NOT TO BE CONVERTED

Poverty Bay Herald, Volume LX, Issue 18068, 20 April 1933, Page 9

NOT TO BE CONVERTED

LYTTELTON HARBOR LOANS DISCUSSION BY BOARD (Per Press Association.) CHRISTCHURCH, last night The Lyttelton Harbor Board at a special meeting decided nor to convert its loans, but to be content with the legislative reduction of -0 pci cent in interest charges. The board agreed that conversion of its loans would not show sufficient benefit to the board to warrant the expense of conversion. It was also considered that to leave the debentures unconverted would protect, bondholders, as a ro-is ue at, a lower rate of interest for a longer term would probably depreciate the value of socurit ies.

In the course of the discussion it was stated that the savings in in forest would bo insufficient to make possible a reduction in port charges, and the suggestion was made that the money saved should lie handed over to the sinking fund commissioners This question, however, was reserved for later consideration.