LOCAL BODY LOAN
DECISION NOT TO CONVERT.
CHRISTCHURCH, April 19
The Lyttelton Harbour Board at a special meeting, decided not to convert its loans, but to be content with the legislative reduction of 20 per cent in the interest charges. The Board agreed that the conversion of its loans would not, show sufficient benefit to the board to warrant the expense of .conversion. It was also considered that to leave the debentures uncovered would protect the bond holders, as their re-issue at a lower rate of interest for a longer term would probably depreciate the securities.
In the discussion, it was stated that the saving in interest would be insufficient to make possible a reduction in the port charges, and a suggestion was made that the money saved be handed over to the sinking fund commissioners. This question, however, was reserved for later consideration.
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Bibliographic details
Hokitika Guardian, 20 April 1933, Page 5
Word Count
144LOCAL BODY LOAN Hokitika Guardian, 20 April 1933, Page 5
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