MUNICIPAL LOANS.

Dominion, Volume 4, Issue 1193, 31 July 1911, Page 6

MUNICIPAL LOANS.

STATE OF THE MONEY MARKET. Tho fact that all the Auckland City Council's loan proposals liavo been authorised l>y the ratepayers was reported by tho returning officer"( Mr. 11. W. Wilson) at tho meeting of the Auckland City Council on Thursday night. The Mayor said it was very gratifying to know that the ratepayers had endorsed tho whole of the council's proposals by substantial majorities. Tho question of raising the loans should, he said, lie referred to tho Finance Committee. In his judgment they should not be in any hurry over it. Possibly they would have to go to London to raise the money, hut tho London money market at present, through the House of Lords trouble and the Morocco business, was a bit shaken. Ho did not think it would be advisable under the circumstances to apply there at present. Ho was going to Australia shortly in order to float a loan for another public body in which the city was interested, and it might probably bo advisable to take steps to raise tho city loans in Australia as well. He moved that the financial aspect be referred to the Finance Committee, and that the question of proceeding with the different works be referred to tlio Works Committee. The motion vras carried.