DUNEDIN CITY LOAN
£264,000 AT 3* PER CENT FULL AMOUNT SUBSCRIBED [by telegraph—OWN' correspondent] DUNEDIN, Monday The Dunedin City Council had loans amounting to £330,000 falling due on September 1 and has been taking steps to meet this liability. The sinking fund available toward Tepayment of the loans amounted to £66,000, leaving a balance of £204,000 to be renewed. This has now been subscribed. Existing holders were given the option up to Saturday of taking up debentures in the new loan, the 'term of which is 20 years and the rate of interest 3£ per cent. They responded by renewing loan money amounting to £] 60,000, leaving £104,000 available for other investors. Most of this had already been pencilled in on behalf of other investors and tho full amount of £264,000 was subscribed by this morning.
Of the old loan £127,000 was at 5} per cent and the remaining £202.800 at 6 per cent. The city treasurer states that the response must be considered highly satisfactory as the renewal will result in a considerable saving to the city.
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Bibliographic details
New Zealand Herald, Volume LXXI, Issue 21878, 14 August 1934, Page 8
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177DUNEDIN CITY LOAN New Zealand Herald, Volume LXXI, Issue 21878, 14 August 1934, Page 8
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