BIG LOANS

Press, Volume LXXII, Issue 21908, 8 October 1936, Page 10

BIG LOANS

AUTHORITY GIVEN TO MINISTER

PUBLIC WORKS, HIGHWAYS

AND ftoUSING

PROVISION IN FINANCE BILL

[From' Our Parliamentary Reporter!

WELLINGTON, October 7,

Authority for borrowing large sums for public works, main highways construction, and housing is contained in the second Finance Bill of the session, which was introduced in the House of Representatives to-day by Governor-General s Message. Under a different section, the Minister for Finance is empowered to borrow £ 6,000,00 U for public works, £2,000,000 for highways, and £ 5,000,000 for housing. In all cases the sums borrowed are to bear interest at rates to be fixed by the Minister. In the section dealing with the borrowing of up to £6,000,000 for public works, it is laid down that the money is to be expended on the construction of railways and additions to open lines, additional roiling stock; telegraph extension and construction; improvement of roads, tracks, and bridges to provide and improve access to any lands, and the development of goldfields; construction of irrigation works; erection of public buildings, including schools and other public works, together with administrative charges.

The only special provision covering the borrowing of £5,000,000 for housing is that the sums borrowed for this purpose must be paid into the Housing Account established under the State Advances Corporation Act earlier this year.