DEBT REPAYMENT
CITY EMPOWERING BILL
Authority for the Wellington City Council to use portion of its^ tramway reserve fund for the payment of portion of London loan indebtedness is sought in the Wellington City Empowering Bill, which was put through all stages in the House of Representatives last evening.
The Bill was not discussed on the second reading, but in the Committee stage, Mr. R. A. Wright (Independent, Wellington ' Suburbs), who was in charge of the Bill, stated that it was intended to repay £81,000, thus reducing the interest bill to the ratepayers.
The Leader of the Opposition (the Rt. Hon. G. W. Forbes) raised a laugh when he asked Mr. Wright 'if it was advisable to repay the money in view of the possibility of the exchange rate being reduced in the near future.
Mr. Wright stated that there would still be £ 170,000 left in the reserve fund after the payment had been made.
After some further discussion, the Bill was?passed» ,
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Bibliographic details
Evening Post, Volume CXXII, Issue 99, 23 October 1936, Page 8
Word Count
162DEBT REPAYMENT Evening Post, Volume CXXII, Issue 99, 23 October 1936, Page 8
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