NO SALE FOR CITY COUNCIL DEBENTURES. .

Press, Volume LVI, Issue 17017, 14 December 1920, Page 6

NO SALE FOR CITY COUNCIL DEBENTURES. .

i ■ 1 MAYOR'S REBUKE TO CITIZENS. At last night's meeting of the City Council, tho AVater Supply Cqmmittee were a iven ' power to accept or reject tho tenders for the supply of pipes for tho Linwood-Avonside high pressure water supply. Tho Mayor said the Town Clerk had informed him there was no sale for the debentures up to the present. It waß essential that those debentures should b.j sold, and it was shameful to think that money belonging to the citizens was being sent out of tho.country in ordor to secure a higher rate of interest. Tho local peojjle should assist the Qoußcil until such time as tho financial stringency eased off, when the new valuations were available for rating. It would bo possible to get rid of the debentures by .discounting them, but that was not a fair thing to do. It was tho dufcy of the local people to provide tho Council with the money necessary for the extension of the public services. Cr. J. A. Flesher said the commjtteo could not accept tenders for tho supply of pines until they had the monoy in sight. T 1 -i\ Town Clerk said the Government would probably lend tho money.