LOAN REQUIRED.
TO MEET OVERDRAFT. CITY COUNCIL DECISION". To enable the Auckland City Council to i:ake full repayment of a London overdraft of £195,000 and the final i«ssue of £25,000 of the Additional Loan, 1883, which falls due on January 1, 1938, the council is to raise a loan of £34,000. It will be known as the Consolidated Renewal Loan, 1938.
j Owing to the continuation of the pre- . sent exchange rate, sufficient funds are j not available to the city sinking fund I commissionp-s to meet the overdraft with a charge amounting to £54,120 inI eluded. The sinking funds available are approximately £240,820 in New Zealand ! currency, and the deficiency requires to .be met by the council. With the costs of raising the final issue of the Additional Loan, 1883, the sum of £34.500 is ' required to meet the position. The new loan will have a currency of ten years and will carry interest at the rate of 3i per cent, and a sinking fund of 81 per cent.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/AS19371127.2.74
Bibliographic details
Auckland Star, Volume LXVIII, Issue 282, 27 November 1937, Page 10
Word Count
170LOAN REQUIRED. Auckland Star, Volume LXVIII, Issue 282, 27 November 1937, Page 10
Using This Item
Stuff Ltd is the copyright owner for the Auckland Star. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries.
Log in