LOCAL BODY LOANS

Hokitika Guardian, 16 March 1934, Page 4

LOCAL BODY LOANS

DECISIONS AT CONFERENCE (Per Press' Association, Copyright) WELLINGTON, March 15. the Muncipal Conference adopted the two following resolutions regarding local body loans: “That the Government be asked to take up any loans that local bodies may in future raise in London, and that the Government be approached to see if it dan effect the conversion in London of local body debentures by the issue by tiie Government debenture in ilieu of the existing loans, and the baking by it, of new debentures from local bodies to cover the liability so undertaken.”

“That this Conference i,s of opinion that the burden of oversea indebtedness pas effecting local bodies is greater than the economic conditions wiarrant, and an equitable adjustment of interest payments, having regard to the Dominion’s income, is imperative, particularly in the ease of the larger local bodies. The payment of interest in London represents a considerable proportion of local body commitments. The Conference is fully cognisant of the gravity of this proposal, hut the circumstances warrant the Government in entering into negotiations with the oversea lenders with a view of obtaining relief.’) Mr D. G. Sullivan, M.P., was elected President of the Municipal Association. The next conference of the Association will he at Christchurch.