THE SOUNDEST SECURITY

Southland Times, Issue 19691, 26 October 1925, Page 2

THE SOUNDEST SECURITY

CHRISTCHURCH DRAINAGE BOARD DEBENTURES. APPLICATIONS POURING IN, Every day sees further applications pouring in for the Christchurch Drainage Board’s , Debenture Loan of £200,000 for it is un- ! doubtedly one of the most attractive offers ■ made to investors in the Dominion. In 1 the first place the security is of the very soundest description and in the second the attractive rate of 5| per cent, interest is offered. The term of the loan is for fifty years from October 1, 1923, with the right of redemption by the board of the whole or , any portion after the expiration of fifteen 1 years. The rate of interest is £5 15/- per cent, per annum, payable on March 31 and September 30 of each year. Exchange will be paid by the board on all accepted application money. Principal and interest are payable free of exchange at any branch of the Bank of New Zealand within the Dominion. Fractional interest at the rate of 5| per centum, per annum, will be paid from the rate of receipt of application money, if accepted, in cases where such receipt occurs upon dates other than half yearly interest dates. Debentures will be issued in the following denominations at the option of the purchaser: £lOO each, £5OO each, £lOOO each. Applicants should state clearly which particular value or denomination is required. The debentures and interest thereon are secured by a special rate of one farthing in . the £1 pn the capital value of an area ’valued at £16,566,100 and in the £1 on the capital value of an area valued at £7,167,696. This area comprises practically the whole of the city of Christchurch and a large portion of the suburbs. A sinking fund is provided for the repayment of the whole of the loan at maturity. Application money will be received at the office of the Board 198 Hereford Street, Christchurch in cash, bank draft, or marked cheque. A brokerage of 10/- per cent, will be paid to members of recognised stock exchanges and also to banks and solicitors doing business in the Dominion on sales actually completed by them. Application forms must be forwarded to the secretary of the board under cover of memorandum by the shareholder, banker or solicitor as the case may be. A copy of the Loan Prospectus will be gladly forwarded free to any person making application for some. — (advt.)