BLENHEIM DEBENTURES DESTROYED

Rotorua Morning Post, 29 August 1931, Page 3

BLENHEIM DEBENTURES DESTROYED

Press Association-

-"Post Special Service.

AFTERMATH OF 'QUAKE. SCEIP TO BE REPLACED.

-Copyright,

'By Telephone-

BLENHEIM, Friday. At the time of the Hawke's Bay 'quake Blenheim Council debentures, worth the sum of £10,750, which were deposited in the strong room at the Bank of New Zealand, Napier, on behalf of various clients of the bank. were destroyed by fire. Blenheim will not benefit' by the loss, however, as a complete record of the debentures was contained in one of the books in the hands of the bank. The council was advised by the Audit Department that it had authority to replace the debentures on receipt of an indemnity, and upon proper proof of loss. The council also received a declaration by the officers of the bank as to the destruction of the debentures with their attached coupons. •v Fresh Debentures. The council carrie-d a resolution that fresh debentures be issued when sufficient indemnity had been secured by the council, and subject to the applicants paying the. eost of printing and all other costs in connection with the replacement of the security. The council expressed the view that the replacement should be expedited. It may be that the interest on the secur- • ities in some cases represents the owners' principal source of income and the finance committee was authorised to act should there be any developments prior to the next me-et-ing of the council. The town clerk reported that as a result of the loss of the debentures the borough's bank vjas already holding £300, representing interest demands for which no coupons had been forthcoming.