Peruvian Water Works Included in Contract
A $7,000,000 loan for the republic of Peru, South America, has been successfully negotiated by the Foundation Company, through White, Weld & Co., and Blyth, Witter & Co. This loan will make possible the continuance of extensive contracts already held by this company which is now engaged in building water works, sanitation works and roads in and about Lima. The Peruvian loan has been under negotiation for some months, and it is a significant indication of President Leguia’s friendly attitude toward this country that he is borrowing American money for projects to be carried out by an American contractor. The seven million dollars issue of Peruvian bonds will be known as the Republic of Peru External Sinking Fund 8 Per Cent. Secured Bonds. They will be dated October 1, 1924 and will mature October 1, 1944. They are guaranteed by the Peruvian Government and secured by certain governmental revenues which are to be collected by a tax collecting agency under the management of the Foundation Company.
The present loan is part of the financing of a $25,000,000 contract between the Republic of Peru and the Foundation Company, for the installation of modern water works and sanitary’ systems, road and street, construction, etc., in 32 of the principal cities of that country. The modernization program of President Leguia, of Peru, has been under way for some three years, and about $5,000,000 has already been expended in the work. Most of the work to date has been spent in and about Lima. It includes modern streets and sewers in the city, a complete water works system and concrete highways into the suburbs. ‘
Bishop, Cal., Considers Metering—The question of metering all services is before the city trustees at Bishop, Cal., a place with about 1,500 population.