APPEAL TO BONDHOLDERS
(ARBOUR BOARD EMBARRASSED
Per Press Association
. NEW PLYMOUTH, Nov. 21. The Opunake Harbour Board is unable to pay the interest instalment, due in October last, on a loan of about £50,000, and lias appealed to the bondholders to allow the payment to stand over until May next, when the board expects, simultaneously, with the raising of a redemption loan of £49,000, to be able to pay the interest in full. The difficulty has been chiefly caused, the board states, by the unexpected reduction of the overdraft limit and the fact that the year’s rates, have been struck on perhaps a conservative basis. The board has received the sanction of the Local Government Loans Board to raise a redemption loan of £49,000 at a shade more than 5$ per cent. In its letter to the bondholders the board states that the lenders were secured by a rate over land valued at £1,189,000, and there is no cause for alarm.
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https://paperspast.natlib.govt.nz/newspapers/MS19321122.2.122
Bibliographic details
Manawatu Standard, Volume LII, Issue 304, 22 November 1932, Page 10
Word Count
161APPEAL TO BONDHOLDERS Manawatu Standard, Volume LII, Issue 304, 22 November 1932, Page 10
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