AUCKLAND LOAN
INTEREST RATE INCREASED
(By Telegraph.) (Special to "The Evenlna Post.")
AUCKLAND, This Day.
Interest at the irate of 5$ per cent. is to be paid on £110,000 by the Auck« land Transport Board, this being por-, tion of an original loan of £526,000 \ authorised by the ratepayers in-May last. - '■..''
"When the draft of . the~ resolution: fixing this rate earne up for confirmation at yesterday's meeting of the board, Mr. E. J. Phelan said the rat© appeared to be mandatory. I The board had raised £50,000 ai 5J per. cent. Were people who had taken up theso debentures to have the privilege of the extra interest rate? , ■,■'''■ Chorus of voices: "Certainly not." The acting-chairman (Mr. G. Bail» Idon):.-■'{'This is for £110,000." He explained that the chairman (Mr. Allum) had been given authority to pay up to 5J per cent., "and this is the best ho 'could do." The deed of covenant agreeing to pay 5J per cent, was agreed to.
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https://paperspast.natlib.govt.nz/newspapers/EP19300219.2.39
Bibliographic details
Evening Post, Volume CIX, Issue 42, 19 February 1930, Page 8
Word Count
161AUCKLAND LOAN Evening Post, Volume CIX, Issue 42, 19 February 1930, Page 8
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