CITY COUNCIL LOAN
Confidence Of Investors
With every reason to believe that the balance of the Christchurch City Council’s loan of £171.880 would be taken up yesterday, the council was pleased that for the second time the council had been able to fill a loan without underwriting, said Cr. H. P. Smith, chairman of the council’s finance committee, yesterday. However, the council was anxious that no-one who wished to subscribe to the loan should be excluded, and investors who wished to subscribe should see the City Treasurer (Mr L. A. G. Rich) this morning. Auckland local bodies appeared to be finding difficulty in filling loans, Cr. Smith said. It seemed that Christchurch people had confidence in tteir city and were prepared to back it with their savings. As long as the council could get loan support it would continue to raise money without underwriting arrangements, he said. This saved the ratepayers a considerable sum—perhaps more than £lOOO on the present loan.
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Bibliographic details
Press, Volume C, Issue 29702, 21 December 1961, Page 13
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161CITY COUNCIL LOAN Press, Volume C, Issue 29702, 21 December 1961, Page 13
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