LOCAL BODIES LOANS ACT.

Mataura Ensign, 24 February 1909, Page 3

LOCAL BODIES LOANS ACT.

MR MIL LA i? S VIEWS. I'Elt UKITKD I'RESS ASSOCIATION. DUNEDJN, Feb. 2;j. A deputation from the Finance Committee of the C.'ily Council waited on tin" Hon. .1. A. Millar to-day to object to the provision in the Local liodies Loans Act whereby sinking funds must bp administered by the Public Trnsiee. The Minister replied that the Government had brought down the Bill with the idea that by pelting fairly large loans on behalf of local bodies consolidated and Government guaranteed belter terms could lie obtained from lenders. U tin- House desired il llk ivho)i< Act '-oiild be repealed. From one ooint of view he would be glad t<* see this done, as under the Art thr.Government contributed I per cent, per nnmun to the sinking fund. The Government would not guarantee loan-.- unless the sinking funds thereon were oaid to Ibe Public Trustee. In hi-, •apacitv of nietiiber for the dislrid lie would place tlie Corpora I ion's views be. u)j'o 1110 Cabinet as as !)<• • % uulr]. Jn wlintt'vor dfci.sion i'lie Cabiuot me, to tlu>rp;tftcr l»wouM of b(» Ihhhicl to uphold tliem. If the City Council petitioned Parliamenl the matter would lie gone into by the Government, who would be iulltiencei' in any subsequent action by the report of the Public Accounts Committee.