CITY HOUSING

Evening Post, Volume CXXVII, Issue 17, 21 January 1939, Page 14

CITY HOUSING

RAISING OF LOANS

A SECOND STRING

A "second string" was added by the City Council to its powers under the Wellington City Housing Act of last session of Parliament by the passing of a resolution agreeing to the raising of the two loans proposed (£50,000 for relending for building and £10,000 for repairs to existing buildings) at a rate of interest not exceeding 3£ per cent.

The Mayor, Mr. T. C. A. Hislop, recalled at yesterday's meeting of the council that the Local Government Loans Board had referred the council's application for a loan from the Government, at 3 per cent, back to the council, stating that the application was not within the scope of the Government's housing policy, but the board could not know whether or not the Government would lend the money. A letter had been sent to the Minister of Finance, asking him to receive the housing committee of the council to discuss the matter, but an appointment had not yet been arranged.

Mr. Hislop said that he thought that the Government would agree to advance money at 3 per cent., but he thought also that they should take power to raise the money at 3& per cent., so that if the Government, did for any reason decline a loan or loans, the money could be secured elsewhere: that was, the power would be there, but probably would not need to be exercised.

There was general agreement with the proposal and a formal resolution was carried.