HARBOR BOARD DEBENTURES.
PROTEST AT RATE OF PREMIER MAKES CONCESSION. By T»lßcroph.—Press AmqcliUqb.) ■ '[Auckland, LaM Nlkt. In answer to the Auckland Harbor Board's protest as to the rate of interest at which it is compelled U> sell its debentures, a letter was received from the Prime Minister this afternoon stating that section 33 of the Finance Act, 1920, empowered the Minister of Finance to increase the rate of interest provided in the Board's own empowering Act. "It is proposed at once to prepare a fresh Order-in-Council,'! wrote the Premier, "which, although specifying the rate of interest at 5% per cent., wi}l enable your board to sell debentures at a discount, with the income tax coocession recently granted. Tarn inclined. to think that you should have no difficulty in disposing of your debenture* «t such a price as would not return |o the lender any more than 6J per cent, reeling confident, however, that your present borrowing will be strictly eotfined to urgent requirements I am net imposing any restrictions.".
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Taranaki Daily News, 8 December 1920, Page 5
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169HARBOR BOARD DEBENTURES. Taranaki Daily News, 8 December 1920, Page 5
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