FARMERS’ UNION TRADING COMPANY
DEPOSITORS AGREE TO REDUCTION OF INTEREST. By Telegraph—Press Association. Auckland, January 18. Proposals by the Farmers’ Union Trading Co. to the bondholders and depositors that they agrge to an extension of five years for repayment, to a reduction of 1 per cent, in interest, and to relieve the company of the payment of income tax, came before a meeting of the bondholders and depositors to-day. The proposals were carried by an overwhelming majority. To meet the abnormal conditions of three years ago, the company raised, by means of a bond issue at the rate of 7} per cent., free of income tax, thus bringing the total up to £8 12s. 6d. per cent., which was considered prohibitive under present trading conditions.
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Dominion, Volume 18, Issue 97, 19 January 1924, Page 7
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125FARMERS’ UNION TRADING COMPANY Dominion, Volume 18, Issue 97, 19 January 1924, Page 7
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