CHRISTCHURCH DRAINAGE BOARD.

Southland Times, Issue 19540, 2 May 1925, Page 2

CHRISTCHURCH DRAINAGE BOARD.

DEBENTURES AGAIN AVAILABLE. £50,000 AT 51 PER CENT. Applications for this much-favoured, Gilt-edged Investment, providing an assured liberal income, will no doubt rapidly cause this Loan to become fully subscribed. The price of issue is par. Debentures in nominations of £lOO, £5OO and £l,OOO may be taken up. Payment of interest in full, without deduction of any sort, will be made on the 31st March and the 30th September of each year. Interest is calculated from the date of receipt of application money. This Loan is the second instalment of a Loan of £700,000 authorised by “Tht Local Bodies Loans Act, 1913” and “The Christchurch District Drainage Act, 1907.” The Debentures are secured by a Special Rate of jd. in the £ on the capital value of an area valued at £14,500,000 and Hd. in the £ on the capital value on an area valued at £6,500,000. They will always be readily negotiable.

Exchange will be paid by the Board on all accepted application money. Principal and Interest will also be payable, free of exchange, at any branch of the Bank of New Zealand within the Dominion.

Income derived from Local Government Debentures of this description is also subject to a special tax concession. Brokerage of 10/- per cent will be paid to Registered Sharebrokers and to Banks doing business in the Dominion. Prompt application should be made to the Secretary of the Christchurch Drainage Board, 198 Hereford Street, Christchurch. Copies of Prospectus will be mailed on request, or may be obtained from any registered Sharebroker or Bank.—Advt.