AT FOUR PER CENT.
City Council Raises New Loan. The City Council has experienced no difficulty in raising its supplementary roading loan of £22,000 at the low rate of interest of 4 per cent, which is i per cent lower than the conversion rate for local body loans. The money is to be used for a number of road reconstruction wo ks, including Riccarton Avenue. The debentures have been allocated among about twenty subscribers, and the number of applicants was so great that the loan could have been raised two or three times over. The rate of interest on local body loans has been limited by the Government to 41 per cent, but a local body in the class of the City Council is able to secure money on better terms t' :i some of the smaller borrowing authorities. ■No decision has yet been reached by the City Council regarding the conversion of its loans, but some members of the Finance Committee are of opinion that with rates of interest at the present low level there is little to be gained by conversion on a 4i per cent basis.
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https://paperspast.natlib.govt.nz/newspapers/TS19340321.2.98
Bibliographic details
Star (Christchurch), Volume LXVI, Issue 20260, 21 March 1934, Page 7
Word Count
189AT FOUR PER CENT. Star (Christchurch), Volume LXVI, Issue 20260, 21 March 1934, Page 7
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