BOROUGH PAYS £202 IN EXCHANGE.

Horowhenua Chronicle, 24 June 1933, Page 2

BOROUGH PAYS £202 IN EXCHANGE.

ADDITION TO WATERWORKS INTEREST.

SCARCITY OF INVESTMENTS IN NEW ZEALAND. A disappointment v was experienced by the Levin F orough Council following the expectation of a substantial rebate on the exchange payable, on the interest of the waterworks loan. Inquiries were made by the Town Clerk, in January, of the Dixon Investment Co., Ltd., London, as to whether the Borough might pay its interest on this £IB,OOO loan in New Zealand, to save exchange. The annual interest is. £BIO. To pay this sum (in London the Council has to remit £lOl2 10s. In a letter of reply received at the May meeting, the company stated that they would make a concession if circumstances' justified itheir doing so. 'They added that it was not possible for them to tell what the position would be in June, but if they found, that they could make use of the money dn New Zealand they would be willing to aid the 'Council by accepting payment in the Dominion of the interest due to them then, plus one-half of the current rate of exchange (12£ per cent.) They were writing to their agents in New Zealand to find out what was the position with regard to funds,, and would cable the Council. The cable came to hand at the meeting of the Council on Monday night, and it stated that the company regretted that it was impossible to find use in New Zealand foi*the debenture interest, and added that they would present the coupons in London on the due (date. • The . Mayor (Mr P. W. Goldsmith) said this meant that the Borough had paid £202 10s in exchange on an' interest payment of "£BIO. “I don’t think,” he remarked, “that in all our calculations in the past any of us dreamed that we should have to pay so large an amount in bank exchange. We are living in an age of wonders.”