LOAN CONVERSION
EASTBOURNE'S POSITION
The Eastbourne Borough Council was the first local body in New Zealand to convert its loans .under the legislation passed last session. The Town.Clerk and General Manager (Mr. C. L. Bishop) reported to the council last evening that everything in connection with the conversion had been completed^ No dissents from conversion were received within 'the specified time, and everything in connection with the scheme had' worked out to schedule, Mr. Bishop stated that the main benefits to the borough as a result of the conversion and consolidation would be most apparent in the future years, but, had it not been undertaken immediately, the council would have been faced with the raising of nearly £20,000 .tor repayment of three loans maturing within the next twelve months and on account of which the sinking funds accrued would not have : been sufficient to have met the loans.' No difficulty of this nature would be experienced in the future,as, with the periodicalredemption method, tlic sinking funds were not invested as in the past. The saving to the borough would run into many thousands of pounds -as against the old method, and, in addition, the borough would definitely be free ; .of tho present loan liabilities at the end of the specified time.
The Mayor (Mr.: E. W. Wise) said the borough could be congratulated on the success of the conversion of its loans.
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https://paperspast.natlib.govt.nz/newspapers/EP19340126.2.148
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Evening Post, Volume CXVII, Issue 22, 26 January 1934, Page 12
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232LOAN CONVERSION Evening Post, Volume CXVII, Issue 22, 26 January 1934, Page 12
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