POWER BOARD LOAN.

New Zealand Herald, Volume LXVI, Issue 20242, 30 April 1929, Page 12

POWER BOARD LOAN.

MONEY AVAILABLE LOCALLY.

PUBLIC TRUST INVESTMENT.

AMPLE SUMS OFFERING.

Arrangements are being made to enable the Public Trust Office to take up a portion of the Auckland Power Board's £675,000 loan, which was authorised by the ratepayers last monih. The allocation proposed is £20,000, and the rate of interest 5£ per cent. The chairman, Mr. W. J. Holdsworth, stated at yesterday's meeting of the board that the Public Trust in Auckland was desirous of investing £20,000 in the £25,000 worth of £IOO debentures now being issued locally in connection with the loan. The transaction would be completed on receiving the endorsement "fif the head office of the Public Trust in Wellington. The remaining £SOOO of the first portion of the loan would also be subscribed locally.

"The remarkable thing to note is that many institutions are getting snowed up with money at the present time," said Mr. Holdsworth. "Thero are not the securities offering and it is becoming a burden to them. I was at one place and they said they had hundreds of thousands of pounds offering. It js now going to be a case of competition among the big organisations." To provide security for the £675,000 loan resolution was passed pioviding in case of necessity for a special rate of one-fifth of a penny over the rateable property in the board s district. It was also resolved to bring in a uniform system of rating upon capital value, to displace the varying systems in force in the different local body areas incorporated in tho Power Board district.