OTAGO HARBOUR BOARD

Otago Daily Times, Issue 22368, 15 September 1934, Page 8

OTAGO HARBOUR BOARD

CONVERSION OF LOANS NOTICE‘IS HEREBY GIVEN, pursuant to the provisions of sub-section (2) of Section 9 of “The Local Authorities Interest Reduction and Loans Conversion Act, 1932-33," that at a Special Meeting of the Otago Harbour Board held on Tuesday, the fourth flay of September,. 1934, the following Resolutions were duly passed;— 1. “ That in pursuance and exercise of the powers vested in it in that behalf by Part IT of “ The Local ■ Authorities, Interest Reduction and Loans Conversion Act, 1932-33,” and the Otago Board Loan Conversion Order, 1934 (No. 1) , the Otago Harbour Board issue new securities in conversion of the existing -securities issued in respect of the Dock Redemption Loan, 1925, of £05,000 specified in the First Schedule of the Otago Harbour Board Loan Conversion Order, 1934 (No. 1), dated the 15th day of August, 1934, and published in the New Zealand Gazette of the 21st day of August, 1934, at page 2692; such new securities to Lc issued and the conversion effected in accordance with the said Otago Harbour Hoard Loan Conversion . Order. 1934 (No. 1).” 2. (a) “ That in pursuance and exercise of the powers vested in it in that behalf by Part II of “ The Local Authorities Interest Reduction and Loans Conversion Act, 1932-53,” and the Otago Harbour Board Loans Conversion Order, 1934 (No. 2), the Otago Harbour Board issue new securities in conversion of the existing securities issued in respect of the loans totalling £240,300 specified in the First Schedule of the Otago Harbour Board Loans Conversion Order, 1934 (No. 2), dated the. 16th day of August, 1934, and published in the New Zealand Gazette of the 21st day of August, 1934, at page 2697; such new securities to be issued and the conversion effected in accordance with the said Otago Harbour Board Loans Conversion Order, 1934 (No. 2). (b) “ Further, that the Otago Harbour Board exercise the power conferred by Clause 16 (1) of the said Order by stipulating in any such new securities the specified maturity date of which is a date later than the first clay of April, 1948, for the redemption thereof, at the option of the Board, on a date prior to the date specified therein (but not earlier than the first day of April, 1948) as the Board may fix by notice 'in that behalf to be published in the Gazette at least six months before such new redemption date." • / The Otago Harbour Board Loans Conversion Orders, 1934 (No. 1 and No. 2), referred to in the foregoing resolutions may be inspected during office hours at the Board’s Office, Birch street, Dunedin. AND IT IS HEREBY FURTHER NOTIFIED that the foregoing Resolutions will be SUBMITTED FOR CONFIRMATION at a SPECIAL MEETING of the Otago Harbour Board to be held in the Board’s Office, Birch street. Dunedin, on THURSDAY, the twentieth day of September, 1934, at 7 p.m.

Dated the 11th day of September, 1934. J. RENTON. Secretary. BANK OF ENGLAND RETURN (United Press Association.) (By Electric Telegraph—'Copyright.l LONDON, September 13. The following ig the Bank of England return:—

The proportion of reserves to liabilities is 46.80 per cent. Short loans are quoted at 5 per cent.; three months’ bills at J per cent.

DOLLAR AND FRANC (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 13. Exchange on New York is quoted at 5.00 13-16 dollars to the £ and on Paris at 75 francs. SYDNEY HARBOUR BRIDGE LAST YEAR’S BALANCE SHEET. Although there is no call for rejoicing over the fact that the Sydney Harbour bridge lost “only £135,000 ” during the last financial year, the news evokes expressions of satisfaction. What appeals to the imagination of even those who cannot wear the bright badge of optimism (says the Sydney correspondent of the Melbourne Argus) is that there is an improvement of £22,000 over the previous year. They consider the position to be reassuring. If the loss is reduced by £20,000 or £30,000 a year, not very many years will pass before the great undertaking is paying its way. The correspondent says:—“ With interest rates falling there may be a substantial reduction of the annual expenditure on interest and exchange, about £300,000 a year. The financial situation of the bridge is not alafming. Some of the residues of the resumptions associated with the approaches have yet to be sold. This clearing up will not reduce the liability substantially, but it will be welcomed as helpful. . The Sydney City Council and the North Sydney Council lost much revenue by the building of the bridge owing to the demolition of hundreds of houses and their consequent disappearance from the rate book.”

ISSUE DEPARTMENT. Note issue in circulation .. Banking department, .. . . £379,045,961 72,776,547 £451,821,508 Government debt Other Government securities Other securities £11,015,100 244,027,534 851,884 3,206,482 191,821,508 £451,821,508 Gold coin and bullion .. .. BANKING DEPARTMENT. Proprietors’ capital .. Rest .. ..... •. .. .. £14,553,000 3.701,661 16,523,524 103,170,079 36,810,498 6,070 £174,763,832 Other deposits (bankers) .. Seven-day and other bills .. Government securities .. ., Discount advances ,. .. Securities £84,884,164 6,263,090 10,224,135 72,775,547 616,887 Notea in reserve Gold and silver coin .. .. £174,763,832