WELLINGTON CITY LOAN
UNDERWRITING OFFER ACCEPTED' (New Zealand Press Association) WELLINGTON, August 11. The Wellington City Council’s current £476,000 loan has been underwritten. Though the loan has been open for subscription for many weeks, only about half the money has been obtained. Before an announcement at a meeting of the council last night . that the loan had been Underwritten, it seemed that the council, like many other loan bodies, would be unable to obtain all the money it needed. The terms on which the loan has been underwritten are a fee of £1 per cent, of the whole issue. This consists of 10s per cent, brokerage and 10s per cent, underwriter’s fee. The loan is to v reman open only three weeks longer-. The raising of the loan by this method will cost the council £4700, as against £2350 by the ordinary method. ’1
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Bibliographic details
Press, Volume XCII, Issue 27735, 12 August 1955, Page 9
Word Count
144WELLINGTON CITY LOAN Press, Volume XCII, Issue 27735, 12 August 1955, Page 9
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