OVERSEAS FUNDS
LOAN FROM AUSTRALIA NEW PLYMOUTH BOARD N.Z. MONEY NOT OFFERING INTEREST LIMITATION (Per Press Association.) NEW PLYMOUTH, this day. Because it was impossible for the New Plymouth Harbour Board to raise money in New Zealand at the rate specified by the Local Government Loans Board, the board has arranged to borrow £325,000 in Australia at 4p, per cent. The chairman, Mr. C. E. Bellringer, said at a meeting yesterday that the board had advertised its breakwater extension loan of £150,000 extensively, bUt only £BOOO was offered by lenders, and it' was impossible to raise the loan. The high interest rate which would have to be paid precluded borrowing on the London market, for by the time exchange and the heavy expenses of raising the loan had. been paid the rate would work out at about 7£- per cent. Interest payment at the rate of G per cent was arranged by the Sydney Metropolitan Water Board in floating the most recent local body loan i i Australia.
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Bibliographic details
Poverty Bay Herald, Volume LXVI, Issue 19884, 10 March 1939, Page 5
Word Count
168OVERSEAS FUNDS Poverty Bay Herald, Volume LXVI, Issue 19884, 10 March 1939, Page 5
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