DARGAVILLE LOANS
CONVERSION COMPLETED [from our own correspondent] DARGAVILLE, Thursday The final stages of the conversion of the Dargaville Borough Council loans has been reached with the signing, sealing and despatching of new debentures to the total value of £72,985. During the present financial year the council has either renewed or converted practically the whole of its loans. The renewal loan was raised on a particularly favourable basis, the rate of interest being 3J per cent, while the conversion loans were at per cent. On April 1 last year the public debt of the borough was £154,594, less repayments to the State Advances Department of £20,597, a total of £134,297. Now, after the renewal of overdue loans and the completion of the conversion, the public debt stands at £117,115. The borough loans are now on a table basis, which means that the loans will be paid off by maturity date, the final payments for the borough loans being 1956, and for the joint loans 1960. The greater part of the interest saving will be a credit to the gasworks department.
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New Zealand Herald, Volume LXXIII, Issue 22355, 28 February 1936, Page 14
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180DARGAVILLE LOANS New Zealand Herald, Volume LXXIII, Issue 22355, 28 February 1936, Page 14
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