Road Tunnel Loan

Press, Volume XCIX, Issue 29398, 28 December 1960, Page 7

Road Tunnel Loan

Sir,—l notice the advertisement for the issue of the £106,000 loan for the Christchurch-Lyttelton road tunnel states that the “organising brokers are a Wellington firm, members of the Wellington Stock Exchange.” Does this mean that there _ are no organising brokers in the Christchurch Stock Exchange? Can Christchurch not organise such a loan without handing it over to Wellington?—Yours, etc., INVESTOR. November 18, 1960. (The chairman of the Road Tunnel Authority (Mr W. S. Mac Gibbon) replied: “After a lengthy period of negotiations with a firm of Wellington brokers the Authority was advised that arrangements could be made for raising the first £2 million of the required finance. Before finally completing these arrangements the chairman of the Christchurch Stock Exchange (Mr W. Somers Cox) was approached and asked if the Christchurch Stock Exchange could undertake the raising of this sum on the same advantageous terms. The Stock Exchange duly advised that it could not give the required undertaking. The re-eent-loan of £lOO,OOO was placed on the market and the members of the Christchurch Stock Exchange were invited to secure subscriptions to the loan on the usual brokerage terms. The Stock Exchange members indeed gave much assistance, the loan being over-subscribed.”]