A GOOD RESPONSE

Evening Post, Volume CXX, Issue 125, 22 November 1935, Page 12

A GOOD RESPONSE

LOCAL LOAN CONVERSIONS

ONLY £2,250,000 OUT-

STANDING

A general meeting of the Local Government Loans Board was held on Wednesday at the Government Buildings, Wellington. The board dealt with applications for sanction to raise loans from 25 local authorities throughout New Zealand, the total sum involved amounting to £207,390. Of this amount the board sanctioned £111,140, including renewals of £2000. The balance of £96,250 was either declined or referred back to the local bodies concerned for further consideration.

Approval was given by the board to local authorities to utilise for other purposes capital moneys totalling £674 received by them from the sale of assets previously purchased out of loan money.

The progress of local body debt conversion was continued, there being 11 applications for approval to conversion which were also dealt with. Approval was given to the conversion of existing securities totalling £805,505 into new securities for £798.232.

The position to date is that out of a convertible debt of approximately £48.250,000 approval has been given for the conversion of £43.000,000, and £3.000,000 has been otherwise disposed of by way of renewal or repayment, thus leaving only £2,250,000 still to be considered. The last date on which Orders in Council consenting to these conversions can be issued is December 31, 1935.