LOCAL BODIES LOANS
GOING 1 OUTSIDE FOR MONEY.
Finding it impracticable, if not impossible, to obtain loan moneys in New Zealand at tho Government. fixed maximum rate of interest, a number of local bodies havo turned their attention to Australia, where, it seems, facilities for obtaining money are greater, although the price may be considered high. Arrangements have been, made by Wanganui with a large financial institution, with headquartere in Sydney, for a loan of £120,000 at 7 percent, per annum, with a currency or ten years, both principal and interest bomg 'payable in Australia. The Lower Hutt Borough Council has arranged m the same way and on tho same terms a Joan of £64,000. : ■ Thor© is understood to be a considerable demand for money in Australia.'on; tho above terms. Other local bodies are seeking the essential Government authority to obtain money from Aust»!«is> as Wanganui and Lower Hutt have been successful in doinff.
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Bibliographic details
Evening Post, Volume CII, Issue 36, 11 August 1921, Page 8
Word Count
154LOCAL BODIES LOANS Evening Post, Volume CII, Issue 36, 11 August 1921, Page 8
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