LOAN OF £290,000
AUCKLAND POWER BOARD IN MARKET By Telegraph—Press Association AUCKLAND, June 3. A prospectus will be issued by the Auckland Electric Power Board next week in respect of a loan of £290,000 for a term of 20 years, bearing interest at 41 per cent, with a sinking fund of 3J per cent to be invested with the District Public Trustee. Authority has already been obtained for the loan which is the balance of a £675,000 loan authorised in 1928. The full amount was not required then, and in recent years the Board has been unable to sell debentures at the interest rate fixed by the Government (35 per cent). With the rate now increased to 4.1 per cent, the Board’s chairman (Mr S. J. Harbutt) considers that the loan will be a most attractive Investment. He does not anticipate any trouble in raising all the money required.
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Bibliographic details
Timaru Herald, Volume CXLVI, Issue 21363, 5 June 1939, Page 11
Word Count
149LOAN OF £290,000 Timaru Herald, Volume CXLVI, Issue 21363, 5 June 1939, Page 11
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