INTEREST NOT PAID
OPUNAKE HARBOUR BOARD
APPEAL TO BONDHOLDERS
EXTENSION OF TIME SOUGHT
[BY TELEGRAPH —PRESS ASSOCIATION]
NEW PLYMOUTH, Monday
Tho Opunake Harbour Board, unable to pay the interest instalment due in October on a loan of about £50,000, ha« appealed to the bondholders to allow payment to stand over until May next, when, the board expects, simultaneously with the raising of a redemption loan of £49,000, to be able to pay the interest in full.
The difficulty wa3 chiefly paused, the board states, by an unexpected reduction of the overdraft limit and the fact that the year's rates had been struck on perhaps a conservative basis.
The board received tho sanction of the Local Government Loans Board to raise a redemption loan of £49,000 at a shade more than per cent interest. In the letter to bondholders the board states that the lenders are secured by a rate over land valued at £1,189,000. There was no cause for alarm. »
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https://paperspast.natlib.govt.nz/newspapers/NZH19321122.2.56
Bibliographic details
New Zealand Herald, Volume LXIX, Issue 21346, 22 November 1932, Page 8
Word Count
160INTEREST NOT PAID New Zealand Herald, Volume LXIX, Issue 21346, 22 November 1932, Page 8
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