NO CONVERSION
LYTTELTON LOANS,
I 20 PER CENT REDUCTION,
(Per Prfßß Association.—Convrleht.')
CHRISTCHURCH, 4 This Day,
The Lyttelton Harbour Board, at a special meeting, decided not to convert its loans, but to be content with the legislative reduction of 20 per cent in interest charges. The board agreed that the conversion of its loans would not show sufficient benefit to the board to warrant the expense of conversion. It was also considered that to leave the debentures unconverted would protect bondholders, as re-issue at a lower rate of interest for a longer term would probably depreciate these securities. In discussion, it was stated that the saving in interest would be insufficient to make possible a reduction in port charges, and the suggestion was made, that the money saved should be handed over to the sinking fund commissioner. This question, however, was reserved for later consideration.
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Bibliographic details
Northern Advocate, 20 April 1933, Page 6
Word Count
145NO CONVERSION Northern Advocate, 20 April 1933, Page 6
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