LATEST TELEGRAMS.
[si SUBMARINE TELEGRAPE.]
Wellington, June 23,5.20 p.m. Mr Pitzherberfc has issued his proposal for consolidation through the Crown agents. The consolidated loan is to be 5 per cent, interest payable quarterly, 1 per cent sinking fund, redeeming debentures by annual drawings; the whole to be liquidated in thirty-six years.
The Colonial 5 per cents due in 1914 will be exchanged for new 5 petcents at £99105; ditto, duo in 1891, will be exchanged at £ll3 10s. The Provincial 6 per cents of Auckland, Canterbury, Otago, and Hawke's Bay, due from 1879 to 1914, will be exchanged at £lO9.
All exchanges to be open to June 15, when the right of offering less favourable rates is reserved.
The further 5 per cent loan of £1,114,000, authorised by schedule B of the Consolidation Act, opens on May 4 and closes on May 14, at £97. The debentures guaranteed imperially, aud the 7, 8 and 10 per cent provincials, are not included in any present proposal, but will bo dealt with separately, if at all.
If the scheme succeeds, Mr Pitzherbert anticipates an annual gain of interest amounting to £40,000, besides the liberation for use of the present accumulated sinking funds.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/LT18680624.2.13
Bibliographic details
Lyttelton Times, Volume XXIX, Issue 2341, 24 June 1868, Page 2
Word Count
200LATEST TELEGRAMS. Lyttelton Times, Volume XXIX, Issue 2341, 24 June 1868, Page 2
Using This Item
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.