LONDON MONEY MARKET.

Press, Volume LXVIII, Issue 20492, 10 March 1932, Page 9

LONDON MONEY MARKET.

LOANS FOR LOCAL BODIES. / ' POSITION IN CHRISTCHURCH.

Whether the apparently ample supply of money in Londoii seeking investment, as reported in the cable message in yesterday's issue of The Pbess would bo of assistance to Christehurclr local bodies was the subject of some enquiries made yesterday by a reporter. Mr S. Clifton Bingham, chairman of the Christchurch Drainage Board, said that the Board Had come to' the end of any big extension of the sewerage system for some years to come, and its loan indebtedness, on March 31st, 1931, was £1,278,595, the accrued sinking fund then being £58,306. With ex " ception of additions to existing sewers, and the construction of sewers in sub-. divisions, which the Board would be able to finance out of revenue, the Board did not expect to be on the loan market for years to- come. City Council's Position. Mr J. W. Niven, the Christchurch City Treasurer,- said that the City Council at present wgs offering £114,000 • worth of debentures, representing; several redemption loans, ap.d balances of unemployment, roadipg, and abattoir loans. Since February slat debentures to the value of £16,400 had been sold. Owing to the exchange position, he did not think that the Council would be very keen to raise money* in London at present.. There had been no proposals discussed, as far as he knew, regarding raising a further loan in connexion with the roading scheme as d«i tailed in the City Engineer's -report. The loan ,of £220,000 already-raised covered only a portion of the schema. Traihway Board Loans. The Christchurch Tramway Board haa no loans falling due till 1934, when s total sum of £811,300 (iess accrued sink-, ing funds) matures. This total represents 26 loans of varying amounts raised at different fates of interest as follows: Hate Amount. 1 p.c. £ 4-\ .. 443,400 .. .. 109,500 ■VI .. y* 16,350 o V .« 35,950 ."} .. ~< 65,500 (i A 140,600 Total w iW , £811,300 Mr Frank Thompson, the Genera) Manager, stated that the question of the conversion, or consolidation, of the Board's loan indebtedness had not been seriously discussed. As to other local bodies in and around the City, no big schemes, requiring loans to finance them, are contemplated at present.