MONEY FOR INVESTMENT.

New Zealand Herald, Volume LXV, Issue 19929, 24 April 1928, Page 9

MONEY FOR INVESTMENT.

GAS COMPANY DEBENTURES. '* £129,500 MORE THAN REQUIRED. Striking testimony of tha fact that there is a good deal of money available for investment is afforded by the experience of the Auckland Gas Company, whose debenture issue of £200,000 has been over-subscribed to the extent of £129,500, or 64.75 per cent. The debentures have a currency of seven years, and bear interest at tha rate of 6£ per cent, per annum. They were offered in denominations of £SO, £IOO, £250 a.nd £SOO as desired. Of the £200,000 required, £150,000 was for the repayment of the company's 65 per cent. " B " debentures, which fall due on May 1, and the. balance was for the development of the business. The new debentures were placed on offer on March 7, and the subscription lists closed on Saturday last at noon. Applications were received from all parts of the Dominion, and for large and smaii sums, the secretary, Mr. E. D. Ashton, said yesterday. Allotment was made by the directors yesterday, when, in accordance with the condition giving holders of the present debentures first call on the new issue, they were allotted £182,350. Shareholders, who had the next claim, were allotted £17,650, or one debenture for every 3.7 applied for. It was reported that the general public, other than the debenture holders and the shareholders, had applied for £81,500. The first half-year's interest is payable on November 1.