Local Body Loan Sales Higher

Press, Volume CV, Issue 30951, 6 January 1966, Page 6

Local Body Loan Sales Higher

Local bodies in the Christchurch area raised £452,720 during December. This was a big increase on the figures for November, £59.000.

The Christchurch City Council sold £413,990 of its £500,000 1965 Electricity Extension Loan which opened at the beginning of the month. This means that 82.79 per cent of the loan has been placed, and the council says that it is “reasonably pleased” with the result.

When the loan opened the council already had advance application for £200,000.

The Central Canterbury Electric Power Board raised £11.200 in December. Towards its £33,100 composite redemption loan it received £2200, leaving £25,600 outstanding.

A £15,000 Banks Peninsula Development Loan, taken over at the time of amalgamation with that board, was reduced by sales of £6OOO in December. That left £7OOO of the loan still to be sold. The board received £3OOO towards its No. 17 Reticulation Loan of £lOO,OOO, leaving £21,790 unsold.

Subscriptions of £6OOO were received by the Heathcote County Council. Of this, £5OOO was towards an electricity works loan, leaving a £12,000 balance. The loan, which opened in September, is for a total of £30,000. The council sold £lOOO of its new £35,000 works loan. This left £34,000 still available.

I Lyttelton Harbour Board sales were £16,000 in December. Now £193,200 remains of the board’s £250,000 first stage No. 10 Port Development Loan. The second instalment will also be of £250,000. Waimairi County Council completed sales of its four outstanding loans when £lOO was received. The council does not expect to be on the open market for money again for several months.

A Paparua County Council spokesman said that borrowings of £4830 for the month were “quite good” as the council had not given its loan requirements much publicity. It needs £28,670 to fill the loans, which are for 10-year terms at 5| per cent.