STATE – GUARANTEED ADVANCES.

Greymouth Evening Star, 19 March 1910, Page 4

STATE - GUARANTEED ADVANCES.

£612.000 ALLOCATED. [IIV TELEGRAPH—PER PRESS ASSOCIATION.] WELLINGTON, March IC. In rm interview with a NV w Z> nlam! Times n-proscnlalivo this evening tii- Prime .Mini-ier, Sir Joseph Ward, said that tile State Guaranteed Advances IJeanl had met during the day. Sir Joseph Ward presided, and (lie whole ef the members, viz., Messrs I’eynton. Warburtuii, Salmottd, KemIkt, and Dr. Filched, were present. A large number of loans to local public bodies for various pill poses were considered, .and loans were provisionally approved to the extent of £612,000. The preferenee was given to local bodies applying for moneys for roads, bridges, seweiage, drainage, and water purposes, and those local bodies meeting the hackhlock requirements were first considered. Where the securities were right the applications in each case were gtanted. Sir .Joseph also stated that the whole of the loans were granted til 3i per cent interest with a sinking fund as provided under the Act. The Prime .Minister mentioned that some idea of the value of the now system to the local public, bodies might be gauged from file fact (hat | fit • amounts authorised at to-day’s hoard meeting totalled mote than three times the whole amount granted 'luting tiny one vear under the old system of the Loans to Local Public lb dies Act. The loans authorised ranged from £3OO to £6OOO. These amounts when i \pended hv the various local bodies in their centres will mean the execution of many necessary convenience of the people in many j works, and will add to the comfort and I portions of the Dominion. The local bodies dealt with covered the whole of I the Dominion from the North ef A tickI land to the Wallace district in the far sunlit. The* vaiions public districts will jln advised to-morrow of the result -if t lieji applications.