BIG CITY LOAN

Evening Post, Volume CIII, Issue 57, 9 March 1922, Page 8

BIG CITY LOAN

EXPENDITURE OF THE MONEY

STREET WORKS AND UNEMPLOYMENT. . It is expected that within a week or so word will be received from London regarding the notation of the Wellington City loan of £693,000 for tramways and waterworks. Originally, it was intended to raise £750,000, but the underwriters refused to accept the item of £57,000 for street works, on the ground that it was too small an amount to place on the market. This was consequently removed from the prospectus, but endeavour is to be made to borrow the £57,000 locally. Assuming the £693,000 is raised successfully—andl there is no reason to suppose anything to , the contrary—the money will not be of very great use ia providing employment during the winter months, as most of it will have to be expended on the purchase of material. For that reason it is hoped that no difficulty will be experienced in securing the £57,000 for street works, as the greater i part of this sum can then be allocated to constructional and improvement undertakings, which will absorb more in the i way of labour than in material. .Should;' the unemployment problem become'more acute as the winter approaches, the municipal authorities will thus be in a better position to deal with the 'situa : tion. The Works Committee of the Caty Council intends to make an inspection of the city shortly, with a. view of recommending what street works should be put in hand when the money is. available. Preference will be given to those works which will ensure the employment of as many men as possible.