ROADING LOAN.

Press, Volume LXIV, Issue 19462, 8 November 1928, Page 12

ROADING LOAN.

APPLICATIONS FOR DEBENTURES Evidence that there is money seeking investment in local body debentures, bearing interest at 5J per cent.,, is giveft by, the fact that during the past month for so the Christchurch City Council has received application for its roading, loan debentures, bearing that rate of interest, amounting '■ to nearly £3o>ooo. .-,■: ■'■ K : A noteworthy :fact is tltat: this result has been attained without any special, effort, or any newspaper or other publicity. Enquiries have been made by outside investors and continue to Remade. • In view of this state of things some comment has been made regarding tho disposal by the Christchurch Drainage Board of some of the debentures in its latest loan (the confirming resolution in respect of which was arrived at onOctober 22nd) at 5J per cent. It is understood that debentures representing £95,000 have been disposed of, bearing interest at the rate of 5| per cent., an Auckland trust company having secured about £50,000 worth. After disposing of these debentures the rate of interest was reduced to 5\ per cent. Some authorities consider that the Board could easily have got the £95,000 at 5 i per cent.