CHEAPER MONEY
BORROWERS TAKE ADVANTAGE. LARGE CONVERSION SCHEMES. (British Official Wireless.) Rec. 5.5 p.m. Rugby, Nov. 24. The first 2f per cent municipal issue to be raised in England for some years was underwritten yesterday. This is the issue of £5,000,000 by the Birmingham Corporation in stock repayable in 1957. The issue price was £96 10s. The proceeds will be utilised largely in the repayment of existing mortgages. The balance is required for electricity and other developments. Further advantage of the current low rates for money is also being taken, by the Indian Government which has decided to repay next June £3,500,000 in Indian railway 4J per cent, debentures and stock. Since January, 1932, four Indian sterling loans amounting to £48,000,000 and bearing 5| per cent or 6 per cent, interest have been repaid at the earliest redemption dates..
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Bibliographic details
Taranaki Daily News, 27 November 1934, Page 7
Word Count
139CHEAPER MONEY Taranaki Daily News, 27 November 1934, Page 7
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