BOROUGH SAVES MONEY

Hawera Star, Volume L, 24 February 1931, Page 9

BOROUGH SAVES MONEY

INTEREST DUE IN MELBOURNE. EFFECT OF EXCHANGE RATES. (By Telegraph—Press Association.) AUCKLAND, Feb. 22. A saving of £33(5 in a half-yearly interest pavtnent has been effected by the Mount Albert Borough Council as a result of a visit paid by the Mayor, Mr L. E. Rhodes, to Wellington last week. 1 The interest payment was due in Melbourne and. in an endeavour to take advantage of the differences in rates of exchange between New Zealand and Australia, Mr Rhodes interviewed various hank officials in Auckland. Not succeeding in that quarter, Mr Rhodes went to Wellington and made satisfactory arrangements with a financial institution there, resulting in the saving mentioned. The interest payment related to portion of a loan raised in, 1020 in connection with a loan raised in 192 G in connection with capital expenditure in the development of sewage and roading works in the borough. Mr Rhodes, who returned from Wellington on Saturday, said lie was given the opportunity to make advance imeiest payments, but in view of the possibility of the exchange rates being still more favourable later, advantage was not taken of the offer. Mr Rhodes preferred not to state the amount of the interest payment.