LOCAL BODIES INTEREST
HIGHER EXCHANGE BURDEN.
[per press association.]
AUCKLAND, March 8.
The reduction of interest by 20 per cent is considered likely to be of much help to smaller local bodies, but it is learned in inquiries that the larger local bodies which have heavy commitments, overseas, and have to pay the high exchange rate, will be worse off than at last year.
The City Council owes £3,172,000 in London, and £1,798,486 in New Zealand. The interest cut means a saving of £13,736, but the extra exchange means that the Council will be £8,300 worse off than at last year.
The Transport Board owes £1.532,900 in London, and interest totals £79,802, plus 25 per cent, exchange.
The Auckland Power Board owes £1,000,000 in London, and £500,000 in New Zealand. It will be £8,200 worse off than last year. The Mayor (Mr Hutchison) and the Chairmen of the Transport and Power Board all advocate an attempt by the Government to convert Overseas debts.
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Greymouth Evening Star, 8 March 1933, Page 7
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163LOCAL BODIES INTEREST Greymouth Evening Star, 8 March 1933, Page 7
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