PROPOSED LOAN.

Press, Volume LXVI, Issue 20025, 5 September 1930, Page 10

PROPOSED LOAN.

ARTHUR'S PASS PARK. STATE GUARANTEE REFUSED. In a letter to the chairman of the Pass National P a Jk > the Minister for Finance (tho Hon. E. A. Ransom) has intimated that tn Government is unable to guarantee ae loan which the Board proposes to raise for the erection of a hostel or accommodation of visitors o i Park. In view of the considerable duction made in .the magnitude of tn scheme as submitted to rl , Minister (the Hon. G. W. Forbes), and the improvement by about 50 P® cent, in the security offered, t e had hoped that the Government would be able to consent to its P ro J® c £- M Tho following is the full text of M Ransom's letter: — of "With reference to vour letter or the 13th instant, .the suggestion that legislation be obtained during t p sent session of Parliament to e tho Arthur's Pass National Park Board to borrow from a State ten g Department a sum n°t to . j £25.000. such loan to bo guarantee by the Government, has received care ful consideration. It is regrette » over, that the Government undertake to enter into a guarantee connexion with this loan. "It is considered that. a P£ * f financial considerations which arcs paramount importanco at the m . the accommodation at existing alpine resorts in Canterbury (pwided «*■ considerable expense bv the t ment) should be sufficient for Present requirements. and therefore if _ expenditure is to be incurred as nosed, the Government considers tne matter should be left to private enterprise." _____