CITY LOANS
£2,214,700 TO BE CONVERTED IMPORTANT PROPOSALS TO COUNCIL That loans totalling 2,214,700 be converted will be recommended by the Finance Committee at Wednesday night’s meeting of the City Council. Tim committee recommends that pursuant to the provisions of section 10 of the Local Authorities Interest, Reduction, and Loans’ Conversion Act, 1932-33, application be made to the Local Government Loans’ Board for sanction to convert existing securities in the loans set out in the schedule into new securities in terms of the Act as from October 1, 1934. The total_ amount to be converted, as set out in the schedule, is £2,214,700, divided between the various departments as under: — Municipal, £643,900. Water, £172,700. Gas, £152,200. Tramways, £442,900. Electric power and lighting, £803,000. Loans totalling £1,102,547 are not included in the conversion proposal. These include the loans held outside of New Zealand, which are not subject to conversion, together with an inscribed loan of £1,347, a 4J per cent, loan of £6,300, and loans of £330,000, which mature on September 1 next.
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Bibliographic details
Evening Star, Issue 21711, 4 May 1934, Page 8
Word Count
172CITY LOANS Evening Star, Issue 21711, 4 May 1934, Page 8
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