WATER SUPPLY LOAN
CITY COUNCIL REFUND
KEEN DEMAND FOR BALANCE
Following the decision of the Auckland Provincial Patriotic Council to invest the sum of £100,000 in the War Loan instead of Auckland City Council North Shore Boroughs (Auckland) Water Supply Loan £125,000 debentures, a refund was made to the Provincial Patriotic Council to-day of the amount previously paid over to the City Council.
Questioned to-dav. the citv treasurer, Mr. T. W. M. Ashby, stated that he did not anticipate any difficulty in being able to place elsewhere the debentures which were not now being taken up by the Provincial Patriotic Council, as, in his view, the rate of interest offered, coupled with the ready negotiability of the debentures, made the loan the best investment on the market today. Already there had been a brisk demand for the balance of £25,000 of the loan, although no prospectus had yet been issued.
The term of the loan is for 30 years from September 1, 1941, with interest at 3& per cent and a sinking fund of 2 per cent has been established, sufficient to liquidate the loan at maturity.
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Bibliographic details
Auckland Star, Volume LXXII, Issue 206, 1 September 1941, Page 8
Word Count
187WATER SUPPLY LOAN Auckland Star, Volume LXXII, Issue 206, 1 September 1941, Page 8
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