HAWKE'S BAY LOANS
INTEREST MUST BE PAID:
KESERVE FUND INVESTED,
(By ■ Telegraph.—Press Association.)
WELLINGTON, Monday.
"From time, to time I have received requests on behalf of citizens of Napier for the remission of interest on loans granted under the Hawke's Bay Earth-, quake, Act of 1931," said the Minister of Finance, Mr. Coates, to-night.
,x"lt will be remembered," the Minister added, "that I have previously stated that those who. could keep up their interest payments would be expected to do so. It should be realised that the reserve fund which was used for the purpose of assisting people in Hawke's Bay was invested in London in revenue - earning securities, and the income derived from these securities was and still is an important part of the Budget revenue. The Government has a definite duty to the taxpayer, who would have to stand the-cost of remission of interest. Hence there is no possibility of the Government agreeing to write off all interest in respect of earthquake loans.
"I am keeping the position under review, and would say that the Government is prepared to consider individual cases on their merits."
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Bibliographic details
Auckland Star, Volume LXV, Issue 203, 28 August 1934, Page 9
Word Count
187HAWKE'S BAY LOANS Auckland Star, Volume LXV, Issue 203, 28 August 1934, Page 9
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