LOAN FLOATED.

Taranaki Daily News, 30 May 1922, Page 4

LOAN FLOATED.

BOROUGH COUNCIL ISSUE. £142,000 RAISED IN LONDON. FIVE AND A HALF TER CENT. Advice has been received by the New Plymouth Borough Council that the loan of £142,000 has been underwritten on the London market. Debentures were sold at 98, bearing interest at per cent. The proceeds of the loan will be available on or about June 15. The money is required to pay a number of loans expiring on October 1 of this year. The successful flotation of the loan was mentioned at last night's meeting of the council. The Mayor (Mr. F. E. Wilson) said it was a matter on which the ratepayers were to be congratulated, the terms being the same as those secured by the Wellington corporation for their big loan. “At any rate it is better than consented tp last year by the ratepayers,” said Mr. Wilson, “and puts the council out of all financial troubles. Now we see our way clear, not only in redeeming loans, but also .in paying for electric light extensions.” The Mayor expressed the opinion that the council ought to have no more financial troubles during their term.

Affairs in connection with the loan were dealt with by the following recommendations of the finance committee, which were adopted: That as soon as the proceeds of the £142,000 loan are available (arranged for June 15, 1922) the borough treasurer be authorised to immediately pay off debentures due on October 1, interest to be adjusted to date of payment in lieu of October 1. That when paying off maturing loans an endeavor be made to dispose of the 5J per cent, debentures of the £22,500 tramway loan and the £57,000 loan, up to £lO,OOO of the tramways loan to be disposed of first unless the £57,000 loan is specifically asked for.