Loan Over-Subscribed Before Opening

Press, Volume CII, Issue 30302, 30 November 1963, Page 18

Loan Over-Subscribed Before Opening

Subscriptions and promises totalling £431),003 have already been received by the Christchurch City Council for its £403.000 electricity [extension loan which comes ion the market on Monday. | A council official said yesi terday that the response hgd been fantastic. "It is downright embarrassing because we just don’t Like turning people down or having to make allocations,’’ he said. . The only two local bodies on the market with loans in Christchurch and Canterbury raised £81,440 in subscriptions between them during November, compared with the £143.850 raised by three local bodies in October. A £13.000 Central Canterbury Electric Power Board

loan opened on November 1 already fully subscribed. Some of this money will be used to redeem a matured loan. With only £17,560 of its current £225,000 port development loan outstanding at the end of the month, the Lyttelton Harbour Board will come on the market on Monday witfi a loan for £275,000 This is tile second instalment of the £ development scheme. The first instalment of this loan opened in October. Details of loan moneys raised last month by each local authority in the Christchurch and Mid-Canterbury areas, with the amount outstanding in each case, are as follows: R sd. O'stg. £ £ Central Canty. E.P.B. .. 13.000 nil Harbour Bd. 68,440 17,560 Totals .. 81.440 17,56(