Support For Drainage Board Loan Urged

Press, Volume CVI, Issue 31344, 14 April 1967, Page 12

Support For Drainage Board Loan Urged

Public support of the £200,000 sewerage loan which opened yesterday was urged by the chairman of the Christchurch Drainage Board (Mr F. R. Price), who said that the success of the issue was of vital importance. “The response by the investing public to the recentlyannounced increases in interest rates will largely determine the confidence with which the board can proceed with its capital works programme, which has recently suffered a serious setback through lack of loan funds,” said Mr Price.

“It is of vital importance to the board that its £200,000 loan issue receives the support which in the past has maintained the board in its

pre-eminent position as the major loan-raising local authority in this city, indeed, in the whole of the South Island.

“While appreciating the need because of the country’s economy to limit capital expenditure to essential projects, no-one can doubt the essential nature of the board’s work in safeguarding the health of the community. “With confidence, the board looks forward to receiving the support of investors, whether large or small, in this and the loans to follow which will enable the board to press on with its programme." The loan is offered on three terms—from one to five years at 5J per cent interest, from six to nine years at 54 per cent, and for 10 years at 51 per cent.