LOCAL BODIES’ LOANS

Bay of Plenty Times, Volume LIV, Issue 9030, 9 November 1925, Page 4

LOCAL BODIES’ LOANS

PROPOSED BOARD. At Friday’s meeting of the Tauranga County Council a circular was read from the Christchurch City Council drawing attention to a pronouncement recently made by the Prime Minister, relative to the constitution of a Board, to which ail applications for loans by local bodies will be referred to determine whether the proposals for which the power to raise money is being asked, are in (he best' interests of the requisitioning locality or of the country. The billowing resolui ions were adopted by the Christchurch Council: That the Christchurch City Council views with apprehension any suggestion by the Government to interfere with or restrict the rights if the ratepayers of any local body in, raising money for local J purposes, trie opinion of this t’oun--1 oil being that local requirements * are best known to local bodies, and ’’ the final pronouncement in the 5 'matter should be made by the per--1 sons responsible for the charges upon moneys borrowed or the re- [ payment of such moneys. I That this Council favours the , establishment of a Board for the purpose of funding local bodies’ loan requirements with a view to : the stabilisation and equalisation of interest rates and charges upon loans.” The Christchurch City Council asked for support of tho above, with a view of entering a protest to the Government. Cr Morton said the matter had been brought before the conference of County Councils at Hamilton? and the majority of delegates woreopposed to the Christchurch Council's resolution. He moved—That consideration of the matter be deq 1 erred until the eonsliiution of Ihe 1 proposed Board is known. The motion was seconded by Cr Merriman and carried.