BOROUGH CONVERSIONS
WHERE MONEY IS HELD. £46.000 IN WHANGAREI. In view of the comments recently passed on the loan conversion operations now in course of completion by the Whangarei Borough Council, it is interesting to note that of the total amount affected, £223,505 is held by the public, and of this £46,000 is domiciled in Whangarei. . The lower rates of interest under the scheme will also apply to £90,000 owing to the State Advances Department.
Other loans from the same source, than 4:1- per cent., together with Treahowcver, having been raised at less sury inscribed stock and £13,000 domiciled in Melbourne, are not convertible. Debentures held overseas do not come within the scope of the New Zealand legislation. There are 1022 individual deben • tures, of which 260 have been signed and completed ready for forwarding The town clerk is shortly to submit a comprehensive report covering the whole operations.
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Northern Advocate, 10 November 1934, Page 8
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149BOROUGH CONVERSIONS Northern Advocate, 10 November 1934, Page 8
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