GREYMOUTH HARBOUR BOARD.

Otago Witness, Issue 2882, 16 June 1909, Page 12

GREYMOUTH HARBOUR BOARD.

FINANCIAL MATTERS. (Fsou Otna Own Cobbespondbkt.) GBEYMOUTH, June 9. The Union Bank, in the course of a communication to the Greymouth Harbour Board concerning the £50,000 loan, etates that " our London brokers, under date March 31 last, advise as to placing the above loan on the London market that, reviewing the whole situation and taking into account more especially th» possibility of a Stock Exchange quotation being refused, they are of opinion that the soundest policy would be for the board to arrange its finances until it is in a position to issue, an amount of not less than £100,000, as, this being a marketable amount, the business would be easier to carry through." Our brokers further advise that by so doing time would be given ' to place the large blocks of Westporfc and Wanganui bonds, which are still offered in the market, on a 5 per cenir. basis. They add : ' With reference to placing the loan privately we have considered the possibility of placing the loaa privately with insurance companies, but from information we are convinced this could not be done, and any unsuccessful attempt in this direction would spoil the chance of doing business in the way suggested.' " The board will consider this suggestion next week, when a final reply, will have been received from the Government as to whether the Treasury will take up the present loan of £50,000 (against which the board has accumulated liabilities of £39,000).