LOAN CONVERSION
biggest attempt in n.z. AUCKLAND AGGREGATE OF £1,797,275. (Press Association) AUCKLAND, Alay 25. The first formal step in the biggest loan conversion attempted by any New Zealand local body was taken by the Auckland City Council at. a special meeting, when a resolution was carried providing for the- issue of. new securities in the conversion of debentures or other securities iu respect to 130 separate loans aggregating £1,797„275.
The resolution will come up for confirmation on June 7. he Mayor, -Air G. W. Hutchison, said that under the present temporary legislation, the couiicil was saving £18,258 per annum in interest payments. That legislation would expire in 1935. The conversion scheme adopted made permanent that saving, and an additional £2, §34, or £21,092 a year in all.
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Bibliographic details
Gisborne Times, Volume LXXX, Issue 12263, 26 May 1934, Page 4
Word Count
128LOAN CONVERSION Gisborne Times, Volume LXXX, Issue 12263, 26 May 1934, Page 4
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