DEBENTURES UNQUOTABLE

Stratford Evening Post, Volume I, Issue 63, 21 February 1931, Page 5

DEBENTURES UNQUOTABLE

i A NELSON LOAN ? - f EARTHQUAKE BLAMED > ■ NELSON, Feb, 20. A letter was received by the Nelson City Council from the Bank of New Zealand statins that the bank could not at present place £16,000 worth of Neison gasworks loan debentures in London, The letter stated that the debentures were unquotable owing to the Hawke’s Bay earthquake. The Mafor, Mr. W. J. Moffat, said lie could imagine people as far away as England being shy of Nelson debentures, especially as the town was In prominence on account of the 1929 ■bake. “It Is regrettable ” he said, “If, while we have been doing all we can to buy British goods and in that way help to consolidate the Empire, we cannot get British money, to pay for tlJe goods.

Councillor S. A. Gibb said the council 1 was in an unfortunate position since the first payments fell due soon some time ago, The British Government established a fund from which to finance the Dominions in the purchase of British goods. If the fund Was still In existence it was for the very purpose for which the Nelson council wanted money, and he thought the fund would invest in the Nelson debentures. Immediate action Was necessary. The Mayor said that through the Hon. H. Atmore negotiations were being made with the High Commissioner- in London to see what he could do In the matter of placing the debentures. The Mayor considered New Zealand’s financial standing Was good at Home. A finance committee was formed to Explore the possibilities of placing the debentures,..