BORROWING IN LONDON.
, SYDNEY CITY’S LOAN. ri The Sydney City Council has decided to issue a local loan of £250,000 for six years at the rate of 7 per cent, per annum. It is also considering a London loan of £1,000,000, offered at- £99, and 6| per cent., which, it was stated, after providing for charges toalling £55,000, equals £6 17a 7d per cent. The loan is offered for 20 years, but the council is endeavoring to reduce the term to 11 years. The Lord Mayor stated that there was an overdraft of £750,000 on the Commonwealth Bank for capital expenditure, which the bank wanted wiped off. In addition there was capital expenditure becoming due of over £260,000 so they wanted the London million as well as the local loan, even should it reath £500,000.
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Taranaki Daily News, 21 May 1921, Page 11
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135BORROWING IN LONDON. Taranaki Daily News, 21 May 1921, Page 11
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