Local Body Loans Response Varying

Press, Volume CVI, Issue 31235, 6 December 1966, Page 27

Local Body Loans Response Varying

The Christchurch City Council has already had £327,950 subscribed to its £480,000 loan, although the issue only opened last Thursday.

A prospectus was issued for the £440,000 1966 Electricity extension loan, but the council also opened the second issue of £40,000 of the 1964 Street Works loan, and this issue has now been filled. Only £152,050 needs to be taken up in the Electricity loan. Terms are one to five years stock at 4 7/8 per cent interest, for six to nine years the interest will be 5 1/8 per cent and for 10 or 20 years 5} per cent. Hospital Board

The North Canterbury Hospital Board loan of £250,000 is filling steadily. The loan, which is not underwritten, opened on November 1, and £120,280 of the stock has already been sold. The board’s treasurer (Mr J. J. Morgan) said that subscriptions were still being accepted in the short, medium and longer terms. Although this is a very satisfactory result under present conditions, the demand for the short terms was not so great, Mr Morgan added. The six, seven and 10-year were the most popular. In the two to five year term there is still £19,450 available, while in the eight to nine year term £14,920 is left for subscription. In the 11 to 20-year term £95,350 is left unsold. Tlie Lyttelton Harbour Board has still £102,600 outstanding on the second £250,000 stage of the No. 10 port development loan; £22,500 was subscribed during the month.

The Paparua County Council received no subscriptions

during November; £1270 still needs to be taken up in the high pressure water supply loan. A spokesman for the council said that interest in the fixed-interest securities of the smaller local authorities was at a low ebb. The Heathcote County Council still needs £1750 for the electricity works loan, £7700 for the works loan, and £29,340 for the waterworks loan.