LOAN SANCTION.
NEW FIRE STATION.
£130,000 IS REQUIRED.
" MAY BE DIITICULT TASK.W
Sanction for the raising of a ]oa» of £125.000 at 4\ per cent—the Ceatral Station Building Loan, 1033—and tbe taking over of certain mortgages that will bring the total to £130.000. has hein jriven by the Local Bodies" Loan Board, according to advice received at thit niiirninjre meeting of the Auckland Metropolitan r'ire Board. "Money is. becoming harder to get" said the chairman. Mr. -l. .T. in commenting on the pn-edure-W which the loan would be rai»i»il. "n* may have a difficult ta<*k with the rate of 4} per cent at par. I am advised that the banks will not consider the question of hypothecated debentures." It was divided to set up a sub-com-mittee to go into the method of raising the loan. This will consist of the chairman. Mr. the niaii. Mr. B. Brigham. and Mr. j. A. CL Alhun. On the motion of Mr. Allum. it ■β-gg decided to write to the Loans Board and a.»k that the sinking fund rate be reduced from 2i per cent to 1 per cent
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Bibliographic details
Auckland Star, Volume LXX, Issue 150, 28 June 1939, Page 4
Word Count
185LOAN SANCTION. Auckland Star, Volume LXX, Issue 150, 28 June 1939, Page 4
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