MARK FOY LOAN
Mr. H. Priestley, chairman,of Mark Foy's, Ltd., department stores, Sydney, said at the annual meeting last week that, although competition in the retail trade had been exceptionally keen during' the past year, the company's sales showed a substantial increase over those of previous years. Mr. Priestley, in referring to the proposal that a-loan of £250,000 should be taken from the Australian Mutual Provident Society, said that, in these days of financial stress and unrest, with indications of an upward trend in interest rates, it was thought advisable to arrange for a loan over a term of seven years. It was, available at a lower rate of interest than that being charged against the company's bank overdraft, and would mean a saving in interest, charges of about £100 pdr year. The loan would be 'applied to reduce 'the company's bank overdraft. The meeting approved the loan.
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Evening Post, Volume CXXIII, Issue 130, 3 June 1937, Page 12
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148MARK FOY LOAN Evening Post, Volume CXXIII, Issue 130, 3 June 1937, Page 12
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