CHRISTCHURCH CATHEDRAL LOAN.
A telegram under date London, 11th Get., which appeared on the 13th instant, has occasioned some misunderstanding. The Union Rank has been commissioned by the Church Property Trustees to negotiate a loan of £50,000, but not entirely, as it is made to appear, for the completion of the Christchurch Cathedral. £SOOO of this loan, when raised, will have to be invested by trustees, so as to create a sinking fund ; £BOOO is required towards the erection of churches, parsonages, and schoolrooms, as also towards additions to clergyman’s stipends ; and £BOOO for carrying on the Cathedral building. The balance is required to repay as opportunity offers, many thousands already borrowed on short dated debentures and by way of deposits. The £50,000 loan, in five hundred debentures of £IOO each, carries interest at six per cent, and is repayable in thirty-one years. As these debentures are secured by a mortgage over 800 acres of highly valuable suburban land, it is expected that they will sell at a good premium.
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https://paperspast.natlib.govt.nz/newspapers/GLOBE18791016.2.12
Bibliographic details
Globe, Volume XXI, Issue 1765, 16 October 1879, Page 2
Word Count
170CHRISTCHURCH CATHEDRAL LOAN. Globe, Volume XXI, Issue 1765, 16 October 1879, Page 2
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