RAISING MONEY IN AUSTRALIA
HARBOUR BOARD MAKES ARRANGEMENT EFFECT OF RESTRICTION ON INTEREST RATES (press association telegram.) NEW PLYMOUTH, March 9. Because it is impossible for the New Plymouth Harbour Board to raise the money ,in New Zealand at the rate specified by the Local Government Loans Board, the Harbour Board has arranged to borrow £325,000 in Australia at 4J per cent. The chairman, Mr C. E. Bellringer, said at a meeting to-day that the board had advertised its breakwater extension loan of £150,000 extensively, but only £BOOO had been offered by lenders, and it was impossible to raise the loan. The. high interest rate which would have to be paid precluded borrowing on the London market, for by the time the exchange and the heavy expenses of raising a loan had been paid, the rate would work out at about 7£ per 3 cent.
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Press, Volume LXXV, Issue 22656, 10 March 1939, Page 10
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145RAISING MONEY IN AUSTRALIA Press, Volume LXXV, Issue 22656, 10 March 1939, Page 10
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