NO INTERFERENCE
THE RATES OF INTEREST AUCKLAND EXCHANGE PROTEST AUCKLAND, Aug. 6. Any interference with the eoiitructs entered into by local bodies to pay fixed rates of interest on debentures issued was condemned by members of the Auckland Stock Exchange. Resolutions were carrie*! to the effect that the Exchange viewed with grave con- < ern any move by local body authorities to evade or defer payments to sinking funds, ami strongly urged the Government to insist upon full provision being made in accordance with the existing law and tho terms stated when subscriptions to the loans were invited. 'fhe Exchange also decided that it could not too strongly deprecate tho agitation bv aoine Iwal bodies to obtain legis’ative authority to reduce interest payments on existing debenture issues. Such action, the resolution stated, meant tho breaking of sacred contracts, ami must inevitably lead to the loss of capital and savings of tho people, who in a great number of cases could i’l afford to lose . Further, it must result in tho destruction of tho credit of tho issuing authorities concerned.
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Bibliographic details
Wanganui Chronicle, Volume 74, Issue 187, 10 August 1931, Page 7
Word Count
178NO INTERFERENCE Wanganui Chronicle, Volume 74, Issue 187, 10 August 1931, Page 7
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