BIG LOAN SCHEDULE

Dominion, Volume 14, Issue 97, 18 January 1921, Page 8

BIG LOAN SCHEDULE

FOR NEW CITY WORKS MONEY NOT EASILY RAISED It appears that the City Council is still experiencing difficulty in raising tho loan required for the prosecution of new works. The Mayqr informed a reporter yesterday that the position had changed very little since he had made his last announcement. The renewal loan was pretty well subscribed, but investors were not coming forward freely with money for the loan upon which the execution of an important schedule of “progressive” works depends. “We are hopeful,” said Mr. Luke, '•that in the near future conditions will so change that we shall be enabled to obtain sufficient money to go on with the most important of the undertakings provided for in the schedule. . If, however, we increase the rate of interest in order to attract money under present conditions, wo shall be saddling the community with a heavy burden for the whole period of tho loan. If we can obviate that by exercising a little patience, and holding up the works for a time, the citizens will be the gainers in the long run. “In the meantime, so far as the works needed for the linking up of the city with the hydro-electric supply are concerned, the council is getting out all its details and plans, not only for tho machinery, but also for the power-house. These preliminaries will take up a considerable time, so that the council is not yet losing anything by the delay in raising the money.”