HARBOUR LOAN
TO BORROW FROM AUSTRALIA
(Per Press Association.—Copyright)
NEW PLYMOUTH, March 9
Because it was impossible for the New Plymouth Harbour Board to raise money in New Zealand at the rate specified by the Local Government Loans Board, the Board has arranged to borrow £325,000 in Australia. It will pay interest thereon at 4$ per cent. The Chairman, Mr C. E. Bellringer, said at a meeting to-day, that the Board had advertised its breakwater extension lean of. £150,000 extensively, but only £BOOO was offered by the lenders, and it was impossible to raise the loan. A high interest rate would have to be paid in London. This precluded borrowing on the London market, for by the time that exchange and heavy expenses of raising the loan had been paid, the rate would work cut at about 7 £ per cent.
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Bibliographic details
Hokitika Guardian, 10 March 1939, Page 6
Word Count
140HARBOUR LOAN Hokitika Guardian, 10 March 1939, Page 6
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