CONVERSION OPERATION.
BIG AUCKLAND SCHEAIE.
Per Press Association. AUCKLAND, May 24. The first formal step in the biggest loan conversion attempted by any New Zealand local body was taken by the Auckland City Council at a special meeting, when a resolution was carried providing for the issue of new securities in conversion of debentures or other securities in respect to 130 separate loans, aggregating £1,797,275. The Mayor said that, under the present temporary legislation, the council was saving £18,258 ner annum in interest payments. That legislation would expire in 1935. The conversion scheme which had been adopted made permanent that saving and an additional £2834, or £21,092 a year in all.
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Bibliographic details
Manawatu Standard, Volume LIV, Issue 149, 25 May 1934, Page 5
Word Count
111CONVERSION OPERATION. Manawatu Standard, Volume LIV, Issue 149, 25 May 1934, Page 5
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