QUIET MONTH FOR LOCAL BODY LOANS

Press, Volume XCIX, Issue 29270, 30 July 1960, Page 16

QUIET MONTH FOR LOCAL BODY LOANS

With only one of the major borrowers in the market, July was a quiet month for local body loans. The Lyttelton Harbour Board opened the lists for a £lOO,OOO loan at the beginning of the month, and only £12,000 is now outstanding. The Ashburton Electric Power and Gas Board, an infrequent borrower, sought £20,000 for further reticulation. Practically all of this sum has been subscribed, according to the engineer-secretary (Mr D. J. Binns). He could not give precise figures yesterday. The Waimairi County Council raised £4480 last month and has £3200 outstanding on another authority. As the money is not immediately required, the council is not proceeding with this authority at present. Although it was to be expected that the small totals sought this

month would found, local body officers sa» yesterday there had been a deflate increase in interest among inestoi's since the Budget They attibuted this to the annuoncemerw. of a 1-8 per cent reduction in future local body loan terms, a»d the higher minimum of longterm stock. Details of subscripting to local body loans last moih, with the amount in each case,(are as follows: — RalM Outst’g. Harbour Bd. .. 88.0 ft 12.000 Transport Bd. .. 11.90' Paparua C.C. .. 3.34< 750 Waimairi C.C. .. 4.48 C 3.200 t Totals .. 107.620 15.950 t Withdrawn from offer. Ampol Issue.—The comply advises that the issue of £2t or 7J per cent registered unsecuqd convertible notes. 1970-1975, h.t been oversubscribed. Further appltatlons will be received before Jtv 31. when the issue will close. —(Hi.) Clvde Engineering lasuA-Tbe one-tor-two premium issue 0145.000 ordinary £1 shares by Clyd< Engineering. Ltd.. Wellington, hasbeen fully subscribed. The offer w, to ordinary Shareholders for luch shares held on May 27. Allotment letters are to be sent out imnidlately.—(P.A.)