SINKING FUNDS.
CHfcISTCHCRCH BILL REJECTED. In the Legislative Council yesterday afternoon the Christcliurch" Sinking Fund Commissioners Empowering Bill came up for its second reading and was rejected by 19 votes to 10. Sinking Fund Commissioners for the City of Christchurch are the Mayor (Mr J. K. Archer), Mr A. McKellar, and the Town Clerk (Mr J. S. Neville). Explaining the provisions of the Bill, which was defeated, Mr Neville said the Commissioners had been handicapped by their inability to take up immediately some of the securities offered. them, through a lack of funds. They were allowed only to invest accretions of income as they were received, the existing legislation permitting no overdraft, with the result that when a security in excess of the amount of money at their disposal was offering, they were unable to undertake such an investment. Then such funds " as were at their disposal lay idle until the Commissioners were able to find a suitable security. What was proposed by the Bill was that the Commissioners should be given power to create an overdraft not exceeding the income of the previous year, so that in caßes where a good security was .offering any. deficiency could be made up.
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Bibliographic details
Press, Volume LXVI, Issue 20026, 6 September 1930, Page 15
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201SINKING FUNDS. Press, Volume LXVI, Issue 20026, 6 September 1930, Page 15
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