CONVERSION APPROVED

Dominion, Volume 26, Issue 301, 15 September 1933, Page 6

CONVERSION APPROVED

Wanganui Power Board Loans Wanganui, September 14. During the month, it was deemed expedient to go to Welliugton to interview the officers of the Loans Board in connection with the board’s application for approval to the conversion of its existing loans,” ran the report of the secretary of the Wanganui-Rangitikei Electric Power Board, Mr. A. G. AmmundsCn. “As a result of this visit, some small alterations in the original scheme were agreed upon, nnd our Application, with these alterations, was submitted to and approved by the Loans Board at its meeting on the Gth instant. "The only alteration of note was in the term of the loan which will replace the four existing local issues. Our application was for one consolidating loan t.> mature on October 1, 1938, but as one of ihe original loans was issued with it currency to March 1, 1941, the Loans Board would not consider a conversion to lessen this term. The maturity date of the conversion loan has therefore been fixed as March 1, 1941, so making tho term a little over seven years instead of five as proposed. "This will be one of the very few short-dated first-class local-body securities in the Dominion, and the board’s de-benture-holders are to be congratulated on the success that has attended the board’s determination to . protect their Interests as far as possible. In view of the unexpected delay that has taken place in obtaining approval to our scheme, it will be necessary to issue special warrants for a half-year’s Interest. The amount involved is roughly £90.000. All remaining loan# are on the table principle."