AUCKLAND LOAN

Wairarapa Daily Times, 20 July 1934, Page 5

AUCKLAND LOAN

PLENTY OF MONEY. AUCKLAND, Thursday. ‘ ‘ The Auckland City Council has been offered more money at 31 per cent than it can use,” said the town clerk,” Mr J. S. Brigham, when the fact was brought under his notice that the Devonport Borough Council had raised a loan at 3 7-8 per cent, said to be the cheapest loan ever raised in New Zealand by a borough council. “The City Council,” said Mr Brigham, '“authorised a loan at its last meeting to redeem a loan of £B2OO on the Hobson Street baths. Applications covering the full amount were in the hands of the council in advance of the authority to raise the sum, so that when authority was given the loan became automatically fully subscribed. It is the lowest flat rate for any loan the council has .raised, and there is plenty more money offering at the same rate. ’ ’ —(P.A.) __ It was reported yesterday that a loan of £5400 to carry out a water purification scheme at Takapuna had been successfully floated by the Devonport Borough Council at 3 7-8 per cent per annum. An unusual feature of the loan is the fact that no sinking fund has been provided, but provision is made for the repayment of three debentures of £IOO each per annum. Under this condition the loan will be repaid in 18 years.