HARBOR FINANCE
OPUNAKE’S GRAVE POSITION
(Per Press Association — Copyright.)
NEW PLYMOUTH, Nov. 21. Tlie Opunake Harbour Board was unable to pay the interest instalment due in. October last on its loan of about £50,000. The Board has appealed to the bondholders to allow the payment to stand over until May next, when the Board expects, simultaneously with thp. raising of a redemption loan of £49,000, to be able to pay the interest in full. The difficulty has chiefly been caused, the Bdard states, by an unexpected reduction of its overdraft limit, and the fact that_ the year’s rates have been struck on perhaps a conservative basis. The Board has received the sanction of the local Government Loans Board to raise a redemption loan of £49,000, at a shade more than per cent .interest. In its letter to the bondholders, the Beard that the lenders are secured by a rate over land that is vailued at £1,189,000, and there is no cause for alarm.
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Bibliographic details
Hokitika Guardian, 22 November 1932, Page 2
Word Count
163HARBOR FINANCE Hokitika Guardian, 22 November 1932, Page 2
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