QUESTION OF CITY DRAINAGE LOAN
INADVISABLE TO GO ON THE MARKET Mention was made of the drainage completion loan, involving by the Mayor (Mr C. J. B. Norwood) at last night’s meeting of the Wellington City Council. The Mayor explained that it was inadvisable at the present time to go to the market for loans; and short-dated loans sold within the country were much more satisfactory. The council woul dbe pleased to know that £2BOO of their loans had been bought in this manner since last meeting. The interest on the drainage loan would be per cent., and he suggested that it b emade short-dated, to expire in 1933. “I would like to say that at the present time we do not want to get too much money. The rates are coming in, and we have a credit of It would not be economical to use up loan moneys, and pay the interest on them, when this amount is available.” The suggestion that the loan be made short-dated to run out in 1933 was adopted.
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https://paperspast.natlib.govt.nz/newspapers/NZTIM19261112.2.74
Bibliographic details
New Zealand Times, Volume LIII, Issue 12602, 12 November 1926, Page 7
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175QUESTION OF CITY DRAINAGE LOAN New Zealand Times, Volume LIII, Issue 12602, 12 November 1926, Page 7
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