CANNOT MEET LOAN
il-ress. Assn.-
OPUNAKE HARBOUR BOARD APPEALS TO BONDHOLDERS NO CAUSE FOR ALARM
— By Telegraph— Copyright).
New Flymouth, Monday. The Opunake Harbour Board, unable to pay interest due on October last on a loan of abont £50,000, has appealed to bondholders to allow the payment to stand over until May next, when the board expects that simultaneously wjth the raising of a redemption loan of" £49,000, it will be able to pay the interest in full. The difliculty is chiefly due, the board states, to the unexpected reduction. of the overdraft limit, and the 'fact that rates have been struck oii propk-ties on a conservative jj'asis. The boaird has received the sanction df the Local Government ' Loans Board ko raise a redemption loaii of £49,000 at a shade niore than "5! per cent. in a letter to the bondholders, t)ie board states that 'the lehders are secured by loans ' over land valued at £1,189,000, aiid there is no cause |or UlaTm".
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https://paperspast.natlib.govt.nz/newspapers/RMPOST19321122.2.31
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Rotorua Morning Post, Volume 2, Issue 386, 22 November 1932, Page 5
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163CANNOT MEET LOAN Rotorua Morning Post, Volume 2, Issue 386, 22 November 1932, Page 5
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