LOAN RESTRICTIONS.
HARBOUR BOARD EXPERIENCE.
INTEREST RATE OF 4| PER CENT
(By Telegraph.—Press Association.)
NEW PLYMOUTH, Thursday.
"I am satisfied we are paying half per cent more for the new loan than we would have had to pay had we had a free hand to make our own arrangements," said the chairman of the New Plymouth Harbour Board, Mr. C. E. Bellringer, when reporting on the completion of negotiations for the renewal loan of £32i»,0«*K) in connection with the redemption of two loans that fell due in London on May 1, 1939. More than 18 months was necessary to make suitable arrangements for repayment of the loansj said Mr. Bellringer. Efforts to raise the money in England failed and an endeavour was made to raise the loan in Xew Zealand, the board being prepared, to pay up to 4£ per cent. As the authority of the Local Government Loans Board to raise the loan stipulated that the interest rate should be 3J per cent, the Harbour Board was not permitted to offer a higher rate. After exhausting all other avenues the board raised the 1-jan in Australia at 4f per cent. "Had we been allowed to go on the market when we began negotiations," Mr. Bellringer stated, "I am me we would have secured the money."
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Bibliographic details
Auckland Star, Volume LXX, Issue 110, 12 May 1939, Page 11
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216LOAN RESTRICTIONS. Auckland Star, Volume LXX, Issue 110, 12 May 1939, Page 11
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