LOCAL LOANS.

Manawatu Standard, Volume XLVI, Issue 200, 24 July 1926, Page 8

LOCAL LOANS.

GOVERNMENT'S INTENTIONS. SCRUTINY BY A #OAIID. Per Press Association. WELLINGTON, July 23. By Governor-General's message tb Local Government Loans Board Bill was introduced in the House of Representatives this afternoon. The Prime Minister explained that the bill proposed to set up a board of seven members, to whom, all loan proposals must bo submitted before f poll takes place. The board wouif examine a proposal which, if approved would then be submitted to the rate payers at a poll and, on the hallo payers the board’s approval would b stated, if the ratepayers carried til proposal at the poll the Trcasur; would then pay the money to the loca body. If the proposal was not ap proved l>y the board, then the loca, body might a year later renew its application. This system would remove the whole question of local body loans from the hands' of tho Minister and place it in the hands of the proposed board., Mr Veitcli said lie was strongly opposed to the hill, ahd Mr Horn remarked that it would upset the whole system of raising local body loans. In reply to Mr Fraser, tho Prime Minister said he would consider whether he would ..submit tho bill to the local bills committee. He did not wish to unduly rush it through the House, but it could not be indefinitely delayed by being .sent to tho committee. The bill was read the first time.