LOAN SUBSCRIPTIONS IN APRIL REDUCED SHARPLY

Press, Volume XCV, Issue 28265, 1 May 1957, Page 17

LOAN SUBSCRIPTIONS IN APRIL REDUCED SHARPLY

Local body offices were open for only 18 days in April this year and sharebrokers’ offices for only 16, because of the Easter recess and Anzac Day. After making allowances for these breaks, officers of most local bodies consulted yesterday were satisfied at the rate of subscriptions to their loans. March subscriptions in Christchurch this year were £164,480. April subscriptions £107,010, and April subscriptions last year were £274,360. The Christchurch Drainage Board headed the list, with subscriptions totalling £87,010 to its loans for reticulation and other works. The North Canterbury Electric Power Board, coming on the market for £35,000 towards the end of March, raised £3400 during March and a further £11,700 last month. The money is required to finance reticulation in the board’s area, and a good part of the sum already in hand has been found in the district. The Waimairi County Council still requires £33,730 to fill current requirements. During April £4lOO was raised, but an officer of the council said yesterday that the response was still disappointing. The possibility of deferring completion of the scheme was never remote while loan subscriptions were barely sufficient to meet progress payments for the work, he said. Two more large loans will be sought by major local bodies in Christchurch, it was announced this week. The City Council is seeking authority for a £lOO,OOO loan to finance its share of the cost of the Colombo street overbridge, and the Transport Board seeks £256,000 for buildings and plant. It will be several months before the first instalments of either of these loans come on the market, but the announcement has served as a spur to those local bodies in the market at present. The City Council still needs more than £360,000 to fill current

loans, apart from the £106,000 sought by the M.E.D. Details of amounts raised by each local body in April, with the amount outstanding in each case, are as follows: Amount Amount Raised Outst’g. £ £ Drainage Board .. 87,010 137,820 City Council— M.E.D. .. 1,700 106,760 Burnside road .. 99.500 Other .. 2,500 264.800 Waimairi C.C. .. 4,100 33.730 Riccarton B.C. .. 4.300 North Canty. E.P.B. 11,700 19,900