OVERSEA DEBTS
CONVERSION ADVOCATED BY AUCKLAND LOCAL BODIES (Per Press Association) AUCKLAND. Last Night. The reduction of interest by 20 per cent is considered likely to be of much help to the smaller local bodies, but it is learned on inquries that larger local bodies, which have heavy commitments overseas and have to pay a high exchange rate, will he worse off than last year. The City Council owes £3,172,000 in London and £1,798,486 in New Zealand. The interest cut means a saving of £13,736 but the extra exchange means that the council will be £8,300 worse off than'last year. The Transport Board owes £1,532.900 in London and the interest totals £79,802, plus 25 per cent, exchange. The Auckland Power Board owes £2.000,000 in London and £500,000 in New Zealand. It will be £8,200 worse off than last year. The Mayor, Mr. Hutchison, and the chairmen of the transport and power boards all advocate an attempt by the Government to convert overseas debts.
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Bibliographic details
Waipukurau Press, Volume XXVIII, Issue 64, 9 March 1933, Page 5
Word Count
163OVERSEA DEBTS Waipukurau Press, Volume XXVIII, Issue 64, 9 March 1933, Page 5
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