WILL NOT CONVERT LOANS

Stratford Evening Post, Volume II, Issue 224, 20 April 1933, Page 5

WILL NOT CONVERT LOANS

Lyttelton Harbour Board

Decision

Press Association —Copyright

Christchurch, April 19. The Lyttelton Harbour Board at a special meeting to-day decided not to convert its loans but to bo content with the legislative reduction of 20 per cent, in the interest charges. The board agreed that conversion of its loans would not show sufficient benefit to the board to warrant the exnense of conversion. It was also considered that to leave the debentures unconverted would protect the bond-holders, as a reissue at a lower rate of interest for a longer term would probably depreciate th° securities. In the discussion it was stated that the saving in interest would be insufficient to make possible a reduction in the port charges, and the suggestion was made that the money saved should be handed over lo the sinking fund commissioners. This question, however, was reserved for later consideration.