INTEREST REDUCTION
DISCUSSION AT MT. ALBERT. ! A recommendation from the finance and lesal committee that application be made to holders of overseas debentures for a, reduction in the present rate of interest was discussed at last nighfs meeting of the Mount Albert Borough Council. The chairman of the committee, Mr. R. Feroer, stated that the total indebtedness of the borough was £856,714, of which £130,000 was domiciled abroad, and carried £5 13/9 per cent interest. The interest on other loans averaged £o 7/2 per cent, which would be reduced by 20 per cent from April 1. After that date the interest would be £4 8/0 per cent, resulting in an annual saving of £7742. Before any action was taken, the chairman recommended, all information relevant to interest reduction and loan conversion should be collected and placed before the council for discussion.
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Auckland Star, Volume LXIV, Issue 74, 29 March 1933, Page 3
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141INTEREST REDUCTION Auckland Star, Volume LXIV, Issue 74, 29 March 1933, Page 3
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