DRAINAGE AND FINANCE.
Wkllinoton, This day
The Mayor delivered a statement in the Council hißt night on the drainage and finances of the city, pressing upon it the necessity of raising a drainage loan as soon as possible. Ho suggested an attempt might bo mado to relieve tho large oities of tho pressure of high rates or interest on long dated loans by getting authority to borrow at U per cent., and invest the motioy, which"at curront ratos of interest, would provide the mtaus of extinguishing both the new and lho old loans whon the term expired. Ho also stated provision must be mado to redeem tho sum of £15,000 borrowed without interest from tho Sinking Fund Commissioners by realising some of the city assets, and suggested that the necessary financing might bo dono on the security of tho buildings erected on tho reclamation belonging to tho Council. The statement was received by tho Council with applause.
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Bibliographic details
Daily Telegraph (Napier), Issue 5998, 14 November 1890, Page 3
Word Count
157DRAINAGE AND FINANCE. Daily Telegraph (Napier), Issue 5998, 14 November 1890, Page 3
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