SIGNING DEBENTURES.
TRANSFER OF TRAMWAYS,
LABORIOUS TASK COMPLETED
The laborious task of writing their signatures 238 times was undertaken yesterday by the chairman and treasurer of the Auckland Transport Board, when debentures worth £1,853,000 were issued to effect the transfer of the tramway and motor-bus undertaking from the City Council. Mr. J. A. 0. Allum and Mr. \V. St. J. Clarke were obliged, in the terms of tho Auckland Transport Board Act, 1928, to append their signatures to 12 debentures, each containing 24 coupons. The debentures, which range in amount from £5600 for the smallest to £852,6C0 for the largest, will indemnify the City Council for the transfer of the undertaking to the Transport Board last year. The aggregate sum, which represents tho board's loan indebtedness to the council, is secured by a special rale of 9-16tlis of a penny in tho pound.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19290710.2.58
Bibliographic details
New Zealand Herald, Volume LXVI, Issue 20303, 10 July 1929, Page 10
Word Count
143SIGNING DEBENTURES. New Zealand Herald, Volume LXVI, Issue 20303, 10 July 1929, Page 10
Using This Item
NZME is the copyright owner for the New Zealand Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries and NZME.