INTEREST OVERDUE
APPEAL TO BONDHOLDERS
HARBOUR BOARD'S' FINANCES
(By Telegraph.—Press Association). NEW PLYMOUTH, 21st November. The Opunake Harbour Board is unable to pay the interest instalment, due in October last, on a.loan of about £50,000, and has appealed to the bondholders to .allow the payment to stand over until May next, when the board expects, simultaneously with the raising of a redemption, loan of £49,000, to be able to pay the interest in full. The difficulty has been chiefly caused, the board states, by the unexpected reduction of the overdraft limit and the fact that the year's rates have been struck on perhaps a conservative basis.
The board has received the sanction of the Local Government Loans Board to raise a redemption loan of £49,000 at a shade more than 5J per cent. In its lettex to the bondholders the" board states that the lenders are secured by a, rate over land valued at £1,189,000, and that'there is no cause for alarm.
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https://paperspast.natlib.govt.nz/newspapers/EP19321122.2.145
Bibliographic details
Evening Post, Volume CXIV, Issue 124, 22 November 1932, Page 13
Word Count
162INTEREST OVERDUE Evening Post, Volume CXIV, Issue 124, 22 November 1932, Page 13
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