HELP FROM BANK.

Auckland Star, Volume LXIV, Issue 114, 17 May 1933, Page 5

HELP FROM BANK.

THAMES DEBT PAID. DEBENTURE INTEREST. > STATEMENT BY CHAIRMAN. (By Telegraph.—Own Correspondent.) THAMES, this day. The Thames Harbour Board met last night, Mr. H. Lowe presiding. The chairman replied at length to public comments on the question of the board's interest payments to debenture holders and the recent Loan Adjustment Act which was put through Parliament. . Mr. Lowe said that by arrangement with debenture holders and the consent of the bank the latter advanced sufficient nionev to pay interest to September 30 last. " It was agreed that the amount required should be a first charge upon rates levied for the current year's interest, debenture Holders to accept the residue, after repayment to the bank, in full settlement cf their claim for this year's interest. As the rate was only 1 7-Sd in the £ it would be seen that with a collection of 100 per cent it was not possible for debenture holders to receive full interest, as they were accepting only the amount collected for this year's rates in full settlement of the deficit owing, and also the current year's interest. As far as the ratepayers were concerned there was no further liability. The loan liability of the board was £70,000. After readjustment under the Act it would be reduced by £15,033 to £00,307. It had been said that the board rushed the bill through Parliament, thereby penalising the ratepayers to tho advantage of the- • debenture holders. That was contrary to'fact. It was hoped that* the statement would clear up the wrong impression. A deputation from the Hauraki Plains Dairy Company, headed by Mr. A. IT. Rogers, chairman, waited on the board, and asked for a reduction of the charges on the Turua wharf. The board decided to go into the matter before next meeting- ■