Harbour Board’s Success Feature Of Loan Market

Press, Volume XCVIII, Issue 29070, 5 December 1959, Page 16

Harbour Board’s Success Feature Of Loan Market

The early success of the Lyttelton Harbour Board’s Port Development Loan of £lOO,OOO was the outstanding event of November in the field of local body loans.

The loan came on the market officially on November 1, though the board had already received advance inquiries and applications. Apart from £lO,OOO subscribed by another harbour board, all the money was raised locally. Even allowing for ' the strong appeal of such a loan to local investors, officers of the board were surprised at the rate of subscription to the loan, which was not underwritten. “It was most gratifying, and augurs well for our next loan, which will be on the market in the New Year,” said the secretary-manager (Mr A. L. Burk). Large Loan for Sewage ‘ Treatment The Christchurch Drainage Board is likely to report a satisfactory month's loan operations at the end of December. At the beginning of this month its Sewage Treatment Loan of £200,000 came on the market. The lists will remain open until January

29—unless the loan is filled before then. An officer of the board said yesterday that half ttte amount sought had been subscribed in the first few days of this month. An unusual feature of the early subscriptions had been the number of applications for longer-dated loans, he said. Details of subscriptions to loans of Christchurch and North Canterbury local bodies last month, with the amount outstanding in each case, are as follows:

Production of Tobacco.— New Zealand production of tobacco and cigarettes is running at higher levels this year than last year. Up to the end of October production of tobacco totalled 4,266,0001 b compared with 4,055.0001 b in the same period of 1958. Cigarette production rose from 4,870,0001 b to 4,975,0001 b.

Raised £ Outst’g. £ Drainage Bd. .. 320 200.000 Transport Bd. .. nil 54.700 Waimairi C.C. .. 4,600 44,900 Paparua C.C. .. nil 20,200 Riccarton B.C. .. nil 6.450 Kowai C.C. 100 2,220 Harbour Bd. 100.000 nil City Cel. 26.060 nil Totals 131,080 328,470