HOROWHENUA POWER BOARD RAISES LOAN.

Shannon News, 17 October 1922, Page 3

HOROWHENUA POWER BOARD RAISES LOAN.

EIGHTY THOUSAND POUNDS ON FAVOURABLE TERMS. ARRANGED WITH A.M.P. SOCIiM : For some time past the Horowhenja Electric Power Board has been enquiring in financial circles as to the possibility of securing the first insnh ment of the £260,000 loan authorised by the ratepayers for'the purpose of erecting lines and buildings, assisting consumers to instal light and power and generally to carry on ihe functions of the Board. The negotiations, which have been in the hands the Chairman, Mr G. A. Monk, and Secretary, Mr P. W. Goldsmith, have been somewhat protracted, necessitating the investigation of the advantages of the London market as compared with private loans from financial and banking institutions. After' reporting progress to the Board in com,mittee at various stages, the executive officers were empowered to clinch negotiations on the best terms obtainable. They reported to the Board today that they had been successful in securing, the first instalment of the money required from the Australasian Mutual Provident Society on the ‘following terms : Amount to be £BO,OOO. Rate of interest, 5| per cent. . -.Term, 20 to 33 years. . . No procuration fee to be payable by the Board. .Money to be provided in Levin free of exchange, and to be paid as required during 12 months, and interest charged when money is received. Loan to be domiciled in Sydney and interest to be paid there free of expense to. the Society, loan to be repaid there. The Board considered these terms were very favourable and this morning confirmed the action of the Chairman and Secretary in concluding the loan and fixed the period at twenty years.