LOCAL BODY MARKET QUIET DURING JUNE

Press, Volume CIII, Issue 30481, 1 July 1964, Page 19

LOCAL BODY MARKET QUIET DURING JUNE

June was a quiet month for local body loans: only £7OOO was raised and this filled the remainder of the Central Canterbury Electric Power Board £42,000 loan for its Hornby engineering and administration offices.

None of the main local bodies was on the market during the month, but the Christchurch City Council is opening a new loan later this month.

Meantime, the Lyttelton Harbour Board is still waiting for Local Authorities’ Loans Board permission for its £500,000 No. 9, 1964, port development loan. Having just raised the last of its loan, the Central Canterbury Electric Power Board will start repaying it today, a bogrd spokesman said yesterday. The board had decided to take the rather unusual course of repaying the £42,000 loan over- six years at £7OOO a year. “We felt this would be the next best thing to paying for our buildings out of revenue,” he added. Council Loan

The . Christchurch City Council is going on the mar-

ket on July 15 seeking subscriptions totalling £llO,OOO for streets and reading loans. A council spokesman said yesterday the loans had not been advertised, • but some prospectuses had been sent out.

There will be annual maturity on the loans of £ll,OOO for the next 10 years, returning 4| per cent for up to five years, 5 per cent for six to nine years and 51 per cent for 10 years.

Making up the £llO,OOO is the £65,000 issue of the 1964 street works loan, £25,000 issue of the 1960 streets improvements loan and the final £20,000 issue of the 1955 £500,000 roading loan.