£750,000 BY LOAN

Press, Volume XCIX, Issue 29189, 27 April 1960, Page 18

£750,000 BY LOAN

Drainage Board 1960-61 Work

The Christchurch Drainage Board would have to raise at least £750,000 by loans in the present financial year if it was to maintain last year’s rate of expenditure, the secretary (Mr T. A. Tucker) told the board last evening. The closing balances in the general account (£84.804 in credit) and in the loan accounts £105,796) indicated that the board was favourably placed at the start of what would certainly be another year of extensive activity, he said. The general account ended the year with a considerably larger cash balance than the previous year, but there would not necessarily be any relief in the coming year’s rate requirements, as the surpluses arose in the main from uncompleted contracts for which full financial provision was made. Last year, the board’s total rate levy exceeded £600,000, Mr Tucker commented. Loan receipt and expenditure in the year exceeded any previous year’s, he continued. Of the coming year, Mr Tucker said the loan finance would be provided mainly from three public issues, the first of which (£250,000) would be placed on the market on May 2. The Local Authorities Loans Board advised the board that an Order-in-Council covering the raising of £300.000 for each of the treatment works and major works loans, a total of £900,000, had been signed.