ANOTHER LOAN
■ FOR COMPLETION OF DRAINAGE/. The City Council decided last night to offer' locally a loan of £36,100 for the. completion of the drainage works at Malvern and Karori. The rate of interest is to be 5| per cent., the loan to run out in 193f1. Referring to the loan, the Mayor said it was not a good time to go upon the Home market for money, and he thought they would do well to sell debentures over the* counter. In that connection he said that £‘2Boo had been sold over the counter since the last meeting. Further rate money had been coming in, and they had now' a credit balance of £48,000, so that it was not economical to go upon the Home market at present, and pay interest on the loan, when they were in funds, and it would not be good finance to .incur a loan at present. Later the loan could be consolidated with other loans. The proposal was agreed to.
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Dominion, Volume 20, Issue 41, 12 November 1926, Page 10
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166ANOTHER LOAN Dominion, Volume 20, Issue 41, 12 November 1926, Page 10
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