THE CITY’S OVERDRAFT
A TEMPORARY RELIEF. Authority having been given by Or-(der-in-Council, the City Council has transferred a sum of £275,000 from the loan money received from London, by way of temporary liquidation of the council’s overdraft. The money will be re-transferred when the oouncil raises its loan to pay off the antecedent liability, which will be done about the end of the year. The city’s antecedent liability—the liability existing as at March 31st, 1922 —has not yet been definitely ascertained, but it is estimated that it will amount to about £250,000.
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Bibliographic details
New Zealand Times, Volume XLIX, Issue 11225, 2 June 1922, Page 4
Word Count
92THE CITY’S OVERDRAFT New Zealand Times, Volume XLIX, Issue 11225, 2 June 1922, Page 4
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