AUTHORITY FOR LOAN.
AUCKLAND DRAINAGE BOARD.
The sum or £87,000 is to be raised on the London market by the Auckland and Suburban Drainage Board to replace an overdraft of that amount arranged when the market was unfavourable for raising the loan. Formal resolutions authorising the board to carry through the transaction were carried at a meeting yesterday, presided over by the Mayor, Mr. G. W. Hutchison. Mr. Hutchison said that when loan No. 2 matured 6ome months ago the bank in London agreed to advance the amount pending a favourable market. The bank was now prepared to float the loan, but at the bank's request the terms of the loan could not be disclosed.
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Bibliographic details
Auckland Star, Volume LXIV, Issue 83, 8 April 1933, Page 7
Word Count
115AUTHORITY FOR LOAN. Auckland Star, Volume LXIV, Issue 83, 8 April 1933, Page 7
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