MONEY AVAILABLE

Nelson Evening Mail, Volume LXIV, 5 November 1930, Page 3

MONEY AVAILABLE

FOR GILT-EDGED SECURITIES 'By Telegraph—Special to “The Mail”) CHRISTCHURCH, 4th November. The experience of the Christchurch City Council in regard to the sale of debentures during the past few weeks has indicated that while there is a considerable amount of money available for investment in gilt-edged securities not. a great deal of it is offering at the interest rate of 54 per cent. During the past three weeks the council has sold debentures totalling £20,600, bearing interest at per cent., but of that amount of money £16,000 was received from Australia. In consequence of the action taken by the banks, however, it is unlikely that any more debentures will be sold to Australian investors. The council still has debentures totalling £21,000 available for sale immediately, and a fair number of inquiries have been received from outside of Christchurch. The number o( inquiries from local financial houses, however, has dropped off a good deal, and there appears to be a disposition on the part of investors to bold out for 5 4 per cent, interest. The city treasurer stated to-day that there was a better demand for short-dated debentures than for those for longer terms. The loans at present being raised by the council were for terms varying from 15 years to 30 years.