CHEAP MONEY.
CITY COUNCIL LOAN. £24,000 AT 3| PER CENT. QUICKLY SUBSCRIBED. (By Telegraph.—Press Association.) WELLINGTON, this day. A loan of £24,000, for which authority was obtained by a special order, has been raised on the local market by the Wellington City Council at the low rate of 35 per cent, with a 1J per cent sinking fund.
The rate is that fixed by the Oovernment for local body loans in the main centres, and it is believed by the city treasurer to be the lowest rate of interest ever offered by the council. Loans were raised at 4 per cent many years ago, but since then the ruling rates have been considerably higher. Notwithstanding the low rate, the whole amount was quickly applied for, one offer being to take up the loan in one parcel and others being adequate to account for the full £24,000. The money is to buy property, etc., for etreet widening and improvement work in several places.
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Bibliographic details
Auckland Star, Volume LXV, Issue 149, 26 June 1934, Page 8
Word Count
162CHEAP MONEY. Auckland Star, Volume LXV, Issue 149, 26 June 1934, Page 8
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