In regard to the issue of $9,000,000 Debentures recently authorized by the Council at the price of 99 per cent, and bearing interest at the rate of 5 per cent, per annum, the 'Treasurer and Controller reported that, of this amount $3,000,000 was offered to the public on 'Monday, July 5 last, and was Immediately taken' up,' the list of applications being closed within five minutes after the opening.
'The response to the' offer of conversion made to the holders of debentures in the 6 per cent, Loan of 1925 having been quite satisfactory,—the {otal amount subscribed to the Loan through public subscription and by way "of, conversion amounts 10 $8,880,000.' The balance "of $119,400 has been reserved for overseas holders of the 6 per cent, Loan of 1925 who may-exercise the option of conversion into 5 per cent. Loan of 1037 up to August 7 next, The issue included an allotment to depositors in the Municipal Invest ment Bonk of $103,100,
Text read from the printed page and cleaned; old type leaves the occasional error.