RE-PAYING A LOAN;

Dominion, Volume 6, Issue 1864, 25 September 1913, Page 8

RE-PAYING A LOAN;

DEBENTURES DRAWN DY CITY CORPORATION. The draw for £25,000 worth of debentures oil a city loan of £100,000 took placo in tho Mayor's room at the Town Hall yesterday afternoon. The proceedings wore open to any members of |he public who might be interested, but the gathering was only a small one, those present including tho Mayor (Mr. J. P. Luke), tho Sinking Fund Commissioners, tho corporation officers, threo bjink managers, and a bank inspector. Although there were only two hundred and fifty marbles to be drawn it took ovor an hour' to complete tho business, as 1000 marbles had to be carefully checked before being placed in tho'bos. The result of the draw is now in tho hands of tho City Solicitor (Mr. J. O'Shea).

There was a humorous side, which tends to show that the knowledge of financial operations is not so widespread as one might expect in Wellington. Several visitors called nt the Town Hall since the announcement of the intention to draw £25,000 debentures on a city loan. They were under the impression that the council was issuing debentures to raise a new loan, and thought the 6 per cent, interest so attractive that they were anxious to get some inside information with a view to securing a profitable and gilt-edged investment. They wcro surprised to learn that the council was paying out, and they had to depart to look elsewhere for suitablo investment.