Port loan hit by devaluation
The recent devaluation of the New Zealand dollar has added an additional $354,000 to repayments of a Swiss loan arranged by the Lyttelton Harbour Board in 1977. The board’s general manager, Mr lan Brokenshire, said the loan was originally negotiated for $1 million. “We have been losing ground progressively and with the devaluation we
now face a repayment of,? $1,840,000,” he said. < The additional sum would not create financial prob- -? lems, Mr Brokenshire said.’, The board intended to raise t a redemption loan to meet repayments. The loan falls - due on October 25. The money had been s raised to pay for the con-’ struction of the Cashin Quay ; container terminal opened ' in 1977.
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Press, 26 July 1984, Page 6
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119Port loan hit by devaluation Press, 26 July 1984, Page 6
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