LONDON OVERDRAFT
CITY COUNCIL REPAYMENT EFFECT OF HIGH EXCHANGE To enable the full repayment of a London overdraft of £195,000 and the final issue of £25,000 of the Additional Loan, 1883, which falls due on January 1, 1938, the City Council decided last night to apply to the Local Government Loans Board for sanction to raise in New Zealand a consolidated renewal loan of £34,600 with a currency of 10 years at 3J per cent. The raising of the loan was recommended by the city treasurer, Mr. T. W. M. Ashby, who pointed out that, by reason of the continuation of the present exchange rate, the sinking fund commissioner would not have sufficient funds available to meet the overdraft with exchange amounting to £54,120 included. The treasurer reported that the sinking funds to be available were provisionally estimated at £240,820 in New Zealand currency. A deficiency of £34,200 would therefore requiro to be mot by the council. Adding costs of raising" the final issue of the Additional Loan, 1883, the sum required would be approximately £34,500.
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New Zealand Herald, Volume LXXIV, Issue 22818, 27 August 1937, Page 12
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176LONDON OVERDRAFT New Zealand Herald, Volume LXXIV, Issue 22818, 27 August 1937, Page 12
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