GILT EDGED INVESTMENT.

Hawke's Bay Tribune, Volume XVI, Issue 86, 27 March 1926, Page 3

GILT EDGED INVESTMENT.

CHRISTCHURCH DRAINAGE BOARD DEBENTURES. FREE OF EXCHANGE. In order to provide further funds for the completion of their big drainage scheme the Christchurch Drainage Board are offering to the investing public £200,000 worth of debentures. The rate of interest is £5 15s per cent per annum, payable on March 31st and September 30th in each year. Exchange will be paid by the Boaro 1 on all accepted application money. Prinj cipal and interest are payable free ot exchange at any branch of the Bank of New Zealand within the Dominion. j The debentures arc issued in denominations of £lOO each; £5OO each or £lOOO each; at the option of the purchaser. The term of the loan is for 50 years frm Ist October, 1923, with the right of redemption by the Board of the whole or any portion after the expiration of 15 years. The debentures and interest thereon are secured by a special rate of one farthing in the £ on the capital valu»of an area* valued at £16,566,100 and IJd in the £ on the capital value of an I area valued at £7,167,696. This arwu comprises practically the whole of the city of Christchurch and a large portion of the suburbs. Copies of the prospectus will be forwarded by the Board free on application or same may be secured from any branch of the Bank of New Zealand. ’ A brokerage of 10s per cent will be paid to mepibers of recognised Stock Exchanges, also to banks and solicitors doing business in the Dominion on sales actually completed by them. Application forms should be forwarded to the secretary of the Board, 198 Hereford street, Christchurch, under cover of memorandum by the sharebroker, banker or solicitor as the case may be.*