DUNEDIN LOANS RAISED.
A SATISFACTORY POSITION. The annual report of the Dunedin City Council states that during the financial year ended March 31, 1926, the total amount raised by way of loan was £334,300, all at per cent., at par. The details are as follow: Highway loan £BO,OOO Waipori Falls loan (part) 65,100 Public works loan (part) 57,400 Antecedent liability loan (part) ... 40,000 Tramway loan (part) 8,500 Drainage Board loans 83,300 Total £334,300 “The whole of this rather substantial sum came ‘over the counter,’ so to say, and that fact is the more gratifying when it is stated that for a greater portion of the year the Government was on the local market with a 5£ per cent, issue—the same rate that we were paying,” states the report. “We pay a brokerage rate of g per cent, to financial agencies sending us loan money; but, as less than a quarter of the total sum reached us through these channels the net cost on this score works out at 2s 5d per £IOO of the tr*M sum raised. Once again, therefore, can it be said that the policy of relying on the local market for our loan requirements has fully justified itself.”
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/OW19260914.2.78
Bibliographic details
Otago Witness, Issue 3783, 14 September 1926, Page 18
Word Count
201DUNEDIN LOANS RAISED. Otago Witness, Issue 3783, 14 September 1926, Page 18
Using This Item
Allied Press Ltd is the copyright owner for the Otago Witness. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence. This newspaper is not available for commercial use without the consent of Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in