Two Local Bodies Raise £102,550

Press, Volume CIII, Issue 30405, 2 April 1964, Page 17

Two Local Bodies Raise £102,550

Only two Christchurch local bodies—the Lyttelton Harbour Board and the Christ-church-Lyttelton Road Tunnel Authority—had loans on the market last month and between them they raised £102,550.

This was £30,900 less than collected by the two bodies last month and £111,160 less than the amount collected in March of last year when six bodies were seeking subscriptions for their loans. At the end of March the Lyttelton Harbour Board still had £80,770 outstanding of its £275,000 second instalment port development loan (No. 7), 1963, which opened on December 2. The tunnel authority now needs £17,500 to complete its £200,000 loan which is the first of two final loans for the road tunnel. Raising of the authority s loan had been quite satisfactory, said a spokesman yesterday. “Little publicity has been given to the loan and we are still getting daily inquiries,” he said. The loan could have been filled some time ago with

short-term loans, but all that remained to be filled was 10 years and later.

A harbour board spokesman said subscriptions for its loan had been coming in steadily during March.

“It was not a bad effort for the month. We are quite happy about it,” he added. The Paparua County Council’s £40,000 Hornby development loan would open on April 15, said a council spokesman yesterday. Already there had been some inquiries, mainly for short-term loans, he said. The loan will be used for channelling and kerblng work. Details of loan money raised during March; with the amount outstanding, are:— Raised O’stg.

i Lytt. H.B. 37,200 R.T.A. .. 65,350 £ 80,770 17,500 » Totals .. 102,550 98,270