January A Quiet Month For Local Body Loans

Press, Volume CII, Issue 30045, 1 February 1963, Page 13

January A Quiet Month For Local Body Loans

January was a quiet month for local body loans with only three out of the four bodies on the market getting subscriptions and together raising only £38,400. This compares with the £27,380 raised by two out of three local bodies on toe market in January last year.

Lyttelton Harbour Board raised £21,500 during the month, leaving £12,500 to be raised to fill its port development No. 6 loan. Next month the board is to seek authority to raise two further loans —one for £500,000 and the other for £300,000. A board spokesman said yesterday that the £500,000 would be for further port development while the £300,000 would be for the first stage of the modernisation of the inner harbour.

Christchurch Drainage Board had £26,430 outstanding at the end of the month after raising £13,900 during January. The board goes on

to the market today with a new £lBO,OOO issue for completion of commitments on the treatment works project

Commenting on subscriptions in January, a board spokesman said: “It is the tail-end of an issue and it was not a bumper month. Things will look up for the new issue and we should get away to a good start” Christchurch Transport Board raised only £3OOO towards its loan for new buses during the month, leaving £68,660 outstanding. North Canterbury Electric Power Board got no subscriptions towards it* loan. Details of loan* raised last month, with the amount outstanding in each case, ar* aa follow*:

Raised O'stg £ £ Transport Bd. . 8,000 88,000 Drainage Bd. . 13.900 28,430 Harbour Bd. . 21,800 12,500 N.C.E.P.B. 8,700 HI ■ 1 ■ ■ ■ - Total . 38,400 117,200