HARBOR LOANS

Poverty Bay Herald, Volume LX, Issue 18179, 29 August 1933, Page 6

HARBOR LOANS

TP CONVERT EXTENDING MATURITY DATE ' Among the matters discussed in committee at yesterday’s meeting of the Gisborne Harbor Board, which did not conclude until late in the afternoon, was the conversion of the loans owing by ,‘tha board- A detailed review of the position was submitted by the treasurer, Mr. H. A. Barton, together with the recommendations of the finance committee, which was as under : “After carefully considering a report by the treasurer, Mr. H. A. Barton, dealing with the question of loan conversion, the committee decided to recommend the board to make application for the Loan Board's approval to convciv sion of the securities of the second and third instilments, amounting to £500,000, being part of the Gisborne Harbor Board 1924-54 loan; also to conversion of the securities of £19,000 of the fourth instalment, and £14,0C0 of the fifth instalment of the same loan; the Loans Board to be advised that the Harbor Board desires to set off £33,000 of the accumulated sinking fund which the sinking fund commissioner’s have invested in the board’s own debentures, thus resulting in the cancellation of the £19,000 and £14,000 herein referred to; the Loans Board to be advised also that the Harbor Board desires extension of the mhturity date of the £500,000 loan to July 1,1974.” The board adopted the recomriiendation, and passed a resolution authorising tlie finance committee to proceed on the lines indicated.