REPAYMENT LOANS
SHORT-DATED DEBENTURES
, The City Council is offering-, at the Treasury Office, short-dated & 100 debentures to the total of £48,700.
The first section is in respect of the repayment of an old sanitation works loan. The rate of interest will be 4J per cent., payable half-yearly on May 1 and November 1, the. loan being repayable on May 1, 1937. The original loan was floated in 1893 and was for £165,000, but has been reduced bf sinking fund accumulations to £4200.
The second section is of £44,500 for the City Milk Department, the amount being made up of £ 24,500, required to renew-the Milk Supply Loan of 3923 (originally £28,000) and the remainder for the meeting of the overdraft with which substantial capital works have been carried out during recent years. This loan will carry the same' rate of interest, payable on March 31 and September 30 of each, year, and the loan will be repayable on March 31, 1938. There is the usual security for loans, interest, and sinking fund in special rates, and the interest and principal are payable free of exchange- in New Zealand. Under recent legislation stamp duty on interest coupons is abolished, and interest will be paid in full. It is expected that the early repayment of principal will be attractive to many investors.
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Bibliographic details
Evening Post, Volume CXV, Issue 73, 28 March 1933, Page 8
Word Count
219REPAYMENT LOANS Evening Post, Volume CXV, Issue 73, 28 March 1933, Page 8
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