LOAN EXPENDITURE
BIG CURTAILMENT DURING YEAR The city treasurer has submitted a report to the Finance Committee of the City Council, which shows that, owing to the shortage of labour and essential materials, the council’s loan expenditure for the current year is very small. In the Works and Water departments such expenditure will amount to only a few hundred pounds, while in the Electricity department the expenditure to the end of January was £18,153. These amounts are not sufficient to warrant the issue of small instalments of the loans affected, and the committee proposes that the loan expenditure in the meantime be financed from the departments’ bank accounts which have ample credits at present. In the event of considerable loan expenditure during the year, particularly in the Electricity department, a loan instalment can be issued later. With regard to the Conversion Loan Repayment Loan of £BI,IOO, which is being issued on April 1 next, the city treasurer reports that the existing holders have agreed to take up £70,000 of the new issue. The balance of £ll,lOO will be taken up by the Council’s Sinking and Renewal funds. There will, therefore, be no debentures available for sale to the public.
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Bibliographic details
Otago Daily Times, Issue 25458, 12 February 1944, Page 6
Word Count
199LOAN EXPENDITURE Otago Daily Times, Issue 25458, 12 February 1944, Page 6
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