SYDNEY CITY LOAN

Sun (Auckland), Volume III, Issue 927, 21 March 1930, Page 12

SYDNEY CITY LOAN

MONEY ARRANGED IN NEW YORK United L J .A. —z: y Telegraph—Copyright Reed. 9.3 a.m. NEW YORK, Wed. Mr. Blair, of the Bank, of America, I announced an additional issue of } j £1,000,000 in City of Sydney Bonds , for a term of 23 years at 5 per cent. The bonds will be sold on the same j terms as the loan raised on March 3. The Bahk of America told the Australian Press Association the an- , nouncement was merely a matter of . record. All bonds had previously been j taken up in New York. It was announced on March 3 that ! ‘ the contract for the loan for the City j . of Sydney had been completed and is now being checked. The boncFfe, the 1 i message said, will bear interest at 51 i , P er cent. The coupons will be issued : , at a price that is understood to be be- • ‘ | tween S 3 and 87. M Sydney Civic Commissioners ! I : stated on February 5 that a loan was ! | being arranged. Messrs. Bi-air and ! > : Company are acting in Xew York and i Messrs. J. B. Were and Sons, of Mel--1 oourne. iif" Australia, in arranging the 1 loan. It was reported from Xew York j that the loan would be £1,000,000. At £ST the return, without taking i . redemption into account, would be approximately £6 6s 5d per cent. What- . ever the term of the loan, the actual return, including redemption, must be ; over £ 6 6s sd.