POWER-BOARD LOAN
INTEREST RATE 4 PER CENT Approval by the Local Government Loans Board of an application from the Whitemnta Electric-Power Board for the raising of £25,000, the first instalment of the Eeticulation Extension Loan, 1939, of £45,000, was received' at a meeting of the power board yesterday. The interest rate is 4 per cent. "In fixing the rate at 4 per cent," the letter continued, "cognisance was had of the fact that numerous local bodies at the present time are obtaining their loan requirements at this rate, and "the Loans Board considers a board of your standing should have no difficulty ip obtaining loan moneys at a rate not greater than 4 per cent."
The chairman, Mr. S. E. Kennings, said the board's debentures were selling at £lO6. and there was no reason for the interest rate to be raised to 4J per cent.
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Bibliographic details
New Zealand Herald, Volume LXXVII, Issue 23661, 21 May 1940, Page 6
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145POWER-BOARD LOAN New Zealand Herald, Volume LXXVII, Issue 23661, 21 May 1940, Page 6
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