LOANS REFUSED

Press, Volume LXXIV, Issue 22317, 3 February 1938, Page 12

LOANS REFUSED

* LAKE ELLESMERE OUTLET PLAN action by state advances CORPORATION Two loans proposed by the Ellesmere Land Drainage Board have been refused by the State Advances Cor poration. They arc a loan of £15,000, representing the board s share of the cost of providing a permanent outlet to Lake Ellesmere, and a loan of £BSO for the deviation of the Halswell river at Motukarara. Advice from the corporation that it was unable to deal with these loans was received by the board at its meeting this week. The board. is now making inquiries for raising the money elsewhere. In replying to a question at the meeting from Mr F. Coop, the secretary <Mr G. L. Comer) said that the rate stated in the board’s formal advertisement concerning the proposed loan was the amount necessary for full security, and therefore did not take into consideration any revenue which might be received from other sources. Actually the amount would be reduced by £SOO by rent revenue, and the rate actually struck would be less than that mentioned in the advertisement. „ ~ At the request of Mr F. Miller, the board agreed to have the weeds cut in the old river channel from Miller’s bridge to the lake. , The secretary, in his report, stated that the receipts for the month amounted to £348 12s. There was a debit balance of £641 17s. The outlet at Taumutu was still open, water having been running through the cut for more than five weeks. There were present at the meeting Messrs H J. Macartney (chairman). John Sharp. F. Miller. F. Coop, H. Pickering, and W. Downey.