The New Loan.
HOW PROPOSED TO BE EXPENDED. [By Telegraph.] [Special to Standard.] Wellington,. This day. The Loan Bill which was introduced last night is entitled, "An Act which authorises the raising of money in aid of certain public works, also in aid of opening up Crown lands, acquiring Native lands, and otherwise promoting settlement." The amount empowered to be raised is one million sterling, and may be raised either in the colony or elsewhere ; but the rate of interest must not exceed 3-J- per cent. When obtained the money is to be devoted to the following purposes :—£200,000 for the development of the goldfields; £50,000 for the de velopment of of thermal springs and New Zealand scenery; £250,000 for the following railways : —Whangarei— Kamo extension, Grahamstown, Te Aroha, North Island Main Trunk, Eketahuna Woodville, Midland, Otago Central, Lawrenee Branch, extension of the Catlins River—Seaward Bush, and in new locomotives, rails, &Or ; £250,000 for Native land acquisition ; and £250,000 for land improvement.
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Bibliographic details
Hastings Standard, Issue 100, 21 August 1896, Page 2
Word Count
162The New Loan. Hastings Standard, Issue 100, 21 August 1896, Page 2
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