AUCKLAND LOCAL BODY LOANS A
TREASURY OFFICER’S REPORT
(New Zealand Press Association) AUCKLAND, April 25. A radical departure from existingpolicy—either by the Government or local bodies—may have to be made to remedy Auckland local body loan prob.* lems. This will be reported to tho Minister of Finance (Mr J. T .Watts) by Mr T. W. Ralt, senior investigating officer of the Treasury who has just ended a week of discus** sions with local authorities in Auck* land.
Members of Auckland local bodies think that Mr Ralt may advise th® Government to modify its policy oh local body loan requirements. “The situation in Auckland is fast approaching a crisis,” Mr Ralt said on Saturday: ‘‘Something radical mayhave to be done.”
Loans on the open market f from authorities within the city area—har* hour bridge, transport, hospital, City Council, power, and drainage—now* exceed £3,000,000. z
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Press, Volume XCI, Issue 27642, 26 April 1955, Page 9
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143AUCKLAND LOCAL BODY LOANS A Press, Volume XCI, Issue 27642, 26 April 1955, Page 9
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