HARBOUR BOARD LOAN

Otago Daily Times, Issue 22137, 15 December 1933, Page 6

HARBOUR BOARD LOAN

SUCCESSFUL FLOTATION THE AMOUNT OVERSUBSCRIBED A cablegram was received from London yesterday that the Otago Harbour Board’s loan had been oversubscribed. A London cable dated December 12, and published on Wednesday, stated;— The Otago Harbour Board is issuing a redemption loan of £OOO,OOO, 4} per cent, at £99, to repay 5 per cent, loans maturing in January.At the meeting of the Harbour Board last night the chairman (Mr H. C. Campbell) said that they would all have read with pleasure the information which had been received from the Bank of New Zealand that their loan had been oversubscribed in London. — (Hear! Hear!). Ho understood, from Mr Dykes, manager of the Bank of New Zealand in Dunedin, that his office in Wellington was so pleased with the result —far better than had been anticipated —that they had sent a special message to him, and had asked him to convey it to the board; Mr Campbell said he thought the result was very satisfactory, more especially when they realised that other bodies were not getting the money on the London market that they required. He would like to thank the Treasury' Department for the assistance it had given to the board in arranging for the loan. No one could have given them greater assistance than they had received ■' from’ the Treasury Department. He wofild also like to extend his thanks to Mr Dykes. He thought that a letter should be sent to Mr Dykes thanking him for his work. Mr Loudon said he also thought that the board had every reason to be gratified at the result of their loan operations. It was very pleasing to know that the loan'had been oversubscribed. He thought that they were indebted a good deal to Mr Lcwin for having secured slightly improved terms. Mr Campbell said that he had already sent a cablegram to Mr Lewin expressing their gratification. It was decided to send letters of thanks to Mr Dykes and the Treasury Department, and a Christmas message to Mr Lewin. Several members also spoke in eulogistic terms of the painstaking and capable work which had been carried out by the secretary of the board (Mr J. Benton) in connection with the loan.