LOAN HELD UP.
LOCAL BODY’S FLOTATION. QUESTION OF INTEREST. By Telegraph.— Press Association. Wellington, Last Night, Discussing a city loan of £750,000 which the City Council hopes to raise on the London market, the Mayor (Mr. R. A. Wright, M.P.), stated that brokers in London declined to do anything until they actually received a copy Of the Act passed by Parliament authorising a reduction in the rate of interest from 7 to 64 per cent. He could not understand why they were taking up such an attitude, for they had been advised through the Union Bank that everything was in order. However, the empowering Act would be in their hands in about a week’s time, and doubtless they would then proceed. The counpil had been advised that the market was still good in England, but lie was a little anxious as to the effect the present political crisis might have upon financial matters. Mr. Wright added that the council would also have to float a loan to pay off its overdraft, but it would not be‘ able to do so for some time yet.
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Taranaki Daily News, 8 March 1922, Page 5
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184LOAN HELD UP. Taranaki Daily News, 8 March 1922, Page 5
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