MONEY FOR INVESTMENT

Wanganui Chronicle, Volume 75, Issue 258, 1 November 1932, Page 11

MONEY FOR INVESTMENT

£86,000 IN POUR MONTHS. AUCKLAND DEBENTURE SALES AUCKLAND, Oct. 29. A distinct improvement in the financial market is revealed bv the recent experience of the Auckland City Council, whi'eh in the past four months has sold debentures to a total value of £86,200. This is taken to indicate a greater readiness on the part of inj vestors to take up local body securities, whereas sonic months ago they were inclined to leave their money on fixed deposit until they could see how the economic position was likely to develop. Tho Mayor, Mr G. W. Hutchison, said yesterday that at March 3.1 last the council had expended £.127,522, of which £109,622 was in respect of loans authorised but not issued, and £17,900 was paid out to make tho sum required for tho redemption of loans for which insufficient sinking funds had been provided. In tho early part of tho now financial year it, was not found possible to raise any of this money, but since July 1 the council had sold debentures to tho value of £86,200. Of this sum £56,074 formed part of the £.127,522 mentioned, £20,826 was in respect of loan works now being carried out, and £9300 had been applied for redemption of a loan maturing in the current financial year. It was explained by Air Hutchison ' I that two of the loans involved were authorised at the new rate of 5 per cent., but the council obtained permission by Order-in-Council to raise this rate to 5$ per cent., and as the debentures were not issued until after May of this year they wore not subject to tho 10 per vent, stamp duty imposed by tho National Expenditure Adjustment Act. It is likely that these feat- I ures accounted for the. debentures bo- I ing regarded as a particularly good investment n

Here’s a really clean method of preserving eggs-use SHARLAND’S “MOA” BRAND EGG PRESERVATIVE. No trouble or mess. One bottle does 20 dozen. Keens eggs fresh for lonths.*

Use SHARLAND’S “MOA” BRAND EGG PRESERVATIVE this year for presciving eggs. Docs not affect the flavour. Keeps them fresh for months. Clean and economical. Works out at less than one penny per dozen. —Advt.