A NELSON LOAN.

Manawatu Standard, Volume LI, Issue 70, 21 February 1931, Page 8

A NELSON LOAN.

DEBENTURES UNQUOTABLE IN LONDON. EARTHQUAKE BLAMED. NELSON, Feb. 20. A letter was reoeived by the Nelson City Council from th© Bank of New Zealand stating that the bank could not at present place £16,000 worth of Nelson gasworks loan debentures in London. The letter stated that the debentures were unquotable owing to the Hawke’s Bay earthquake. The Mayor, Mr W. J. Moffatt, said he could imagine people as far away as England being shy of Nelson debentures, especially as the town was in prominence on" account of the 1929 shake. “It is regrettable,” he said, “if, while we have been doing all we can to buy British goods, and in that way help to consolidate the Empire, we cannot get British money to pay for the goods.” Councillor S. A. Gibb said the council was in an unfortunate position since the first payments fell duo some some time ago. The British Government established a fund from which to finance the Dominions in the purchase of British goods. If the fund was still in existence, it was for the very purpose for which the Nelson council wanted money, and lie thought the fund would invest in the Nelson debentures. Immediate action was necessary. The Mayor said that through Hon. H. Atmore negotiations were being mad© with th© High Commissioner in London to se© what he could do in the matter of placing the debentures. The Mayor considered New Zealand’s financial standing was good at Home. * A finance committee was formed to explore the possibilities of placing the debentures.