LOCAL BODY LOANS

Hawera Star, Volume LIV, 27 June 1935, Page 8

LOCAL BODY LOANS

Board Sanctions the Raising of £194,845 FURTHER DEBT CONVERSIONS LOWER INTEREST RATE (By Telegraph—Press Association.' WELLINGTON, To-day. At a meeting of the Local Government Loans Board 13 applications for sanction to raise loans totalling £214,31G were dealt with and loans amounting to £194,545 were sanctioned, including £132,940 renewals and £61,905 for new works.

The balance, namely £19,471, was partly referred back to the local bodies concerned for further consideration and partly declined. The progress of local body debt conversion was also continued when applications, pursuant to the Local Authorities Interest Reduction land Loans Conversion Act of 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, appropriate sanction to conversion into new securities to the total of £409,40S was given. The board congratulated Mr A. D. Park, chairman, on his appointment as one of the managing directors of the Mortgage Corporation and Mr G. A. Lewin on his appointment as a director of the corporation. Members expressed regret that Mr Park would be severing liis connection with the board and placed on record their appreciation of his services as chairman.