CAPITAL FOR AUCKLAND'S HARBOUR DEVELOPMENT

Waikato Times, Volume 94, Issue 14712, 29 July 1921, Page 6

CAPITAL FOR AUCKLAND'S HARBOUR DEVELOPMENT

ATTRACTIVE HARBOUR BOARD DEBENTURES. In order to cope with the expansion of Auckland's trade, the Harbour Board has planned considerable extensions and improvements to its wharves and harbour works. These improvements require a large amount of capital, and the Board lias therefore boon empowered by Act of Parliament to issue debentures yielding to the investor f> per cent. per annum, including redemption.

The investor who is looking ahead and who desires, before everything else, Ihe absolute security of his capital, will do well to note Hie exceptional advantages which this investment affords. There can be no doubt as to ils safely. The assets of Ihe Board at the end of 1!I20 were over three millions sterling, and exceeded the liabilities by £1,230,717 17s IM. Many acres in ihe central business area of the city are owned J>y the Board, and Hie revenue derived from rents alone is nearly seven times greater than the amount required to pay the interest on this issue. '['he -debentures are issued for a period of 20 years. Interest is therefore secured at the high rate now ruling over a very long period. The fall in interest rales —a drop of 1.1 per cent, in London lias been registered in the past six weeks —will nol affect the yield from this investment, which remains Jixcd for Ihe whole period of its currency.

The debentures are in sums of £IOO, but are issued at £9-i. They are free of income tax to those whose income does not exceed £3OO a year. Principal and interest are paid free of exchange at any branch of the Bank of New Zealand. Already more than two-thirds of the loan of £IOO,OOO has been subscribed. A copy of the prospectus giving full details of this magnificent investment may 'be obtained post free on application to the Secretary. Auckland Harbour Board, P.O. Box 1259, Auckland.