LOANS BOARD.

Press, Volume LXI, Issue 18488, 16 September 1925, Page 8

LOANS BOARD.

v w LOCAL BODIES' BORROWING ' LEGISLATION NEXT YEAR. (BPJSCIAL TO "THE PBKSS.") WELLINGTON, September 15. Restrictions on tho borrowing operations of local bodies are among the proposals in the Public Works Statement, presented to Parliament to-day. Tho Minister of Public Works (the Hon. J. G. Coates) promises that next year he will introduce legislation to constitute a Board to which the local bodies must refer applications for loans. "I have previously urged the need of co-ordinating Government and local bodies' expenditure on public works, and something has already been done in this connexion," says Mr Coates. "The present system, in my opinion, is still likely to permit of ill-considered and uneconomic expenditure 'iipon schemes which might well be deferred, if not definitely rejected. I am certainly convinced that before loans are approved by the Governor-General in Council much closer and more expert examination is required by a body or men qualified to determine whether the proposals for which the power to raise money is being asked are in the.best interest of the requisitioning locality or of tho country. , - "To go a little further with this subject: any man who. has question of raising c.vic loans; serious consideration must agree that.what, we need is what might Exchequer to deal with *«*«*}£?! of civic finance. Such a body might introduce several reforms such as the paying of rates quarterly, a .stem that would be welcomed ratepayer, with small means, and would have «» additional advantage of bodies with the use or cons.deraole sums of money free of wl*ress. "However, I am convinced of the need of a special organisation to comprehensively witn * his * u £" n ]<«,- that end I propose tajbrmg do, nle islation next session P r ° v,^ n £ hich aIL vestigate all such appluatio . make recommendations rnent upon them betore finally disposed or-