REPAYMENT LOAN
Wanganui City Council Granted Authority
Dominion Special Service. WANGANUI, November 12. Authority for the Wanganui City Council to raise a loan of £109,500 for 15 years, at 3f per cent., has beeu granted by the Local Government Loans Board. It will be known as the City of Wanganui Repayment Loan, 1941. The mayor, Mr. Rogers, said at a meeting of the Wanganui City Council last night that a loan of £121,400, raised in London some years ago, was due for repayment on June 1, 1942. . This loan must be renewed in New Zealand, but nearly all the sinking funds that bad accrued would be absorbed in exchange. It would be necessary to raise a repayment loan of £109,500. The old loan had cost the council £12,474 a year in interest and sinking funds, but because the new loan involved a smaller amount and a cheaper rate of interest, the annual saving would be £2947. The sinking fund rate of the new loan has been fixed at £5 4/- per cent.
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https://paperspast.natlib.govt.nz/newspapers/DOM19411113.2.116
Bibliographic details
Dominion, Volume 35, Issue 42, 13 November 1941, Page 10
Word Count
172REPAYMENT LOAN Dominion, Volume 35, Issue 42, 13 November 1941, Page 10
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