LONDON FUNDS.
TRANSPORT BOARD LOAN.
LARGE AMOUNT INVOLVED.
For the redemption in London of the Auckland tramways' loan of over £700,000 sterling, due on July 1, the Auckland Transport Board has taken the necessary steps. The operation involves £916,250 New Zealand currency, equivalent to £733,000 sterling, -the amount of the loan outstanding at due date. The loan was part of the original Auckland city tramway loan of £1,250,000, issued in 1920. The balance of the loan outstanding has, from time to time, been reduced by amounts bought in at terms favourable to the board, and in that manner over £200,000 has been redeemed. In 1938, the board decided to proceed with the issue of a transport consolidated redemption loan of £500,000, of which £460,000 was for the purpose of purchasing the London loan, and redeeming the balance at maturity. The debentures were sold on the local market.
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Bibliographic details
Auckland Star, Volume LXXI, Issue 159, 6 July 1940, Page 6
Word Count
147LONDON FUNDS. Auckland Star, Volume LXXI, Issue 159, 6 July 1940, Page 6
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