LOCAL BODY DEBENTURES
INVESTORS NOT ATTRACTED,
Br Telegraoh—Prcs« Association,
Wanganui, September 14. , An unsatisfactory response in regard to the eftort to raise by debentures a sum of .£140,000 for' tramway purposes was discussed by the Borough Council to-night, It was pointed out that many local bodies in the Dominion were ento raise money by the same ■ means. It is believed that the fact that local bodies are limited by statute to a 5 1 per cent, rate of interest makes local bodv debentures an unattractive form of investment in view of the considerably higher rates of interest offering in other directions. It was decided to circularise the. local bodies of the Dominion with a view .to holding a conference to discuss the advisability of approaching the Government to arrange in addition to the money required for Dominion needs, to provide by loan' sufficient to meet the needs of all local bodies.
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https://paperspast.natlib.govt.nz/newspapers/DOM19200915.2.31
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Dominion, Volume 13, Issue 302, 15 September 1920, Page 7
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151LOCAL BODY DEBENTURES Dominion, Volume 13, Issue 302, 15 September 1920, Page 7
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