UNSALEABLE DEBENTURES.

Lyttelton Times, Volume CXVIII, Issue 18583, 9 December 1920, Page 9

UNSALEABLE DEBENTURES.

HARBOUR BOARD DOES NOT WANT MONEY. The unsaloableneas of local bodies debentures at the authorised rate of interest was briefly discussed by the Harbour Board yesterday, when. Dr Thacker remarked that Auckland had got in first with permission to sell its debentures on a more attractive basis, and he moved that the board should ask for the same permission. Ho said that the Prime Minister had offered to place no obstacle in the way of the board. ~ The Hon R. Moore said that it would be inadvisable to issue debentures at any great discount. The stringency would not last long. Mr J, Storry said that even an application for permission to sell would .depreciate the board’s debentures. If the money was not wanted it was unnecessary to sell. s The chairman (Mr H. Sorensen) said that he was not in favour of selling the board's bonds at any discount, ,but there could bo no harm in making a general application; but the board did not intend to sell below par. The motion was carried on th© understanding that the board should &ob sell except in an emergency.