LOCAL BODIES.
BALANCING OF BUDGETS
Wellington, March 26
An unfavourable answer was given by the Hon. W. Downie Stewart, Minister of Finance, in the House of Representatives last week to a suggestion by Mr H. G. R. Mason (Labour, Auckland Suburbs), that local bodies in New Zealand should be empowered to balance their budgets, as was reported to have been done by the British Chancellor of the Exchequer, by making adjustments respecting sinking fund payments. “The Imperial arrangement,” replied the Minister “does not affect contractual sinking funds but only free provision for debt redemption over and above any contract. The sinking funds of local bodies In New Zealand are generally included in the contracts under which the lender subscribes to the loan and a.ny interference with these contractual liabilities can only be detrimental to the credit of the local bodies concerned.”
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Bibliographic details
Bay of Plenty Times, Volume LX, Issue 10828, 29 March 1932, Page 2
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141LOCAL BODIES. Bay of Plenty Times, Volume LX, Issue 10828, 29 March 1932, Page 2
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