NEW CITY LOAN
STATEMENT BY MAYOR. NO INTEREST ON DEPOSITS. Referring, to the loan of £340,000 raised in London to liquidate the city’s antecedent liability, the Mayor (Mr R. A. Wright, M.P.) stated yesterday that the brokers, in floating the loan, had informed subscribers that no interest would he allowed on the deposit money —5 per cent. —until the balance was paid at the end of March. This, he added, would mean a substantial saving to the City Council. Mr Wright said he wishedi to make it clear that the council had been compelled to raise the money by March 31st in order to comply with the provisions of the new legislation.
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Bibliographic details
New Zealand Times, Volume L, Issue 11437, 6 February 1923, Page 5
Word Count
112NEW CITY LOAN New Zealand Times, Volume L, Issue 11437, 6 February 1923, Page 5
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