TASK FOR CHAIRMAN
NAME TO BE SIGNED 813 TIMES DRAINAGE BOARD LOAN A formal resolution authorising the raising of a loan of £BI,OOO which had fallen due after 21 years was passed at a meeting of the Auckland and Suburban Drainage Board held yesterday. The meeting lasted three minutes and the board’s chairman, Mr. George Baildon, now faces the task of signing 813 debentures, each for £IOO. If Auckland’s 'Mayor is a fast penman and he is not overtaken by writer’s cramp the job should take him nearly two hours. The debentures are to be lodged with the Bank of New Zealand today. The original loan was Tor £IOO,OOO. with interest at 4 per cent., and, in addition to the new loan of £81,300, its repayment is being financed out of sinking funds amounting to £19,074. The small excess over £IOO,OOO is for expenses in connection with the new loan, which will have a currency of 30 years from tomorrow. The interest on the new loan will be 55 per cent., and the loan is to be issued and sold at par.
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19300430.2.167
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Sun (Auckland), Volume IV, Issue 959, 30 April 1930, Page 14
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182TASK FOR CHAIRMAN Sun (Auckland), Volume IV, Issue 959, 30 April 1930, Page 14
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