CITY COUNCIL LOANS
PROGRESS OF CONVERSION SMALL BALANCE OUTSTANDING An endeavour is now being made to trace the holders of the securities which have yet to be dealt with to complete the Auckland City Council's principal scheme to convert its New Zealanddomiciled debt of £1,810,175. Up to yesterday consents had been received for the conversion of securities amounting to £1,706,325, representing 94.26 per cent of the total.
Discussing the scheme yesterday the town clerk, Mr. J. S. Brigham, said that it was evident that a considerable portion of the outstanding amount was held by persons absent from the Dominion, whose consents to conversion would necessarily be delayed. So far no dissents had been notified. The offer of conversion, as set out in the prospectus issued by the City Council, was placed before the public on June 15 and remained open to July 16, the date of conversion being fixed at July 1. Holders had the right to dissent up to July 16, subject, however, to the right of absentee holders to notify dissent up to October 1. Failing notification of dissent by the dates prescribed, provision was made for the conversion of securities to be effected by default.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19340811.2.168
Bibliographic details
New Zealand Herald, Volume LXXI, Issue 21876, 11 August 1934, Page 15
Word Count
198CITY COUNCIL LOANS New Zealand Herald, Volume LXXI, Issue 21876, 11 August 1934, Page 15
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.
Log in