WATER SUPPLY LOAN

Press, Volume LXXXIII, Issue 25305, 3 October 1947, Page 4

WATER SUPPLY LOAN

FIRST ISSUE SOLD QUICKLY

£37,900 AT 3 PER CENT.

The Christchurch City Council has had no difficulty in raising £37.000, fee first part of its £120,730 water

supply extension loan. The amount so far raised includes all the loan which will be redeemed in the next 10 years. The sum already raised is all that ss required for worfa immediately ahead, and which will be begun when materials are available, the Town Clerk (Mr H. S. Feast) explained yesterday. The remainder of the loan would be raised from time to time as funds were needed to carry out the works programme. For the short-term loan debentures bearing interest at 3 per cent, per annum were quickly saleable over the counter, said the City Treasurer (Mr J. W. Niven). No trouble had been found in calling the debentures. £20.000 of which were taken up by local bodies and £17,00) by private investors. The investment of £16,000 by the Lyttelton Harbour Board was for a period of 20 years. The City Council decided, when it fioated toe loan, that no ntoney under the loan would be borrowed after July 23. 1049. The schedule of redemptions provides for yearly redemptions, toe amount in the first year being £2530, £4OOO in the sixteenth year, and £6lOO in the thirtieth year.