BIG WAR LOAN EXPECTED

Wanganui Chronicle, Volume 88, Issue 170, 18 July 1944, Page 4

BIG WAR LOAN EXPECTED

WANGANUi HARBOUR BOARD TO REPAY £200,000 An indication that the next war loan to be floated in New Zealand in the near future would be tor a substantial amount was given by the chairman, Mr. W. Morrison (Maxwell), when the Wanganui Harbour Board’s repayment loan of £200,000, tequired by May of next year, was being considered at the monthly meeting yesterday. This loan was raised in London 21 years ago. “A big war loan is coming soon, ahd though the amount: has not been made public will subscribe substantially, but pietty hefty,” said the chairman. “This money is wanted and I believe that the public will subscirbe substantially, mut I also believe that it would be unwise to have the two loans on the market at the same time. We should wait till the war loan is disposed of before raising uor loan.” Mr. Morrison said the loan was required to repay one of £200,000 raised in London, but because of the ruling rate of exchange the board was required to raise £219,500, irrespective of sinking funds. “When remitting money Home exchange is a big hurdle, though it is all right when receiving money for our pilmary products,” Mr. Morrison, added. In reply to a question, the secretary, Mr. I. Hedditch, mid that the maximum rate of interest permitted was £3 15s per cent, per annum, hut the broker had expressed the nope that the money would be obtained at a lower rate of interest. The board agreed to the chairman's suggestion that the raising of the loan be deferred till after the next war loan has been floated.