Local Body Loans
f Sir, —On Page 38 of the Economic Survey. 1961, presented by Mr Lake: “Notwithstanding the reduction in the maximum interest rate on local government securities from 5 to 4 7-8 per cent in 1960, local authority issues were well supported, until about February wffien a successful Government loan issue reduced the amount of funds available.” Things must have been so good under Labour that it was possible to reduce local body interest rates, and still fill their loans. Thus Labour’s policy of reduced interest rates meant that the jobs could be done with a resulting saving to the ratepayers. Now, even at higlier interest rates, at great cost to ratepayers, local bodies such as the Drainage Board cannot get on with their jobs. —Yours, etc, T. H. BITMEAD. November 13, 1961.
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Bibliographic details
Press, Volume C, Issue 29671, 15 November 1961, Page 7
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135Local Body Loans Press, Volume C, Issue 29671, 15 November 1961, Page 7
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