BOROUGH LOAN DEBENTURES.

Taranaki Daily News, Volume XXXXV, Issue 23, 28 January 1903, Page 2

BOROUGH LOAN DEBENTURES.

£IO,OOO FOR LOOAI* INVESTORS. At the Borough Oomcil en Monday evening Or, Ballrioger brought up the question of the policy of allowing lec&l investors the chanca of taking up a portion of the loan debentures. Ha aiid that the Bmk had acquired the whole of the £40,000 already issued, cone being available for local people. He moved that £IO,OOO of the 4£ per cent, Borough debentures be made avail ible for the public to purchase at par the counter. Cr. Webster seconded the motion, | Or. Brooking sugges'ed the amount should be £20,000. Or. Oonnett pointed out that the transaction with the Bank was a matter of necessity, but it was coos : dered that better terms might be obained for the remainder of the loan. Or. Brooking: Do you propose to ' issue the £IO,OOO at once ? Or. Bellringer: There is no hurry. So long as the principil is decided on I ana satisfied. Or. Oollis inquired whether the debentures were to be placed a* par or to b-j subnet to tender. Or. Brooking said the suggestion was that they should be offered on the sime .terms as those taken by the Bank, Or. Bellringer said he would not ( press his motion. So long as it wai ] understood that the course he advocated would ba followed, he wis sstiai tied. The motion was then withdrawn.