LOANS BOARD

Evening Star, Issue 22067, 28 June 1935, Page 6

LOANS BOARD

£194,845 OF LOANS SANCTIONED [Pbr United Prbm Association.] WELLINGTON, June 27. At a meeting of tho Local Government Loans Board 13 applications for sanction to raise loans totalling £214,316 were dealt with. Loans amounting to £194,845 were sanctioned, including £132,940 for renewals afid £61,905 for new works. The balance (£19,471) was partly referred back to the local bodies for further consideration and partly declined. Progress of local body debt conversion was also continued when applications pursuant to the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, and amendments, from 12 local authorities were dealt with. Existing securities totalling £419.092 were affected, and after utilising sinking funds and adding premiums where appropriate, sanction, to conversion into new securities of a total of £409,408 was given. * The board congratulated Mr A. D. Park, chairman, on his appointment as on© of the managing directors of th» Mortgage Corporation and Mr G. A. Lownn (Dunedin) on his appointment as a director of the corporation. Members expressed regret that Mr Park would be severing his connection with tha board and placed on record their appreciation of his services as chairman of the board.