£204,010 Lent To Local Bodies In September

Press, Volume XCVI, Issue 28397, 2 October 1957, Page 17

£204,010 Lent To Local Bodies In September

More money was invested in local body loans in Christchurch and nearby areas last month than in any earlier month this year except May. Slightly more than £200.000 was uplifted by local bodies, which reduced the total outstanding on current local authorities below £500.000.

The Christchurch City Council and the North Canterbury Hospital Board were the main borrowers last month.

The City Council placed on the market a £200,000 loan, which is, in effect, a consolidation of three earlier loans. Subscriptions to this loan, and to the 1955 Water Supply Extension Loan, totalled £91,350. No money was taken for the Bumside Road Memorial Highway Loan, but the council, which is acting as agent for ali the local bodies interested in this venture, is not in urgent need of money for this purpose. The hospital board took £75.400 last month and is also well placed to meet present requirements. The Christchurch Drainage Board, which has been a heavy borrower in the last few years, did not “push” its needs in opposition to these two bodies, and accepted only £3600. Waimairi's Needs Little if any of the shorterdated stocks and debentures is available to Christchurch investors in their own district now. Officers of the Waimairi County Council are hopeful that their comparatively modest requirements of £41.520 will get more attention from investors now that the odds are stacked less heavily against the smaller local bodies in

the district. At several stages this year the progress of the council’s high-pressure w’ater reticulation scheme has been th S? t M ned by a shortage of funds. Ji ,°£ ioan monies raised by , al body last month, with the outstanding at September 1 in each case, are as follows:

WEAK U.K. CHEESE MARKET (New Zealand Press Association) WELLINGTON, October 1. With the price of English cheese still falling, prices in the United Kingdom of New Zealand and Australian cheese have also dropped, reports the New Zealand Dairy Products Marketing Commission.

Having a huge weight of cheese to dispose of. United Kingdom manufacturers are pressing sellers. In the four weeks to yesterday, United Kingdom Cheddar dropped 15s per cwt to 1555, New Zealand finest white waxed dropped 10s per cwt to 161 s. and Australian first white waxed fell 12s to a nominal 150 s per cwt. Butter prices have remained largely unchanged. The ex store price in London of New Zealand butter remains at 310 s per cwt.

Amount Amount Raised Outst’g. City Council— £ £ Burnside road . Other Hospital Bd. Drainage Bd. Waimairi C.C. Riccarton B.C. 91.350 75,400 3.600 6.000 6,850 91,203 212,350 61,360 50.200 41.520 17.050 Nth Canty. E.P.B Harbour Bd M.E.D. 3.500 17,200 110 11,820 - -i Total , 204,010 497,900