HOSPITAL FINANCE

Hawke's Bay Tribune, Volume XXVI, Issue 236, 18 September 1936, Page 6

HOSPITAL FINANCE

10-Year Term for Building Loan COUNCIL TO INQUIRE Though no objection is to be lodged by the Hastings Borough Council to the intention of the Hawke’s Bay Hospital Board to raise a loan of £15,000 for the purpose of providing urgent isolation and nurses’ accommodation, the board is to be asked why tho loan is a comparatively short-dated one. When the matter came before the council last evening the Mayor, Mr G. A. Maddison, said ho realised that the expenditure was necessary for urgent works. lie presumed that it would result in an increase of the board’s levy on the ratepayers.

“1 don’t think it will make much difference to the rate,” said Cr. 8. J. McKee, who is also a member of the Hospital Board. “One unusual thing about the proposed loan is that it is only for 10 years,” said Cr. S. Ashcroft. “One would have thought that it would be possible to have the repayment spread over a longer period.” “Local-body loans are usually for 21 or 26) years, sometimes 30 years,” said the Mayor.

Cr. Ashcroft thought that some inquiry should be made by the board as to its reasons fcr making the period a short one. He jointed out that the burden would be lightened by having it for a longer period. Tn agreeing that Cr. Ashcroft’s suggestion should be followed, the Mayor said he pit-umed that the isolation ward would be a substantial building. “I feel that posterity should also bear part of the burden,” ho said.