A METROPOLITAN BOARD LOAN.

Star (Christchurch), Issue 4672, 16 June 1893, Page 1

A METROPOLITAN BOARD LOAN.

Another loan for .£500,000 will be placed upon the local market by the Melbourne Metropolitan Board of Works early in July, and the matter will, be finally decided at the next meeting of the Board. It is proposed to issue debentures ranging from .£lO to .£IOOO, having a currency of ten years, and bearing interest at the rate of 4£ per cent. Mr FitzGibbon, to use hia own figurative language, considers there is "plenty of money floating about looking for investment,' and on which tho Board had had its eye for some time and intended to be in it." He repudiated the assertion that the Board was compelled to seek this means to relieve its complicated financial position, caueed by the locking iup of the Board's deposits, amounting to nearly £1,000,000, in tho Commercial, Victoria and City of Melbourne Banks. A leading banker, when referriug to the loan, mentioned that he had suggested' it being floated to Mr FitzGibbon some time ago. He pointed out that the Board's stock, judging from the Stock Exchange quotations, waß particularly popular wi^h local investors, who were paying as much as £102 for it, an excellent prioe when the state of the times was taken into consideration.