City Council Raised £145,850 In October

Press, Volume XCIX, Issue 29350, 1 November 1960, Page 26

City Council Raised £145,850 In October

The Christchurch City Council raised £145,850 in loan money last month. The council came on the market ait the beginning of the month seeking a total of £160,000 and in four weeks raised 88 per cent, of this sum. The loan was underwritten, and only £14,150 is left with the underwriters. The money is required for electricity extensions (£125,000 —the first issue of a loan for this purpose) and for street works (£35,000). The council will probably come on the market again early in the New Year. The Paparua County Council launched the second issue of its £236,000 water supply loan last month. This issue, of £lOO,OOO, is the second of this size offered by the council, the first havipg been fully subscribed. Public subscriptions to the second issue last month totalled £44,300. Drainage, Harbour Works The Christchurch Drainage Board and the Lyttelton Harbour Board were also on the market last month. The Drainage Board requires £19.130 to complete the issue of £240,000 for reticulation

work, and the Harbour Board requires £19,000 for its current £ 100,000 harbour improvement loan. Both these loans came on the market in September. Details of loans raised by local bodies in* the Christchurch area in October, with the figure outstanding in each case, are as follows: Raised Outst’g Paparua C.C. .. 44,300 55,700 Drainage Board 21.730 19,130 City Council .. 145,850 14,150* Harbour Board 43,300* 19,000 Totals .. 255,180 107,980 ♦Booked firm.