CITY COUNCIL LOAN
Public’s Support Appreciated
The filling of the City Cauncil’s £175.000 loan Ln a short time without underwriting was welcomed by the chairman of the cc-uncil’s finance committee (Cr. H. P Smi-'h) yesterday.
It was the third time in succession that the council had been successful without underwrtitinig, he said, and at a time when other local bodies were having difficulty in setting their loans subscribed the result was particularly gratifying.
The loan money is £125,000 for'electricity extension work and £50.000 for completion of the Centennial Pool. It was subscribed in 13 days. By launching its own loans without underwriting, the council was making a big saving for tire ratepayers, Cr Smith said. Now that the council was off the loan market for the present, he hoped the Drainage and Fire Boards would get substantial support for their loans, he added.
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Bibliographic details
Press, Volume CI, Issue 29776, 20 March 1962, Page 10
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143CITY COUNCIL LOAN Press, Volume CI, Issue 29776, 20 March 1962, Page 10
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