TRANSPORT BOARD LOAN.
HIGHER INTEREST RATE.
SEQUEL TO GOVERNMENT MOVE
Following upon the raising of the rate of interest on Government debentures to 5£ per cent., the Auckland Transport Board has found it necessary to offer a higher rate of interest on the unraised balance of its loan of £526,600. Authority has been sought from the Minister of Finance, Sir Joseph Ward, to pay a rate exceeding that being paid on the loan money already taken up, namely, 5£ per cent., and at yesterday's meeting of the board advice was received from the Secretary to the Treasury to the effect that an Order-in-Council has been prepared consenting ttt the borrowing of money at 5J per cent. The order will be submitted to the next meeting of the Executive Council before gazetting. The chairman, Mr. J. A. C. Allum, also announced that the advance in the bank overdraft rate had made it necessary for application to be made to the Minister of Finance for authority to pay a maximum of 7 per cent.
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Bibliographic details
New Zealand Herald, Volume LXVII, Issue 20481, 5 February 1930, Page 10
Word Count
172TRANSPORT BOARD LOAN. New Zealand Herald, Volume LXVII, Issue 20481, 5 February 1930, Page 10
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