POWER BOARD LOAN CONVERSION.

Manawatu Standard, Volume LIII, Issue 253, 22 September 1933, Page 5

POWER BOARD LOAN CONVERSION.

ONE MEMBER IN OPPOSITION. Consequent on the action of the Horowhenua Power Board at its August meeting, in approving proposals for the conversion of loans totalling £115,000 to 4} per cent, interest, under the Local Authorities Interest and Loans Conversion Act, a motion was moved by the chairman, (Mr G. A. Monk) and seconded b- the Mr A. Seifert at the board’s meeting, this week, to apply to the Loans Board for authority to proceed with the conver-

sion. The secretary (Mr F. J. Ramsay) stated that he had submitted the whole scheme to the Loans Board. Mr T. G. Vincent said he was going to vote against the motion. He thought that the whole thing was quite wrong. He realised that it was not' going to cost the board any more; but to get an accretion of capital at a time like this was morally wrong. . Mr J. K. Hornblow: Practically it is right. The chairman: What we are after is the actual saving, and we are an administrative and not a legislative body. We have to do as the Government allows us to do. The motion was carried, Mr Vincent, dissenting.