CITY LOAN OPENS
Good Response On First Day Subscriptions of £88.500 were received by the City Council yesterday, when it opened its £130.000 reading and street improvements loan. For the first time for many years the council has gone on the loan market without underwriting. The response—6B per cent, in the first day—was most gratifying, the chairman of the council's finance committee (Cr. H. P. Smith) said last evening “As underwriting costs a fairly substantial sum which the ratepayers have to find, it would be good for everyone if we could rely on getting our loans by appeal to the public,” Cr. Smith said “The whole of the money is for roading and street improvements and all the proposed work is urgent. It would be a pity if some had to be left because the loan was not fully subscribed “1 am delighted with the response and hope the public will support the loan fully If we felt we could do without the underwriters, we would rely on public subscriptions. but the extent to which we could do that would depend on the support given,” he said.
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Press, Volume C, Issue 29608, 2 September 1961, Page 10
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187CITY LOAN OPENS Press, Volume C, Issue 29608, 2 September 1961, Page 10
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