LOAN OF £24,000 RAISED.
Amount Quickly Applied for in Wellington. Per Press Association. WELLINGTON, June 26. A loan of £24,000, for which authority was obtained by special order, has been raised on the local market by the Wellington City Council at the low rate of interest of 3J per cent, with 11 per cent sinking fund. The rate is that | fixed by the Government for local body loans in the main centres, and it is believed by the City Treasurer to be the lowest rate of interest offered by the council. Loans were raised at 4 per cent manv years ago, but since then the ruling rates have been considerably higher. Notwithstanding the low rate, the whole amount was quickly applied for, one offer being to take up the loan in one parcel, and others were adequate to account for the full £24,000. / The money is to buy property, etc., for street widening and improvement work in several places.
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Bibliographic details
Star (Christchurch), Volume LXVI, Issue 20341, 26 June 1934, Page 7
Word Count
159LOAN OF £24,000 RAISED. Star (Christchurch), Volume LXVI, Issue 20341, 26 June 1934, Page 7
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