LOST SECURITIES.

Press, Volume LXVII, Issue 20328, 29 August 1931, Page 3

LOST SECURITIES.

REPLACEMENT AUTHORISED. . . . . (rsEsa association ■ - BLENHEIM, August 28. At the time of the Hawke's Bay earthquake, 108 Blenheim Borough- I>ebentures, worth £10,750, which, were deposited in the str9ll groom of the Bank of New Zealand, at Napier, oii behalf of various clients of the bank were destroyed by fire, but the Blenheim Borough will not benefit by the loss of the debentures, for a complete record of them was'contained in one ,of the salvaged books in • the hands of the bank, and tho council was ad,vised .by the audit department that it had authority to replace the aebentures upon receipt of an indemnity and upon , proper proof of loss. The council also received a declaration by officers of the bank as to the destruction of the debentures with their tache'd interest coiipons." • The council carried a resolution that fresh be issued when sutficient indemnity is secured, / and sub 1 ject to applicants paying the cost ot printing and all other outgoings in connexion with" the replacement of the securities Councillors expressed the view that replacement should be expedited as it mav be that interest on securities in some cases represents the owners' principal source of income, and the finance committee* was .authorised to act if there are any ..developments prior to the next meeting of the council. ' •'« ■ The town clerk reDorted that a result of the loss of - the debentures the borough's bank was already hold- ; ing £3OO, representing interest payments, for which no coupons had been forthcoming.,