SUBSCRIPTIONS TO LOAN
Drainage Board Issue Tapers Off Subscriptions to. toe Christchurch Drainage Board’s £240,000 reticulation loan issue which opened ba September 1 reached £199,140 at toe end of the month, but the figure was only £7OOO above toe amount raised up to September 20. Reporting this to toe board last evening, the secretary-treasurer (Mr T. A. Tucker) said advertising had been discontinued, as agreed with other local authorities approaching the loan market. The latest figure was £208.770. said Mr E. V. Smith, chairman of the finance committee.
The board’s loans sub-committee had considered redemption loans instead of the present kinking fund type, Mr Tucker said. The success of recent issues, all of which had been of the sinking fund type, with maturities in six, 10 or 20 years rather than annually, led to the view that it would be wiser to adhere in toe meantime to the type of loan whitto had proved popular and successful
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Bibliographic details
Press, Volume XCIX, Issue 29339, 19 October 1960, Page 19
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157SUBSCRIPTIONS TO LOAN Press, Volume XCIX, Issue 29339, 19 October 1960, Page 19
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