LOCAL BODY LOANS UP LAST MONTH

Press, Volume CII, Issue 30094, 30 March 1963, Page 17

LOCAL BODY LOANS UP LAST MONTH

The rate of subecriptions to local body loans increased iMt month in spite of competition from the Government loan <nd -?,»y mytngnti Local bodies in Christchurch and areas as far afield as Ashburton raised more than £213,000 amon* them. This to the hitheet -monthly total since September Lacto when £217.000 was raised, and H compares with last year’s March flcure of The Christchurch Drainage SSL&.&&L.C! scriptions to its £lBO,OOO treatment works loan totalled £114,830, which with earlier subscriptions, left only £16.000 outstanding. The board has no immediate plane

for further loan railings when the current loan is Lyttelton Harbour Board has nearly filled Ms £200,000 loan for harbour weeks, and has applied for approval for two further loans—ot £500,000 and £350,000 respectively—for work on the Umar and outer harbour. The Ashburton Borough Council, which went on the market on March 1 with a £121.000 loan for Tinwald sewerage reticulation, raised £01.900 during the month, leaving £68,100 outstanding. A council spokesman said that the one to nine years stock had been completely taken up, but subscriptions were slower for the longerterm stock, However. £11,300 had been raised of the £65,000 15-year stock. He added that the council wm pleased whh the response. It was the first time for “about five to seven years” that the council had been on the loan market. The Springs-Ellesmere Electric Power Board opened a £75.000 lotin—the first half of a £l5O 000 loan—on March 1. During the month £32,910 was raised, leaving £42.090 outstanding. A board spokesman said response to the loan, for erection of lines in the whole of the board's area, had been verv good. “We are delighted with the result It is the best response we have had tor years." he added During the month the Christchurch Transport Board raised £6400 and still needs £62.260 to fill its loan for new buses. Details of loans raised last month, with the amount outstanding in each case, are as follows:

Ashburton B.C. Raised 81,900 68.100 Transport Bd. .. 6,400 62.260 Springs B.P B. 32 910 42 090 Drainage N.CE.PB. Bd 114.300 16.600 6.700' Harbour Bd 84S0 1.500 Total 213.710 197.310