Loan of £450 000 Raised in London
CITY COUNCIL FINANCE
“COMPLIMENT TO CITY
Another city loan, one of £450,000. j will be underwritten for the City | Council on about December S. The London office of the Bank of New I Zealand has undertaken the loan, which will be issued at par. The loan includes £310,000 for street improvements, £IIO.OOO for water and £30.000 for tramways. It has been spread to suit the City Council, so that 30 per cent, will be payable on application. 35 per cent, in January, and a further 35 per cent, in March. The issue will consist of 5$ per cent, debentures, redeemable in 1959, or up to 1961. and the net cost will be approximately £5 Ss 9d per cent. “These terms are nearly as good as those attainable by the Government, and are a compliment to the standing of the city.” states Mr. J. S. Brigham, town clerk. It was proposed at the last meeting of the City Council to accept the issue at 99£, but the issue at par saves £6.148 2s 6d.
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Bibliographic details
Sun (Auckland), Volume I, Issue 217, 2 December 1927, Page 1
Word Count
180Loan of £450 000 Raised in London Sun (Auckland), Volume I, Issue 217, 2 December 1927, Page 1
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