LOCAL BODY LOANS BOARD

Evening Star, Issue 22193, 22 November 1935, Page 9

LOCAL BODY LOANS BOARD

£111,140 SANCTIONED AT MEETING CONVERSION ALMOST COMPLETED [Per United Press Association.] November 21.A general meeting of the Local Government Loans Board was held to-day „ 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 £2,000, 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 or assets previously purchased out of loan money. ' The progress of the local body debt conversion was continued, there being 11 applications for approval to convert sion which were also dealt with. Approval was given to the conversion of existing securities totalling £805,565 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 latest date on which Orders in Council consenting to these conversions can be issued is December, 31. 1935. . ■