READY SALE FOR CITY DEBENTURES AT 5 1-4 PER CENT.
INVESTORS ACCEPT LOWER INTEREST RATE.
No difficulty is anticipated by the City_ Treasurer (Mr James Anderson) in disposing of the whole of the debentures issued by the City Council for the roading loan of £220,000, at 51 per cent interest. The first instalment of the loan, amounting to £56,800, will not be required until January 5 next, and already Mr Anderson has accepted an offer to take £20,000 worth of debentures on that date. This morning, an offer to purchase £IOO,OOO worth of debentures at 5k per cent was received by Mr Anderson, but he replied that the council did not propose to pay more than 5* per cent interest. “There is plenty of money available for investment in local body debentures at present, and as 5i per cent is now the standard rate of interest offered by local bodies, I do not expect to have any difficulty in selling all the debentures as they are issued,” said Mr Anderson. The money is to be raised over a period of four years. In january 5 next £56.800 will be raised, on January 5, 1930, £77,200; on January 5, 1931, £65,000, and on January 5, 1932, £21,000.
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https://paperspast.natlib.govt.nz/newspapers/TS19281127.2.114
Bibliographic details
Star (Christchurch), Issue 18623, 27 November 1928, Page 11
Word Count
206READY SALE FOR CITY DEBENTURES AT 5 1-4 PER CENT. Star (Christchurch), Issue 18623, 27 November 1928, Page 11
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