LOAN FOR AUCKLAND CITY
SUM OF TO BE RAISED.
By Telegraph.—Press Association. Auckland, Last Night.
A decision to borrow £198,600 by way of conversion loan to pay off portion of a loan of £310,200 raised in 1910 and maturing on January. 1, 1931, was made by the City. Council-at a special meet-; iug to-day. The’bank of New Zealand advised that its London brokers weie of opinion that the money could be issued at 5 per cent, at £99, or at of per cent, at £lOl. The latter terms, the bank intimated, were not .as favourable, and a loan issued at a premium was unpopular. ■, ' ■ The Mayor moved that the offer of 5 per cent, at £99 be accepted, the Bank of New Zealand to be agents, the security to be a special rate of one penny and five-eighths in the pound. The motion was carried. ■
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Bibliographic details
Taranaki Daily News, 17 December 1930, Page 7
Word Count
145LOAN FOR AUCKLAND CITY Taranaki Daily News, 17 December 1930, Page 7
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