LOAN MONEY SCARCE.

Auckland Star, Volume LXIX, Issue 220, 17 September 1938, Page 24

LOAN MONEY SCARCE.

LOCAL BODIES' PROBLEM.

MINISTER BTATEB POSITION.

(By Telegraph.—Press Association.)

CHRISTCHURCH, Friday.

Considerable difficulty in raising a special loan of £1060 at 3i per cent for sewer construction on St. Andrew's Hill is being experienced by the Heathcote County Council. The county chairman, Mr. A. G. Williams, reported that the position was serious. It was only a small/amount of money, but the work, which was necessary, was being held up for the want of it.

Reporting that since the last meeting he had been unable to make any progress towards arranging the loan, the county clerk, Mr. J. P. E. Veale, said he .had received a letter from the Minister of Finanee, the Hon. W. Naah, stating that new arrangements in the State Advance* Corporation to deal with aueh loan* might in the near future provide the money needed. So far, however, he had not received advice from the corporation.. He said 1 that on a trip to Wellington he was making in the near future he would 'try - to- assist the position by making personal oontacte. Other members said that local bodies all' over New Zealand were having trouble in raising such 3) per cent lodns.

"But, according to the Supplementary Estimate*, money seems plentiful enough," observed Mr. F. W. Freeman.