Quiet Month For Local Body Loans

Press, Volume C, Issue 29500, 29 April 1961, Page 15

Quiet Month For Local Body Loans

April was a quiet month on the local body loan market. Six local bodies in Canterbury raised £125,000, compared with £lBO,OOO in March this year and with £245.000 in April last year. The North Canterbury Hospital Board’s £150,000 issue came on the market on April 17 and, in nine working days, has so far attracted cash subscriptions totalling £59,350. A further £16.840 has been booked firm, making a total of £76,190, or 51 per cent, of the amount sought Hospital board officers are well pleased with the progress already made towards filling the loan, “but the second half will be the hardest to fill," they say. The board has hone of the popular short-dated or mediumdated stock left and can offer investors only 10-year or nine-year stock. The Christchurch City Council’s £lBO,OOO loan closed on April 14. having been on the market for a month. Cash subscriptions totalled £138.620, or 77 per cent. The council’s underwriters were well satisfied with this result, said the City Accountant (Mr B. H. Williams).

The Christchurch Drainage Board raised only £2450 this

month. The board requires more than £240,000 to fill its current requirements. Details of loan moneys raised by Canterbury local bodies this month, with the amount outstanding in each case, are as follows:

Raised Outst'g £ £ Drainage Bd. .. 2.450 234,980 Hospital Bd .. 59.350 90.650 Paparua C C. .. 4.200 37,450 Harbour Bd. 2.600 12,000 Ash. E.P.G. Bd. 8 400 8 900 City Cel. 47.990 nil Totals 124,990 383.980