CONVERSION OF LOANS
CHRISTCHURCH TRAMWAYS LARGE SAVING IN INTEREST [BY TELEGRAPH —PRESS ASSOCIATION] CHRISTCHURCH. Wednesday The Christchurch Tramway Board has of m pie ted negotiations for the raising of two large redemption loans of £317,500 and £75,000. This money, with substantial sinking funds, will be used to redeem debentures which become payable on October 1.
The loan of £317,500 has been taken up by the Australian Mutual Provident Society and for the smaller sum the board has made temporary arrangements with its bank pending flotation at a later date, when it is expected that interest rates will lower than at present. Under the scheme for the conversion of its loans the board will make a saving in interest of £II,OOO yearly.
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New Zealand Herald, Volume LXXI, Issue 21910, 20 September 1934, Page 12
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121CONVERSION OF LOANS New Zealand Herald, Volume LXXI, Issue 21910, 20 September 1934, Page 12
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