SINKING FUNDS

Evening Post, Volume CIX, Issue 56, 7 March 1930, Page 10

SINKING FUNDS

SUGGESTED POOLING SCHEME

(By Telegraph.—Press Association.) INVEBCARGILL, 6th March. Tlie Municipal .Conference continued its session to-day. It was decided to support the Municipal Authorities Amendment Bill. There was no compulsion, it was stated, about insurance. Municipalities could join or remain out as they pleased. Mr. G. A. Troup (Wellington) moved, "That it be an instruction from this conference to the executive that it prepare a report for submission to the next conference on the question of local bodies pooling their sinking funds under the control of a board of Sinking Fund Commissioners with a view to. lending such sinking funds to local bodies." Mr. Troup said that the sinking funds at the present time amounted to £4,000,000, and in a few years' time it would be much greater if they pooled their sinking funds. If their sinking funds were controlled by one body instead of fifty they would be able to get very much higher rates of interest. The borrowing position of the local bodies was very sound, and somo of the largest municipalities could get terms as good as or better than the Government.' England was considering a similar scheme. The motion was carried. It was decided to hold the next conference at Kotorua. The election of officers resulted as follows: President, Mr. T. Jackson (Eotorua); vice-presidents, Mayors of Auckland, Wellington, Christchurch, Dunedin, and Invercargill; executive committee, Mayors of Feilding, Masterton, Wanganui, and Hamilton, Councillors M. F. Luckie (Wellington), M. E. Lyons (Christchurch), chairman Ellerslie Town Board, chairman Otautau Board, and chairman Auckland Transport Board.