TRAMWAY LOAN.
Sum of £74,000 Raised at 3J Per Cent. Negotiations have been almost completed by the Christchurch Tramway Board for raising a loan of £74,000 at 3i per cent interest for the repayment of money that was due by it in London on October 1, 1934. The term of the loan is thirty years and it will be lent to the board by one institution in New Zealand. Provision is being made for repayment of the principal by half-yearly instalments over the full period of the loan. When the money became due in London last October interest rates were higher than they are now and the board decided to wait a favourable opportunity before raising the loan. As a temporary measure arrangements were made by the board with the Union Bank of Australia for the money to be advanced until such time as a loan was raised. The transaction represents the final stage in the repayment of the money raised in London by the board many years ago.
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https://paperspast.natlib.govt.nz/newspapers/TS19350214.2.47
Bibliographic details
Star (Christchurch), Volume LXVI, Issue 20539, 14 February 1935, Page 3
Word Count
169TRAMWAY LOAN. Star (Christchurch), Volume LXVI, Issue 20539, 14 February 1935, Page 3
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