Few Local Bodies In Loan Market In June

Press, Volume XCIX, Issue 29246, 2 July 1960, Page 16

Few Local Bodies In Loan Market In June

Four Christchurch local bodies raised £92,700 among them in loan monies last month. June is usually a quiet month in the loan market, and this year was no exception. Last month's total compares with £308.850 raised in May this year, and with £152,780 raised in June last year. The Christchurch Drainage Board took applications totalling £68.180 to fill its £240.000 reticulation loan which came on the market at the beginning of May. The response to this loan was prompt, and an officer of the board said yesterday that even if it had not been underwritten it would probably have been filled. The Christchurch Transport Board, which has been on the market for many months, has vir-

tually filled its current requirements. Less than £12,000 remains to be taken up, and has been booked firm. The Waimairi CoUhty Council obtained authority last month to offer a further £4200 for public subscription. The Christchurch City Council came on the market yesterday with an underwritten loan of £165,000. and the Lyttelton Harbour Board is seeking £lOO.OOO. Details of subscriptions to local body loans last month, with the amount outstanding in each case, are as follows:

Transport Bd. Waimairi C.C. Paparua C.C. Drainage Bd. Raised £ .. 10.200 .. 2.020 .. 12.300 .. 68.180 Outst’g. £ 11,900* 7.680 3,990 Nil Totals . 92.700 23.750 •Booked firm.