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DRAINAGE BOARD

LOAN ARRANGEMENTS. A special meeting of the Duucdin Drainage Board was held this morning, at which Messrs Burnett and Small reported the result of their visit to Wellington re the securing of a loan of £IOO,OOO. After the gentlemen named had given details of the negotiations in which they had engaged, the following resolution was unanimously carried on the motion of Mr Douglas, seconded by Mr Marlow : That the Board accept the offer made by the Bank of New Zealand for a debenture loan of £IOO,OOO, at £97 12s 6d net to tho Board in New Zealand or London, at the Board's option, as arranged by tho Board's representatives. . The rate of interest the loan is to bear is 4 per cent., and the Board are to provide towards tho redemption of the loan (which has a currency- of 25 years) by payments into a sinking fund at the rate of £ per cent, per annum. The terms of the Bank's offer provide that tho money may bo placed with them on deposit in the usual way at the usual deposit rates of interest. Tho Chairman (Mr Burnett) stated that lie thought that the terms were the most advantageous »m which any municipal loan had been raised in -Sew Zealand for many years. The Auckland Board, lie mentioned, had secured their loan at £97 10s, this lean being therefore purchased at 2s 6d per cent, better price. The arrangement with tho Bank was that that institution was really purchasing the loan. The present time undoubtedly showed a favorable market for raising moneyj Members of tho Board agreed, and passed a resolution thanking Messrs Burnett and Small for their services. | Except for an amount of £25,000 in a previous loan issue raised at. 44 per cent., the Drainage Board have for some time past paid 41, per cent The raising of this £IOO,OOO will bring tho total borrowed by the Board since its inception to £400,000, and by tho extension of borrowing pSwer granted by Parliament' hint ecseion (now being partly availed of) tho Board have power to raise another £50,000.

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD19100318.2.36

Bibliographic details

Evening Star, Issue 14319, 18 March 1910, Page 4

Word Count
351

DRAINAGE BOARD Evening Star, Issue 14319, 18 March 1910, Page 4

DRAINAGE BOARD Evening Star, Issue 14319, 18 March 1910, Page 4

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