THE SOUNDEST SECURITY.

Hawera Star, Volume XLV, 20 February 1926, Page 6

THE SOUNDEST SECURITY.

CHRISTCHURCH DRAINAGE BOARD DEBENTURES. FREE OF EXCHANGE. APPLICATIONS POURING IN. Every day sees further applications pouring in for the Christchurch Drainage Board’s Debenture Loan of £200,000, for it is undoubtedly one of the most attractive offers made to investors in the Dominion. In the first place the security is of the very soundest description, and in the second the attractive rate of 5| .per cent, interest is offered.

The term of the loan is for fifty years from October Ist, 1923, with, the right of redemption by the Board of the whole or any portion after the expiration of fifteen years. The rate of interest is £5 15s per cent, per annum, payable on March 31 and September 30 in each year. Exchange will be paid by the Board on all accepted application money. Principal and interest are payable free of exchange at any branch of the Bank of New Zealand within the Dominion.

Fractional interest >at the rate of 5J per centum per annum will be paid front the date of receipt of application money, if accepted., in cases where such receipt occurs upon l dates other than half-yearly interest dates. Debentures will be issued in the following denominations at tlie option of the purchaser: £IOO each, £SOO each, £IOOO each. Applicants should state clearly winch particular value of denomination is required. The Debentures and Interest thereon are secured by a special rate of one farthing in the £ on the, capital value of an area valued 'at £16,566,100, and IML in the £ on the capital value of an area valued at £7,167,696. Tins area comprises; practically the whole ot the City of Christchurch and a large portion of the suburbs. A Sinking Fund is provided tor the repayment of the whole of the Doan at maturity. ... , Application money will be receivea at the office of the Board, 198 Hereford Street, Christchurch, in cash, banic draft or cheque. , A Brokerage of 10/- per cent, will be paid to members of recognised Stock Exchanges and also to Banks and Solicitors doing business in the Dominion on sales actually completed b\ them. , , „ „ wl Application Forms must be torwaitied to the Secretary of the Board under cover of memorandum by the sharebroker, banker or solicitor as the ease may be. Copies of the Board’s Prospectus are obtainable free on. application to the Board or from any branch of the Bank of New Zealand within the Dominion.