Drainage Board Loan Well Supported

Press, Volume C, Issue 29554, 1 July 1961, Page 16

Drainage Board Loan Well Supported

The Christchurch Drainage Board raised more than £60.000 for its current works programme in June, compared with some £64.000 the previous month. As the Government’s 1961 National Development Loan for £lsm came on the market on June 19, the board faced stiffer competition. Officials of the board were well pleased with this result, achieved in the face of competition from the Government's £lsm loan which came on the market on June 19 However, the drainage board was the only major local body in Christchurch on the market last month, so the choice of the Christchurch investor seeking to invest locally was restricted. The Paparua County Council received £lO,OOO from one investor early in the month —"just about enough to meet current commitments," according to an officer of the council yesterday The council has more than £25.000 outstanding on current authorities. and would like to raise i this amount in the next : month or two. The Lyttelton Harbour Board will come on the mari ket with a £109,000 loan for

■ further harbour extensions i Advance applications by ycss terday afternoon totalled ■ £83,000, including sums from > maturing harbour board loans which the holders intend to i convert to the new loan. The 1 early filling of this loan seems I assured—a further demonI stration of a powerful local support for the popular bor- ; rowers in each district Details on loan monies raised last month with the amount outstanding in each case, are as ' follows : ; Raised Outst'g. £ £ , Drainage Bd .. 60.400 120.230 Paparua C.C .. 11,000 25.700 1 Ashburton E.P > and Gas Bd. 2.500 *1.200 - Totals .. 73,900 147.130 •Booked firm ! Figures For 6 Months In the first six months of ’ 1961, local bodies in Christ- ; church. Mid-Canterbury and ! North Canterbury raised 1 £681.390. This figure com- ’ pares with £1,044,400 raised in 5 the first half of 1960. Local bodies have, in the main, filled their urgent re- ’ quirements this year. The ; larger amounts sought by the 1 Government in the first six months of 1961, and the r smaller total sought by local - bodies, have helped to reduce r the amounts subscribed..