LOCAL-BODY LOANS

Dominion, Volume 26, Issue 184, 2 May 1933, Page 8

LOCAL-BODY LOANS

Applications Sanctioned LOWER INTEREST RATES The recent legislation affecting local body finance and the consequent establishment of a new low level of interest rates on local body securities was considered at length at a recent meeting of the Local Government Loans Board. A statement in regard to the conversion of local body securities in terms of the legislation will shortly be issued. The meeting was attended by Messrs. A. D. Park, C.M.G., Secretary to the Treasury (Chairman), R. A; Anderson. CAI.G., member of the Bluff Harbour Board, G. C. Godfrey, Commissioner of Unemployment, W. J. Holdsworth, chairman of the Auckland Electricpower Board, G. A. Lewin, Town Clerk, Dunedin, C. J. McKenzie, Engineer-! nChief, Public Works Department, and S. A. R. Mair, engineer to the Rangitikei County Council.

Twenty-three applications for Joans totalling' £1,092,347/5/2 were dealt with. Loans amounting to £313,790 were sanctioned including £181,190 renewals, £84,100 new loans and £48.500 overdrafts. The balance, viz., £778,557 5/2 of the amount submitted to the meeting, was in the main referred back to the local authorities concerned for further consideration. Diversion of unexpended loan moneys totalling £2,845/14/8 was also sanctioned.