HARBOUR BOARD LOAN
MONEY FROM AUSTRALIA. IPER PRESS ASSOCIATION. | NEW PLYMOUTH, March 9. Because il was impossible for the New Plymouth Harbour Board to raise money in New Zealand at the rate specified by the Local Government Loans Board, the Board has arranged. to borrow £325.(Hm in Australia. It will pay interest thereon
at 4:7 per cent. The Chairman, Mr. C. E. Bellringer, said at a meeting to-day, that the Board had advertised its breakwater extension loan of £150.000 extensively, but. only £B.OOO was offered by j the lenders, and it was impossible toj raise the loan. A high interest, rate' would have to be paid in London.l This precluded borrowing on the London market, for by the time that ex-’ change and heavy expenses of raising the loan had been paid, the rate would work out at about 7i per cent.
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Greymouth Evening Star, 10 March 1939, Page 4
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142HARBOUR BOARD LOAN Greymouth Evening Star, 10 March 1939, Page 4
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