HARBOUR FINANCE
POSITION OF WELLINGTON BOARD. PROGRESSIVE REDUCTION OF DEBT. (By Telegraph—Press Association.) WELLINGTON, This Day. The total accumulated sinking funds of the Wellington Harbour Board arc £828,681. and the loan indebtedness £1,250.000. making a net debt in respect of all loans of £421,319: this is a reduction of £31),930 on last year. This information was given in an unatTdited statement of the board's sinking funds, at September 30, 1939, presented to last night's meeting of the board by the general manager, Mr A. G. Barnett. The total loan indebtedness of the board (£1.25(1.000) comprises first £850,000 maturing in 1946 and held principally in New Zealand and Australia, £50,000 only being held in London. The interest rate on this is 4' per annum except for £50,000 at 4 percent held in London and £50.000 at 4 per cent held by the General Post Office. Next there is £400,000. being portion of £1,000,000 loan authorised by lhe Wellington Harbour Board Reclamation and Empowering Act. 1908, maturing in 1940. The interest rate on this, after statutory reduction, is 4 2-5 pei- cent (£350,000) and 4j per cent (£50,000. Public Trustee).
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Wairarapa Times-Age, 23 November 1939, Page 7
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188HARBOUR FINANCE Wairarapa Times-Age, 23 November 1939, Page 7
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