HARBOUR BOARD FINANCE.

Otago Witness, Issue 3829, 2 August 1927, Page 51

HARBOUR BOARD FINANCE.

LOAN FALLING DUE. The following report was submitted to the meeting of the Harbour Board on Friday evening by the secretary:— I have to report that we have a loan of £205,000 falling due on January 1 next. This loan was issued during 1920-1922, and bears interest at GJ per cent., and is held almost entirely in the Dominion. I recommend that we approach the present hoi 'ere to see if they will renew their holdings. The debentures being payable to bearer, there w be some difficulty in ascertaining the holders, but I have approached the head office of our own and the other five New Zealand banks, and they have very kindly agreed to secure the names of as many as possible, <-hen the last interest coupon is paid on the Ist proximo. For those they are unable to secure, we shall require to get into touch by advertisement. We shall require to approach the Local Government Loan Board for the necessary permission to issue the loan, and I would remind you that, under oar 1926 Empowering Act. we are required to set aside a sinking fund of -J per cent.

I recommend that: — 1. The loan be issued for a period of 10 years. 2. The rate of interest be 5J per cent. 3. The sinking fund be handled ffn the same manner as the dock loan sinking fund. The report, which bad been approved by the sub-committee appointed, was adopted.