INTEREST ON LOANS
CONVERSION NOT FAVOURED LYTTELTON HARBOUR BOARD [BY TELEGBAPP —PBESS ASSOCIATION] CHRISTCHURCH. Wednesday The Lyttelton Harbour Board, at .* special meeting, decided not to convert its loans, but to be content with the legislative reduction of 20 per cent in interest charges. The board agreed that the conversion of its !oaps would not show sufficient benefit to the board to warrant the expense of conversion. It was also considered that to leave the debentures Tinconverted would protect bondholders, as re-issue at a lower rate of interest for a longer term would probably depreciate the securities. In discussion, it was stated that the saving in interest would be insufficient to make possible a reduction in port charges, and the suggestion was made that the money saved should be handed over to tho sinking fund commissioners. This question, however, was reserved for later consideration.
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Bibliographic details
New Zealand Herald, Volume LXX, Issue 21471, 20 April 1933, Page 8
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143INTEREST ON LOANS New Zealand Herald, Volume LXX, Issue 21471, 20 April 1933, Page 8
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