable is as follow;: '-J. ami A. Scringeour do not recommend waiting. They consider price offered very good. They also state that Vie latest quotation for the last loan is D7/O7J. including , one month's interest.' "In view of the above, and .vith the chairman's authorisation, wo have accepted the bank's offer of £2.50,000. interest to be at "> per cent, and the price of the issue £97 The date of maturity and of all other details of the loan are to be the same a> for the first issue. The expenses will amount to approximately 4 per cent, and this loan will cost the board approximately £-5 11/8 per cent. "We have forwarded details ro the board's solicitors and thoy sir; , making application for the Minister's .~r>n*ent to the raising of the loan. A!.-., in tlie meamim-e the draft debenture lia* been put in the printer's hands and iliouid be available early next week."